B3 Announces the Start of the Debentures Market Maker Program

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09/16/2022

B3 Announces the Start of the Debentures Market Maker Program

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.