•  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