Starting in June, B3 systems will be programmed to identify structured transactions to reduce false positives and have the least possible number of questions to intermediaries.

• Posting direct trades carried out in T0 in up to T+5;

• Direct trades registered in the error account, registered between bid and ask, and trades with a quantity greater than the minimum lot size will be excluded;

• Talks will be held with the market for modeling the identification of direct trades in vwap/twap and structured transactions.

• Posting direct trades carried out in T0  in up to T+5 which do not comply with any of the situations provided for in the rule;

• At the end of the month, B3 will send a file consolidating all non-compliant direct trades;

• Participants will have until the 15th of the following month to provide clarification on non-compliant trades;

• B3 will assess each case and may apply sanctions.

Download the file under “Support material” for details described in Circular Letter 057/2022-PR.

The improvement to the rule for accepting direct orders allows, in situations where the asset's spread is open, orders to be entered in the best buy or sell condition, if they originate from structured transactions or are intended to correct operational errors.