B3 has improved the filter functionality in the Subscription and Priority Offer modules of its post-trade platform – RTC (Real Time Clearing) – to facilitate the return of subscription rights by position or instrument. Previously, this process had to be carried out contract by contract, which required more time and operational effort. With the new solution, participants will be able to fill in the total quantity available for return in lots. Furthermore, the quantity field will remain editable, allowing clients to opt for a partial return, according to their needs.

To render contract management more efficient, B3 implemented the functionality rejection per lot on its post-trade platform, RTC (Real Time Clearing). Currently, participants need to reject each amendment, renewal or early settlement individually. With this improvement, clients can reject all available transactions at once, providing greater agility and convenience to the process.

Starting October 1, 2025, B3 will publish securities lending renewal rates directly on its website through the Daily Market Bulletin (BDM). The data will be available in the Clearinghouse chapter on the "Asset Lending - Renewals" table.

B3 has implemented an improvement to the margin call process in asset lending transactions. Now, when the borrower returns an asset to the lender, there will no longer be a margin call between the 11:00 AM and 4:00 PM windows. This is because the asset is being returned to the portfolio of the lender who is the asset's owner. This eliminates the need to use liquidity resources during this time interval.

B3 is continually improving the operational flow of broker dealer accounts to offer greater efficiency and reliability to its clients. In 2024, it delivered some significant improvements, and will continue to advance with new implementations throughout 2025. These developments include greater automation of processes, increased operational capacity and solutions to optimize problem-solving in group dismantling, ensuring an increasingly seamless and secure experience.

Specific enhancements for the 2024 peak season include new treatment for votes originating from the same investor and custodian, which were previously rejected for duplicity. Performance improvements were also implemented to generate the vote map. In addition, B3 made improvements to the CICORP system, including an adjustment to minimize errors when selecting ISIN numbers during Distance Voting Bulletin (BVD) registration. None of these changes require market adaptations.

B3 has changed the concentration limits for open positions for the lending, forward and options markets. These limits are calculated based on the free float of shares and will now be 10% for each investor or group of investors, considering each market separately. Furthermore, groups of instruments will be created to aggregate positions from these markets, with a 15% limit applied to the free float. This means that if an investor uses 10% of their portfolio in one of the markets, only 5% will be available for allocation to another market within the group. The change aims to offer greater flexibility to participants, allowing for a better distribution of limits according to their investment strategies.

A subscription right is when a company decides to increase its capital by issuing new shares. In this situation, the company's shareholders have preference right to purchase the assets in the new lot. Currently, the posting of subscription rights (transfer of rights from the Company's Registration Book to B3’s environment) is carried out entirely manually with physical documents sent to B3, which makes the whole process time-consuming and with a lead time of approximately 3 days. Through this initiative, we intend to automate the entire flow, providing process autonomy to requesters while eliminating operating risks and physical documentation flows. Furthermore, lead time will be reduced by 60%.

The Brazilian Securities and Exchange Commission (CVM) has published, through CVM Resolution No. 35/2021, the obligation to carry out load tests on post-trade infrastructure for all brokerage houses as of December 2023 to be submitted in the 2024 BSM audit. The Capacity Testing Module aims to enable, as per CVM Instruction No. 35/2021, the insertion of mass data and execution of load tests in the SINACOR system (with a focus on Post-Trade) in the test environment of Brokerage Houses and Intermediary institutions. It also aims to generate the indicators necessary for the preparation of the BSM audit report. For more information, please contact our Proximity team SINACOR - [email protected]

B3 created an automatic Income Tax (IR) withholding transaction for CFF – Closed-End Fund Shares. If the IR withholding transaction for CFF is entered before 10.00 AM, the event settlement message will be sent in Gross settlement mode with the tax amount already withheld.  On the other hand, if the IR withholding transaction is entered after 10:00 AM or the event is entered in T0, the flow will be the same as that currently adopted. In other words, two messages will be generated: one with the full amount of the event and one with the amount to be withheld from IR.

RTC – Inclusion of the field 'Change of executing participant' in the position transfer screen The new functionality will allow participants to also transfer the executing participant during position transfer if it is the same as the carrying participant at the origin of the trade. This functionality will be available via messaging through an optional field in file bvmf.028. At the end of the transfer process, the executing participant will be the same as the carrying participant.

Possibilidade de identificar o comitente também pelo "Código Cliente para operações PCO" na operação de retirada sem financeiro envolvendo uma cota de fundo fechada (CFF). Essa entrega faz parte das adaptações que estão sendo feitas nas operações envolvendo CFF para refletir no sistema da B3 (NoMe) o processo de distribuição por conta e ordem. Nesses casos, apenas a instituição responsável pela distribuição tem acesso aos dados pessoais do investidor, que ficam omitidos para o Escriturador e o Administrador do fundo.