The Novo Mercado is Bovespa’s latest attempt to bring Brazilian equity markets up to western standards of transparency, liquidity and governance. It is modelled on Germany’s Neuer Markt, but so far hasn’t had any listings. When companies do come to market, if they choose the new market they will have to do away with the invidious Brazilian practice of issuing preference shares rather than common stock, which allow families with tiny shareholdings to control companies.
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