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Harmonization
B3 will correct price distortions by harmonizing its fee policies
New Equities Fee Structure
Improvement of the spot equities fee structure
Improvement of the spot equities fee structure
B3 is improving its equities fee structure so as to correct distortions and harmonize trading, post-trade and central depository fees for the equities spot market.
The new policy will begin to be implemented in mid-2025. However, the certification process will begin in the fourth quarter of 2024.
In trading and post-trade, and for non-day trades, fees are now based on a progressive table, with prices calculated according to the previous month’s ADTV (Average Daily Traded Volume).
For day trades, fees will also be calculated based on the monthly ADTV in a progressive manner and no longer daily and regressively, thus offering greater cost predictability.
Fee standardization will also be carried out at the Central Depositary. A fixed fee will no longer be charged for maintaining active accounts. All investors, whether residents or non-residents, will be charged on the custody balance.
Sign up and follow up the project
Product benefits
Predictability
Of costs for day traders, who will know at the beginning of the month how much they will pay.
Understanding the project netter
The goal is to correct price distortions and harmonize fees for spot equities products, adopting the same calculation model for all investors.
Trading and post-trade
There are different fees for spot equities products, one for day trades and on for non-day trades.
• Non-day trades - Fixed fee defined as follows: If the investor is a local fund, they pay 0.023% (2.3bps). For other investor types, the fee is 0.03% (3bps).
• Day trades - Fees vary daily according to the volume. The fee is only known at the end of the day.
Central Depository
• Maintenance fee: Fixed price charged only to non-resident investors and ADR programs.
• Custody balance fee: Variable fee, according to the balance in each custody account charged only to resident investors.
Trading and Post-Trade: The new fee policy brings a single table for all investors with a volume discount.
• For day trades: The daily table used to define the EOD price, will be replaced with a monthly table, with a price defined based on the previous month and valid for the following month.
• For non-day trades: The fixed cost per investor will be replaced with a price list that varies according to the volume traded in the previous month.
Central Depository: The maintenance fee will no longer be charged to non-resident investors and ADR programs, who are now charged the fee on the custody balance. The same rationale is applied to all investors.
Do you have any queries?
Please contact External Transition. Our team will be your focal point to monitor and execute the project.
Timeline
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10/01/2024
Start of Certification
Start of Certification
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04/01/2025
Go-live
Available to the market
Technical details
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Catalog changes
To be defined
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Main systems
TEM, Sincad, CAC, Sinacor. Other systems may be impacted.
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Main related functions
To be defined
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Certification roadmap
In definition
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What is the Sinacor version?
v25.1
