Chi-X Global says Chi-FX Brazil is now available for participant certification.

The platform, which has been developed via an alliance between Chi-X Global and BM&FBOVESPA, Bolsa de Valores, Mercadorias e Futuros (BVMF), is expected to launch in the fourth quarter.

By leveraging a real-time foreign exchange feed, Chi-FX Brazil will enable registered institutional and retail investors based outside Brazil to trade shares listed on BM&FBOVESPA in their local currency.

Traditionally, the foreign exchange leg of offshore transactions occurred at the end of the trading day; by automating this process and executing it simultaneous to the equity transaction, intraday currency risk is significantly reduced.

“This is an important milestone for Chi-FX and comes at a time when trading participants globally are looking for greater transparency and trading efficiencies,” says Tal Cohen, chief executive of Chi-X Global. “We are pleased to be working with BVMF and remain focused on bringing new investment opportunities to the region.”

“The Chi-FX Brazil platform is an important part of our strategy to create innovative ways to develop Brazil’s capital markets,” says André Demarco, operations officer for BM&FBOVESPA. “It has been a great opportunity to partner with Chi-X Global as part of our global initiative.”