Brazil’s Antitrust Regulator Challenges BM&FBovespa-Cetip Deal

Brazil’s antitrust court will review a challenge to stock-exchange operator BM&FBovespa SA’s 12 billion-real ($3.5 billion) proposed takeover of clearing house Cetip SA.

Administrators at Cade, as the regulator is known, said the deal can’t be approved as presented and sent it to agency’s court for analysis, according to a statement. The officials said they weren’t recommending the deal be rejected, but that changes should be made to reduce concerns the tie-up would quash competition in Latin America’s largest market.

The initial review cited the potential for anti-trust issues in the over-the-counter securities market and increased entry barriers because of ...