A5X

What A5X does

A5X, S.A. is a privately-held Brazilian financial market infrastructure company founded in 2023 and headquartered in São Paulo, building a new derivatives exchange and central counterparty (CCP) clearing house. The company is positioning itself as the first meaningful new competitor to B3 in Brazil's derivatives market, targeting futures and options across equity indices, individual stocks, currencies, local interest rates, and cryptocurrencies. All options will be European-style with automatic exercise at expiration, following international best practice. A5X serves financial institutions, brokerages, banks, market makers, and trading firms, with a go-to-market that is almost entirely enterprise B2B field sales and API-first developer integration.

The platform is built on LSEG (London Stock Exchange Group) technology—the same integrated market infrastructure stack used by 40+ global exchanges—providing an ultra-low latency matching engine, market data distribution, ML-enabled real-time surveillance, and an end-to-end post-trade platform for clearing, settlement, and risk management. Colocation is delivered at the Equinix SP3 Data Center in São Paulo, with multiple connectivity options through the A5X Connectivity Network (ACN) including VPN, LAN-to-LAN, Cross Connect, and AWS Direct Connect. A dedicated Developer Portal, launched in August 2025, exposes FIX and binary protocol specifications for institutional integration.

A5X's revenue model is multi-stream and exchange-typical: transaction fees on derivatives trades, recurring fees for connectivity and colocation services, and subscription fees for market data distribution. Pricing is quote-based and contractual, tailored to participant needs under multi-year agreements. The company is currently pre-revenue, with regulatory testing targeted for Q4 2025 and a planned commercial launch in H1 2026. A5X has raised R$385 million in total funding across multiple rounds (including a R$200M Series C in September 2025 at a R$1.35B post-money valuation), with shareholders including IMC, Jump Trading, Optiver, XTX Markets, ABN AMRO Clearing, and Ideal CTVM.

Name

A5X

Legal name

A5X, S.A.

Website

https://a5x.com.br

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

101–250 employees

Short description

A5X is building Brazil's first new derivatives exchange and central counterparty clearing house in decades, targeting futures and options across equities, currencies, interest rates, and crypto. It serves brokerages, banks, and global market makers using LSEG technology, with commercial launch planned for H1 2026.

Ownership category

akta.pro rank

Product category

Derivatives Exchange and Clearing House

NAICS

Commodity Contracts Intermediation (52316), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

akta.pro secondary industries

FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC), Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB), Centralized Crypto Exchanges (CEX) (FSAPADAA)

Keywords

• Derivatives exchange
• Clearing house
• Trading infrastructure
• Colocation services
• Market data

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Transaction/Trading Fees: Fees charged on derivatives transactions executed through the exchange, including futures and options contracts across stock indices, individual stocks, currencies, interest rates, and cryptocurrencies.
2. Connectivity Services: Fees for VPN, LAN-to-LAN, Cross Connect, and Cloud Access connectivity services provided through the A5X Connectivity Network (ACN).
3. Colocation Services: Fees for dedicated or shared rack space in the Equinix SP3 Data Center with cross-connect to A5X trading systems.
4. Market Data Services: Market data distribution services including real-time pricing, order book data, and trading statistics provided to market participants.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

A5X is a next-generation Brazilian derivatives exchange and clearing house offering listed and financially settled derivatives contracts on stock indices, individual stocks, currencies, local interest rates, and cryptocurrencies, with European-style options featuring automatic exercise at expiration. The platform is built on LSEG's integrated market infrastructure technology and is supplemented by colocation services at the Equinix SP3 Data Center, multiple connectivity options through the proprietary A5X Connectivity Network (ACN), market data distribution, and a developer portal for technical integration.

Product overview

A5X is a next-generation Brazilian derivatives exchange and clearing house offering listed and financially settled derivatives. The product portfolio includes Stock Indices Futures and Options, Individual Stocks Futures and Options, Currency Futures and Options, Local Interest Rate Futures and Options, and Cryptocurrency Futures. All options are European-type with automatic exercise on expiration date. Supporting services include Connectivity Services (VPN Site-to-Site, LAN-to-LAN, Cross Connect, Cloud Access to AWS) and Colocation Services at Equinix SP3 Data Center. The Developer Portal provides technical integration specifications for market participants.

Differentiator

Problem solved

Functional benefit

Products and services

• Stock Indices Futures and Options Futures and options contracts on stock indices, covering both local and offshore references, offered as European-style options with automatic exercise at expiration. Designed for professional market participants, brokerages, banks, and trading firms seeking Brazilian equity index exposure.
• Individual Stocks Futures and Options Futures and options on individual stocks, available in local and offshore versions with European-style options and automatic exercise. Targeted at professional market participants seeking single-name equity derivatives exposure.
• Currency Futures and Options Futures and options on currencies, including US dollar contracts referenced to the USDBRL rate. Designed for professional market participants managing FX exposure and trading currency derivatives in the Brazilian market.
• Local Interest Rate Futures and Options Interest rate derivatives futures and options aligned to the domestic Brazilian curve, including European-style options with automatic exercise. Targeted at professional market participants hedging or trading Brazilian interest rate exposure.
• Cryptocurrency Futures Futures contracts on cryptocurrencies, connecting the traditional market to the digital asset segment. Targeted at professional market participants and trading firms seeking regulated exposure to crypto derivatives in Brazil.
• A5X Connectivity Services (ACN) Access services providing performance, resilience, and flexibility to connect to A5X derivatives market. Includes VPN Site-to-Site, LAN-to-LAN, Cross Connect, and Cloud Access (AWS integration via Direct Connect) for trading firms and financial institutions.
• Colocation Services at Equinix SP3 Dedicated or shared rack space in an ultra-low latency trading environment at Equinix SP3 Data Center in São Paulo, with internal cross-connect to A5X trading core. Designed for high-frequency trading firms and market makers requiring minimal latency to the exchange.
• A5X Developer Portal Digital platform centralizing technical specifications, message catalogs, and operational documentation for integration with A5X systems. Covers connectivity, trading, and post-trading specifications, including FIX protocol with specific adaptations, binary protocols optimized for low latency, market data specifications, pre-trade risk management, and post-trade processing documentation. Targeted at developers and technical staff at trading firms and financial institutions.

Quantifiable outcome

• LSEG matching engine processes millions of messages per second with latency measured in microseconds
• +1 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered flagship, core and supporting.

• London Stock Exchange Group (LSEG)flagshipTechnology or Integration · 1 January 2025Strategic technology partnership providing LSEG's integrated market infrastructure including trading systems, clearing and settlement platform, and market surveillance. LSEG's technology is used by 40+ exchanges globally and will power A5X's derivatives operations in Brazil.
• EquinixcoreTechnology or IntegrationEquinix SP3 Data Center in São Paulo provides colocation infrastructure for A5X's ultra-low latency trading environment.
• AWS (Amazon Web Services)supportingTechnology or IntegrationCloud services provider integrated via Direct Connect, VPC Peering, or VPC Endpoint for cloud-based connectivity to A5X platforms.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• B3: B3 is the incumbent Brazilian exchange and central counterparty formed from the merger of BM&FBovespa and CETIP. It is the dominant venue for Brazilian equities, derivatives, and fixed income, and A5X's primary direct competitor. Both target the same customer base of brokers, market makers, and institutional traders in Brazilian derivatives.
• Miami International Holdings (MIAX): MIAX is a multi-asset exchange group that built new equities and derivatives trading venues (MIAX Options, MIAX Pearl, Dorman Trading, LedgerX) competing against entrenched incumbents in the US. Highly comparable to A5X as a newer, technology-forward exchange group leveraging partner market makers and seeking to disrupt established venues.

Broad incumbents

• CME Group: CME Group is the world's largest derivatives exchange operator, offering futures and options across interest rates, equities, FX, commodities, and crypto. It is comparable to A5X as a multi-asset derivatives venue with central counterparty clearing, ultra-low latency matching, and institutional market maker participation, though it operates globally and at vastly larger scale.
• Eurex (Deutsche Börse): Eurex is one of Europe's leading derivatives exchanges operated by Deutsche Börse, offering futures and options on equity indices, single stocks, interest rates, and other asset classes. Comparable to A5X as a multi-asset derivatives venue with strong market maker participation, advanced clearing, and a focus on European institutional participants.
• Intercontinental Exchange (ICE): ICE is a global exchange operator and clearing house with major derivatives franchises (ICE Futures US, Europe, Singapore) across energy, agricultural, financial, and crypto derivatives. Comparable to A5X as a multi-asset derivatives exchange with integrated clearing and a focus on institutional and professional market participants.
• Cboe Global Markets: Cboe operates US and European equities and derivatives exchanges (Cboe Options, Cboe Futures, EDGX), with notable crypto and equity index derivatives offerings. Comparable to A5X as a multi-asset derivatives and securities exchange with strong institutional market maker relationships and a focus on listed options.
• Nasdaq Inc. Nasdaq operates Nordic, US, and Baltic exchanges and clearing houses for equities, fixed income, and derivatives, and runs a leading market technology business. Comparable to A5X as an exchange operator with integrated clearing and a strong brand, though at much greater scale and with international diversification.

Regional players

• National Stock Exchange of India (NSE): NSE is the dominant Indian exchange operator, with a world-leading derivatives franchise (Nifty options/futures) and integrated clearing. Comparable to A5X as an emerging-market derivatives exchange that scaled from a domestic challenger to a global derivatives liquidity center, offering lessons and parallels for A5X's Brazilian market opportunity.
• TMX Group: TMX Group operates Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange (derivatives), and related clearing and data services across Canadian and select international markets. Comparable to A5X as a regionally concentrated multi-asset exchange and clearing house with equity index and single-stock derivatives.
• Hong Kong Exchanges and Clearing (HKEX): HKEX is the dominant Hong Kong-based exchange and clearing operator with growing derivatives, equities, and commodities franchises across Asia. Comparable to A5X as a multi-asset exchange and central counterparty operating primarily within a single regional capital market with international institutional participation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/a5x
• Instagraminstagram.com/a5x_exchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds4 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about A5X