Brazil Regulator Queries JBS on Use of Derivatives

Brazil Regulator Queries JBS on Use of Derivatives

Brazil’s securities regulator has expressed concerns about how JBSSA, JBSS3.BR -2.50% the world’s largest meatpacker by revenue, uses derivatives and has asked for an explanation.

JBS is by far the largest user of derivatives among nonfinancial companies in Brazil, the regulator, known as CVM, said in a letter sent to JBS last week and made public by the company late Tuesday. JBS makes “constant changes” in its derivatives operations, switching position in one direction or another, the CVM said.

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