Scope of Mock Trading Session in March 22^nd, 2025 - PUMA Trading System

To assist participants in planning changes and implementations, a mock trading session of the PUMA Trading System will be held in March 22^nd, 2025, with market participation.

In this session, the following system and infrastructure changes will be validated:

• Matching Engine Update - New Implied Functionality

Improvements in the Implied IN functionality of DI1 and DAP in the production environment. The implementation will follow the plan below:

Additionally, below we inform you of the activation of new Implied IN contracts of DI1 in Mar/24 and Mar/31/2025:

Starting with this version in Mar/24/2025, participants must prepare their applications for the new behavior considering the following scenarios where synthetic orders will be canceled. When:          

- there is partial execution in the maturity that is giving rise to the synthetic order and there is not enough quantity to maintain the synthetic order. 

- there is full execution in maturity that is giving rise to synthetic order.

- there is a change in the best price in maturity that is giving rise to the synthetic order, because of the trade result (for example: reopening of the apparent lot and triggering of a Stop order).

- if an auction occurs in any of the maturities that give rise to the synthetic order, this synthetic order will be canceled. However, after the auction ends, the synthetic order will be reestablished if new orders are submitted with the best price in the maturities that give rise to the implied.

1. Mock trading session timetable:

1. Morning test of the electronic trading system:

It is mandatory for all the firms to participate in the morning test, which will be held on March 24^th, 2025 (Monday), from 7:00 a.m. to 7:45 a.m. for the derivatives market and from 7:00 a.m. to 8:00 a.m. for the equities market in both production environments.

2. Participation confirmation:

The activities to be performed during the test can be found in the mandatory script. Market data for these instruments will be sent during the mock trading session.

Participation in the mock trading session must be confirmed no later than 12 noon on March 21^st, 2025 (Friday), exclusively by email at [email protected] with “Mock trading session” in the subject line, identifying the institution, naming the individuals who will participate and supplying their contact details (telephone numbers and email addresses).

In response to this confirmation, the participant will receive the mandatory test script and must fill it out and send it to the above email address.

Please note that mock trading session participants must adjust their internal systems so that the results of the mock trading session are completely segregated from real trading sessions.

Further information can be obtained from B3 Services – Trading, by telephone on +55 11 2565-5021/5022.