Propósito - The purpose of this study is to address the relationship between the increase in the price of agricultural commodities and their financial speculation on the commodity and Futuros Stock Exchange (BM – FBOVESPA), as well as the role of government regulation and self-regulation exercised by BM FBOVESPA itself in addressing this problem. Methodology/approach/design – seek to address the problem and point out opposing views on the possible cause and effect relationship between speculation and price increase. A second step is being taken to deal with government regulation and the implications of having the same organisation, in which case the BM -FBOVESPA, which is responsible for creating standards and at the same time participating in the market. Results – As a result, we affirm the complementarity between the forms of regulation, the persistent confusion between them and a greater focus on the nature of the rules put in place, rather than on their original organisation. Practical implications – This is expected to contribute with new fronts of discussion on the regulation of future commodity markets, emphasising a deeper institutional analysis as well as the importance of the quality of the rules created and the complementarity between different forms of regulation for problem-solving.