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Project Tags:

Completed

Trading

Cross Market

Listed

Product benefits

Midpoint Order Book, RFQ and BBT

 

Check the details and differences of B3’s block trading solutions.

 

  •  The Midpoint Order Book solution will enable investors to trade blocks at the Midpoint price (arithmetic average of the best bid and best ask price) from the central order book. To this end, a new type of order will be made available on PUMA, which will be hidden and for which a limit price will be indicated.
  • A message will be entered on the Market Data news channel when there is an active Midpoint order for an instrument. For example: “[XXXXM] midpoint order available in the order book”.
  • In like manner, a message will also be entered on the same channel when there is no active Midpoint order for an instrument.
  • Interaction between Midpoint orders only occurs with the same type of orders. A new instrument characterized by the letter "M" at the end of the ticker will be available.

  • A separate PUMA solution allows request for a buy and sell quotation, making the price discovery process more efficient.
  • To use the RFQ, you will need a screen developed with the FIX protocol adapted for posting requests and responses and connected to the RFQ System.  From this screen, you will send a request specifying the instrument, quantity, nature and trading limit price. The market will be notified of this request via a message on the Market Data news channel, with only the instrument and the time of the request being disclosed, by default. Other market participants may send their responses, whether buying or selling, within a time limit to be defined by B3. After this time, if the trading criteria are met, matching is carried out automatically. After matching, trading will be registered on PUMA and the trades published on Market Data.
  • A new instrument will be available, characterized by the letter "R" at the end of the ticker. Prices traded in this solution may have a premium/discount in relation to the central order book.

 

  •  A multilateral trading solution for block trades without transparency of orders, whose execution price may have a premium or discount in relation to the price charged in the central order book.
  •  The new instrument will be available characterized by the letter "Q" at the end of the ticker.

The certification process for the three solutions is now available. If you have any questions, please contact us by email at [email protected] or by telephone on +55 11 2565-5023.

In November 2023, B3 held a usability workshop on block trade solutions, aimed at introducing the rules and demonstrate the use for each solution. Click here to watch the video.

Click here to access the full material with details of the three solutions, including regulatory context, rules for trading and examples

Timeline

  • Other

    Workshop to introduce the benefits of the main block trading solutions that will be available to the market. negotiation.

  • Start of market tests

    Start of market tests - Midpoint

  • Start of market tests

    Start of market tests - Book of Block Trade

  • Start of market tests

    Start of market tests - Request For Quote

  • Other

    SINACOR Patch 22.3 available for Request for Quote

  • Other

    TV B3 Online Workshop

  • Go-live

    Available to the market

Technical details

  • Catalog changes

    BVBG.028.

  • Main systems

    RFQ System, ePUMA.

  • Main related functions

    No functions impacted

  • Certification roadmap

    In definition

  • What is the Sinacor version?

    v22.3

Material name

Date

Material Type

Language

Format

Size

Workshop de Usabilidade

01/23/2024

-

-

pdf

3MB

EC 166-2022-VNC Entrypoint new domains for block trading

12/29/2022

-

-

pdf

121KB

Entrypoint_RFQ - Certification Script v1 20220930

09/30/2022

-

-

pdf

964KB

EC 129-2022-VNC RFQ Start of Certification Period

09/05/2022

-

-

pdf

134KB

RFQEntryPointMessagingGuidelines1.0

09/05/2022

-

-

pdf

740KB

RFQEntryPointMessageSpecs1.2

09/05/2022

-

-

pdf

454KB

FIX44RFQ

09/05/2022

-

-

xml

96KB

RFQ - FIX messages (example)

08/25/2022

-

-

plain; charset=UTF-8

4KB

EC 122-2022-VNC Negociação de Grandes Lotes_ING

08/24/2022

-

-

pdf

111KB

EC 118-2022-VNC Projeto Midpoint_ING

08/24/2022

-

-

pdf

119KB

Certification_Script - Midpoint

08/22/2022

-

-

pdf

117KB

Presentation Block Trading Facilities Workshop v3

10/31/2023

-

-

pdf

794KB

EntryPoint – v1 20220721

07/21/2022

-

-

pdf

1MB

OC 176-2023 PRE Lançamento das Soluções

11/06/2023

-

-

pdf

177KB

OC 177-2023 PRE Alocação de grandes lotes

11/06/2023

-

-

pdf

114KB

Lamina do produto

11/01/2023

-

-

pdf

2MB

CE 016-2023-VNC Inclusão de novo domínio opcional no arquivo BVBG.028

02/28/2023

-

-

pdf

108KB

ExternalCodeListiMercadoModuloArquivos - v1 17022023

02/17/2023

-

-

sheet

183KB

ExternalCodeLists_Clearing - v1 17022023

02/17/2023

-

-

ms-excel

3MB

ExternalCodeLists_iMERCADO - v1 17022023

02/17/2023

-

-

sheet

560KB

CE 166-2022-VNC Entrypoint novos domínios para blocos

12/29/2022

-

-

pdf

106KB

EntryPoint_RFQ - Roteiro de certificacao v1 20220930

09/30/2022

-

-

pdf

314KB

CE 129-2022-VNC RFQ Início da Certificação

09/06/2022

-

-

pdf

103KB

RFQEntryPointMessagingGuidelines - Material de apoio v1.1 20221101

11/01/2022

-

-

pdf

693KB

RFQEntryPointMessageSpecs - Material de apoio v1.3 20221101

11/01/2022

-

-

pdf

455KB

Exemplo de mensagens RFQ

08/25/2022

-

-

plain; charset=UTF-8

4KB

Roteiro_de_certificacao - Midpoint

08/24/2022

-

-

pdf

185KB

RFQ - IP Address

08/23/2022

-

-

sheet

16KB

CE 118-2022-VNC Projeto Midpoint - Início do Período de Certificação

07/28/2022

-

-

pdf

135KB

CE 122-2022-VNC Negociação de Grandes Lotes - Início do Período de Certificação de Block Book Trade

08/08/2022

-

-

pdf

115KB

Soluções de Blocos - Apresentação Workshop v3

10/31/2023

-

-

pdf

746KB

Soluções de grandes lotes - Workshop de usabilidade [EN] 1

01/12/2024

-

-

pdf

3MB

Soluções de grandes lotes - Workshop de usabilidade 1

01/12/2024

-

-

pdf

3MB

Block Trading Facilities Workshop - EN

01/12/2024

-

-

octet-stream

N/A

Workshop | Soluções de bloco B3 - PT

01/12/2024

-

-

octet-stream

N/A

Provision of BDRs and Units in the Block Trading Solutions (Midpoint, BBT and RFQ)

12/27/2023

-

-

pdf

98KB

ExternalCodeLists_Clearing - v1 170220232130625123.vnd.ms-excel

11/23/2023

-

-

ms-excel

3MB