Material name
Date
Material Type
Language
Format
Size
Automation and standardization
Standardization and optimization of middle and back office processes, generating efficiency for the industry.
Post-Trade Solution 2023 – Private Securities (Flow II)
Post-trade process for the private credit secondary market (Debenture, CRI, CRA and Closed-End Fund Share)
As agreed with the Brazilian Securities and Exchange Commission (CVM) in June 2023, the post-trade flow of private securities – which was hitherto optional – will now have assisted requirement as of February1, 2024 and mandatory flow after April 4, 2024..
Therefore, all spot buy and sell trades (trade 52) and forward trades (trade 552) for Debentures, Agribusiness Receivables Certificate (CRA), Mortgage-Backed Securities (CRI) and Closed-End Investment Fund Shares (CFF) will have the Trader trading platform as their gateway.
The period of mandatory use of Flow II for private fixed income securities post-trade begins on April 1, 2024. B3 provides the contingency flow provided for in an external communication for the specific scenarios described below:
- Allocation of non-resident Investors
- Third-party custody (Insurers, Pension Funds)
- Closed-end fund shares (CFF)
- Extra-group transactions where the allocation exceeds 40 different accounts or 200 investors
As soon as we have progress on the specific scenarios highlighted above, we will update the market with the implementation dates.
Disclosure of registration of all trades via Trader (voice) within 30 minutes remains mandatory.
Sign up and follow up the project
Product benefits
Integration
Possibility of integration with market participants’ legacy systems and integration of the Fixed Income Front Office with the Fixed Income Back Office.
Learn about the new trading flow
Improvements in fixed income bring greater automation and standardization of processes and trade scalability.
Services are offered for Fixed Income assets, including Debentures, CRI, CRA and Closed-End Fund Shares.
The services include allocation and integration with B3's fixed income depository to carry out trade registration and settlement.
The services will be available to participants via Screen, Messaging and OTC Hub.
This phase of the project is an update to what was announced in Post-Trade Solution - Private Securities (Flow II) in 2022.
The categories impacted by the process are CUSB/PBAL and GEST. In other words, all players who trade the above-mentioned assets must trade via Trader (Voice), RTC and NoMe platforms.
Using the expertise in post-trade solutions for the equity and derivatives markets, the improvements to the fixed income market bring greater automation, process standardization and trade scalability.
Timeline
-
02/01/2023
Go-live
Open for certification
-
06/29/2023
Other
Circular letter for Public Securities Flow requirement
-
12/19/2023
Webinar
Webinar
-
01/18/2024
Workshop
Workshop
-
02/02/2024
Other
Start of assisted requirement. Monitoring with educational notifications.
-
04/01/2024
Other
Full requirement. Start of full requirement for Private Securities Flow.
Technical details
Catalog changes
RTC Catalog - Capture and Allocation of OTC Fixed Income.
Main systems
Trader, RTC and NoMe.
Main related functions
No related function.
Certification roadmap
In definition
What is the Sinacor version?
No impact
