What are they?
They are institutions granted authorization to operate by The Central Bank of Brazil and comprise The National Financial System acting in the intermediation of bonds and securities in Financial and Capital markets.

How are they constituted?
They are constituted as corporations or limited liability companies whose authorization to operate is granted by The Central Bank of Brazil.

Who supervises them?
The Central Bank of Brazil through its local offices, its inspectors and auditors and also through the Commissão de Valores Mobiliários (Securities Exchange Commission) is responsible for supervising them in their operations with variable-income bonds. The Brokerage Houses and Introducer Brokers are also under obligation to hire independent auditors duly registered at Comissão de Valores Mobiliários (Securities Exchange Commission).

Who manages them?
There managers have to be Brazilian natives living in the country and who are in compliance with The Central Bank of Brazil norms who in turn approves or refuses their names.

What do they do?
As an assistant institution for the National Financial System its objective is to intermediate operations with Bonds and Securities. (Cara Mercedes, favor verificar erro de concordância nessa frase. O titulo desse tópico é O que Fazem, mas a explicação está no singular??). Example: Fixed-income securities, stocks, debentures, tax incentive certificates and also operations in the Commodities market, in buying and selling gold and in the intermediation at the Commodities Exchange. (cara Mercedes, aqui também falta concordância no texto em português. Aconselho verificar).

The Brokerage Houses and Introducer Brokers can also do the following:
To be in charge of managing Bonds and Securities Custody Portfolios; To perform the role of trustee; To institute, organize and manage Investment Funds and clubs; To constitute Investment Societies - Foreign Capital and to manage the related bonds and securities potfolio;To act as intermediate, to assist and to give technical advice on operations ant activities in the Financial and Capital markets; To be responsible for the subscription, transfer and validation of endorsements, share splitting, the receiving and payment of redemption, income tax and other proceeds resulting from bonds and securities; To carry out operations in the floating exchange rate market; To carry out operations in margin account in agreement with section 2-3-6 and the CVM regulations.

What guaranties do clients have for their investments?
The Brokerage Houses and Introducer Brokers have technical departments able to evaluate Bonds and Securities, providing orientation to clients to ensure a safer and more profitable investment. Clients have the right to ask for whichever information necessary about the stocks brokerage houses or introducer brokers suggest them to buy and about their custody; they might as well receive them effectively.

How to invest your resources?
Defining the amount of investment and the available period. The Brokerage House or Introducer Broker will offer you many possibilities according to the return and liquidity expected. To contact a Brokerage House or Introducer Broker call ANCORD – Associação Nacional das Corretoras e Distribuidoras de Títulos e Valores Mobiliários, Câmbio e Mercadorias (Introducer Brokers and Brokerage Houses National Association).

What are bonds and securities?
They are bonds issued by the National, Estate our City treasury and by public and private companies and are intended to raise funds from the general public. The Bonds and Securities are issued and traded in accordance with the legislation in force. 

What are fixed income bonds??
They are bonds whose return is already known when the investment is made. They can be pre-fixed or renegotiated in each period. In monetary correction investments the return is considered post-fixed

What are variable income notes?
They are companies’ notes or shares whose daily price varies up and down in relation to the price of acquisition such as stocks from Publicly traded companies, shares from Variable Income Investment Funds and Investment Clubs.

What do Stocks provide investors with?
The Stocks provide: 
- Dividends that are paid periodically by the company;
- New stocks that are given as bonus;
- The possibility to sell rights to other investors;
- The fluctuation of stock prices in daily outcry on the Stock Exchange or on the Over-the-Counter Market.

What is Investment Fund?
It is the gathering of capital from many individuals intending to invest in Bonds and Securities under technically more favorable conditions if compared to investments carried out by them individually. The Investment Funds can be created and managed by the DTVM. Nowadays there is a huge variety of Investment Funds depending on how their resources are invested: For example, Stocks Funds, Fixed-Income Funds, Commodities Funds, Financial Investment Funds, etc.
Investment Funds investors receive shares that represent the fund’s assets which are assessed daily.

What is an Investment Club?
It is the gathering of resources from a limited number of individuals to be invested in the stock market. The investment Clubs can be created and managed by the DTVM.

What is investment liquidity?
Liquidity is the term used to define the ease to turn one investment into cash and varies according to the kind of investment. The DTVM aim to speed the intermediation carried out by them allowing more flexibility to investors.

What responsibility do Brokerage Houses and Introducer Brokers have?
Brokerage Houses and Introducer Brokers take responsibility, alongside with other market’s institutions, for subscribing to and carrying out operations in line with all formalities applied to Bonds and Securities transactions. Besides the responsibilities defined by the legislation the managers have also specific responsibilities (Law 6.024) subjecting them to personal liability.

Do Brokerage Houses and Introducer Brokers operate locally or nationally?
The Introducer Brokers operate locally (in the cities) and have this limitation expressly stated in their operating permit granted by The Central Bank of Brazil.
The Brokerage Houses can operate locally as well as nationally. Nevertheless when a request for the opening of a new Brokerage House is assessed, Banco Central do Brasil (Central Bank of Brazil) usually demands that its Economic Viability Analysis for the segment intended be transparently presented.