Brazil is the ninth largest economy in the world, and this chapter presents the Brazilian markets and the institutional structure of the highly concentrated banking industry, the composition and evolution of the equity market, and the development of the bond market. Furthermore, we discuss the accounting regimes in Brazil, including the adoption of international accounting standards, capital adequacy requirements for banks and mark-to-market accounting, including financial instruments. Subsequently, we present the economic crisis in Brazil, from the impact of the 2008 international financial crisis to the recent Brazilian economic crisis that has occurred in the last few years. Both crises had a major effect on bank and equity markets, affecting financial stability. The current situation shows some improvement; however, there are still uncertainties about the future of the Brazilian economy.