On Monday, September 5, B3 launched its Debentures Market Maker Program.

Institutions interested in participating in the program must submit bids and offers daily for at least three hours of the day on screen via TRADER Trading Platform. Participants will be remunerated monthly based on their activity in the program.

A market maker is a legal entity duly registered at B3 committed to submitting spreads (bids and offers) on a regular and continuous basis during the trading session.

Market makers may choose one of the four models below according to the total amount of assets and spread groups (20, 30 or 40 bps) as shown in the table below:

Parameters			GROUP 1			GROUP 2
Model	Total Assets		No. of Assets	Maximum Spread: IPCA or CDI Instruments		No. of Assets	Maximum Spread: CDI Instruments	Maximum Spread: IPCA Instruments
A	25		-	-		25	30 BPs	40 BPs
B	50		20	20 BPs		30	30 BPs	40 BPs
C	100		20	20 BPs		80	30 BPs	40 BPs
D	150		20	20 BPs		130	30 BPs	40 BPs

 

Through this initiative, the market is fed with more prices on screen thus reducing data asymmetry and encouraging lower spreads during trading. Furthermore, the program promotes secondary market liquidity, thereby reducing the investment risk in fixed income assets.

For further information about the Debentures Market Maker Program – such as rules, contract and procedures for expressing interest – click here. For access to the CVM instruction on Market Maker regulation, click here.