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Incentivo a negociação
As taxas mais convidativas incentivam a negociação dos papéis que possuem taxas altas e que atingem o CAP.
Cap Change for Securities Lending Fee Policy
Reduction of asset pricing CAP
B3 will reduce its securities lending fee caps and, therefore, its clients (asset managers, brokerage houses, treasuries and custodians) will pay lower fees on contracts with high interest rates.
The initiative aims to reduce the cap in loan trades for events that previously reached the cap. In other words, the measure seeks to meet client expectations for hard-to-borrow instruments (shares with low stock on the market and stocks with higher lending rates) and make fees more attractive. This measure will benefit all loan eligible assets, including Fixed Income ETFs.
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Product benefits
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• Contracts initiated and expiring prior to the date of release of the new fee policy will remain priced as per the current fee structure.
• Contracts initiated before the fee change, but expiring after the release date, will be priced on a hybrid basis, i.e., until the release date of the new fee structure current fees will apply. From the release date onwards, the new fee structure will apply.
• Contracts initiated after the release date of the new fee policy will be fully charged based on new fee structure caps.
A cap is a consumer protection that limits the amount that an interest rate can change over the term of a loan or in a loan interval. This amount will be lower as of 2Q22.
Timeline
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11/14/2022
Go-live
Available to the market
Technical details
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Catalog changes
N/A
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Main systems
Sinacor.
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Main related functions
Sinacor.
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Certification roadmap
N/A
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What is the Sinacor version?
v22.1
