New rules effective as of June 2022

A minimum lot size has been defined for the equity, futures and equity options market for direct orders to be registered in B3’s system.
The rule applies to entering direct orders in situations where the asset's spread is closed and which do not originate from structured transactions or are intended to correct operational errors.
Additionally, B3 will observe the percentage of direct orders from those markets to act with control measures in case the thresholds provided for in the rule are exceeded.
An improvement to the rule for accepting direct orders also takes effect in June. Read more about it below.
 

 

 

Product benefits

New direct order rules

Check out the implementation schedule

 

New rules

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.

Phase 1 – Three-month adaptation period

 

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.

 

Phase 2 – B3’s monitoring of and activity with intermediaries in a faster way

 

• 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.

 

Further details

 

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

 

Timeline

click and drag to navigate Download spreadsheet

 

Technical details

  • Impacted systems: No systems impacted
  • Related functions: No related functions
  • Certification script: Project does not involve market certification
  • Sinacor version: No impact
  • Catalog changes: No catalog changes

 

Attachments

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