What CSD BR does

CSD BR is a Brazilian financial market infrastructure (FMI) company founded in 2018 and headquartered in São Paulo. The company operates as an authorized clearing and registradora for financial assets, securities, derivatives, and insurance policies, holding regulatory authorizations from Banco Central do Brasil (BCB), Comissão de Valores Mobiliários (CVM), and SUSEP, plus a cooperation agreement with ANS for health insurance reserves. Its core service stack consists of three pillars — Registro (registration), Depósito (centralized deposit), and Liquidação (settlement) — supported by a proprietary streaming processing platform that the company reports can handle millions of transactions per hour with a 6x speed advantage over incumbents (1 hour vs. 6 hours for equivalent processing) and SOC 3 certified security infrastructure.

The product portfolio extends beyond the three core services through specialized modules: Distribua+ for automated asset distribution connecting issuers and distributors; Balcão+ for OTC secondary market trading of fixed income; Garanta+ for credit operations collateralized by pension, insurance, and capitalization plans under Joint Resolution 12; AGAP for post-negotiation confirmation and digital signature collection; and the EasyBZ15 total return index. The product surface spans banking issuance (CDB, LCI, LF), private credit (debentures, CRI, CRA), derivatives (NDF, SWAP, options, CDS), funds (CVM Resolution 175 compliant), variable income, insurance policies, technical reserves, and liens/encumbrances.

Revenue is generated through transaction fees on registration, deposit, settlement, and distribution activities under a transparent 'tarifação simples' (simple pricing) model with no usage fees, penalties, or correction charges. The go-to-market is enterprise field sales targeting banks, brokerages, distributors, insurance companies, credit unions, securitizers, custodians, and bookkeepers. Integration with clients occurs via API, file, or screen interfaces connected to major market vendors. The company has reportedly reached R$1 billion+ in monthly settlements outside B3 and intermediates one-third of Brazil's OTC swaps market. In August 2025, CSD BR secured R$100 million in strategic investment from Citi, UBS, and Morgan Stanley, and has since announced a partnership with U.S. exchange operator MEMX to pursue launching a new Brazilian stock exchange to challenge B3.

Name

CSD BR

Legal name

CSD BR

Website

https://csdbr.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

CSD BR is a Brazilian financial market infrastructure provider, authorized by BCB, CVM, and SUSEP, offering registration, centralized deposit, and settlement services for financial assets, securities, derivatives, and insurance to banks, brokerages, insurance companies, and other institutional counterparties through a proprietary streaming platform.

Ownership category

akta.pro rank

Product category

Financial Market Infrastructure (Securities Registration and Settlement)

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Processing & Data Preparation (7374)

akta.pro primary industry

National CSDs & Domestic Settlement Systems (FSAFAGAA)

akta.pro secondary industries

Central Securities Depositories (CSDs) & Settlement Systems (FSACAHAA), CSD Asset Servicing (Income, Redemptions, Tax Withholding) (FSAFAGAH), Corporate Actions Processing & Entitlements Settlement (CSD-Run) (FSAFAGAI), Central Securities Depository (CSD) & ICSD SFT Services (FSACAIAL)

Keywords

• Securities registration services
• Financial market infrastructure
• Central securities depository
• Clearing and settlement
• Asset servicing platform

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, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Registration Fees: Transaction fees charged for recording financial assets, securities, and insurance operations on the proprietary platform
2. Centralized Deposit Services: Fees for centralized deposit services of fixed income, securities, and encumbrance constitution
3. Settlement Services: Facilitation fees for settlement services acting as intermediary between parties ensuring transaction completion
4. Distribution Platform (Distribua+): Platform fees for automated distribution of assets connecting issuers and distributors
5. OTC Trading Platform (Balcão+): Fees for secondary market trading platform for fixed income assets including negotiation, allocation, deposit, and settlement

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

CSD BR is a Brazilian financial market infrastructure company that provides registration, centralized deposit, and settlement services for financial assets, securities, derivatives, and insurance policies. The company operates a proprietary streaming technology platform that processes millions of transactions per hour, serving banks, brokerages, insurance companies, securitizers, and other financial institutions with regulatory authorization from BCB, CVM, and SUSEP.

Product overview

CSD BR operates as a clearing and registradora (authorized registrar) for the Brazilian financial market, authorized by Banco Central do Brasil (BCB), Comissão de Valores Mobiliários (CVM), and homologated by SUSEP. The company offers a unified platform with three core services—Registro (registration), Depósito (centralized deposit), and Liquidação (settlement)—which form the foundation of its infrastructure. Built with proprietary technology processing millions of transactions per hour using streaming architecture, the platform serves various financial market participants. Additional specialized modules include Distribua+ for automated asset distribution, Balcão+ for secondary market fixed income trading, and Garanta+ for credit operations with pension/insurance collateral. The product portfolio spans banking issuance (CDB, LCI, LF), private credit (debentures, CRI, CRA), derivatives (NDF, SWAP, options), funds, insurance, and variable income assets. The company also provides market data services and the EasyBZ15 index, positioning itself as an alternative infrastructure aiming to challenge B3 in the Brazilian financial market.

Differentiator

Problem solved

Functional benefit

Brands

• Distribua+: Platform connecting issuers and distributors for automated asset distribution.
• Balcão+
• Garanta+
• AGAP

Products and services

• Registro (Registration Service) Proprietary registration platform for financial assets, securities, and insurance operations, processing millions of transactions per hour with automated position control and value calculation. Targeted at banks, brokerages, insurance companies, securitizers, and other financial institutions.
• Depósito (Centralized Deposit Service) Centralized deposit platform replicating the efficiency of registration services, providing simplified and integrated processes for multiple assets including fixed income and securities. Serves financial institutions requiring deposit infrastructure.
• Liquidação (Settlement Service) Settlement service ensuring efficiency, security, and transparency across all stages, acting as facilitator between parties to ensure agile, precise operations in regulatory compliance. Serves financial institutions executing transactions.
• Distribua+ Platform connecting issuers and distributors for automated asset distribution, digitizing the entire distribution journey from asset registration to settlement orders. Targeted at issuers and distributors of financial assets.
• Balcão+ Solution integrating negotiation, allocation, deposit, and settlement of CDBs in a single ecosystem for secondary market fixed income trading. Targeted at financial institutions trading fixed income assets.
• Garanta+ Platform for managing credit operations using pension plans, insurance, and capitalization products as collateral, centralized under Joint Resolution 12. Targeted at financial institutions executing collateralized credit operations.
• AGAP (Confirmation Platform) Post-negotiation relationship platform formalizing financial operations between banks and companies, enabling digital signature collection and integrated registration. Targeted at banks and companies executing bilateral financial operations.

Quantifiable outcome

• Processing time reduced from 6 hours to 1 hour compared to other registrars
• +3 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered major and core.

• MEMXmajorStrategic or Co-development Partner · 1 May 2026CSD BR partnered with MEMX as another step toward creating a new Brazilian stock exchange. MEMX is a U.S. equities exchange operator, bringing international exchange expertise to support CSD BR's exchange ambitions.
• SUSEPcoreTechnology or Integration · 1 April 2026Technical Cooperation Agreement with SUSEP (Superintendência de Seguros Privados) for registration of technical reserve guarantee assets for health insurance plans, enabling direct ANS access to operator positions and asset movements.
• AWS (Amazon Web Services)coreTechnology or Integration · 1 January 2025CSD BR migrated critical financial workloads to AWS cloud infrastructure as part of broader FMI cloud adoption trend. AWS provides technical innovations for Financial Market Infrastructure Providers including accelerated networking and expanded Local Zone coverage.
• ANS (Agência Nacional de Saúde Suplementar)coreTechnology or IntegrationPartnership through Cooperation Agreement for health insurance technical reserves, allowing ANS direct access to insurance operator positions and automated asset movement data.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• B3 (Brasil, Bolsa, Balcão): B3 is the dominant Brazilian exchange and integrated CSD/clearing operator that CSD BR is explicitly positioned to challenge. Both operate CSD, settlement, and registration functions for Brazilian financial assets, but B3 also runs the incumbent stock exchange, derivatives marketplace, and OTC trading — the same areas CSD BR is expanding into with MEMX.

Broad incumbents

• Clearstream: Clearstream, part of Deutsche Börse Group, is one of the world's largest international CSDs (ICSDs) providing settlement, custody, and asset servicing for bonds, funds, and securities globally. Comparable to CSD BR as a CSD/settlement infrastructure provider operating across multiple asset classes with regulator-backed authorization, though at vastly larger scale and geographic reach.
• Euroclear: Euroclear is a major European ICSD operating CSD and settlement infrastructure for domestic and cross-border securities. It is comparable to CSD BR as a central securities depository serving institutional clients with registration, settlement, and asset servicing — representing the mature, scaled version of what CSD BR is building in Brazil.
• DTCC (Depository Trust & Clearing Corporation): DTCC operates the central securities depository and clearing infrastructure for US markets, processing trillions of dollars in transactions annually. Comparable to CSD BR as a market-leading CSD and post-trade infrastructure provider serving banks, broker-dealers, and institutional participants with registration, settlement, and asset servicing.
• TMX Group (including CDS): TMX Group operates the Toronto Stock Exchange, Montreal Exchange, and Canadian Depository for Securities (CDS), combining exchange and CSD functions under one operator. Highly comparable to CSD BR's integrated exchange + CSD strategy in a single domestic market, particularly relevant as a model for an integrated Brazilian FMI operator.

Regional players

• Iberclear (BME Group): Iberclear is the Spanish CSD owned by BME (now part of SIX Group), providing settlement and registration for the Spanish securities market. Comparable to CSD BR as a national-level CSD serving a single domestic market with integrated post-trade services for fixed income, equities, and funds.
• BYMA (Bolsas y Mercados Argentinos): BYMA is Argentina's principal stock exchange and integrated CSD/clearing operator, holding a similarly dominant domestic FMI position to what CSD BR is challenging in Brazil. Comparable as a Latin American exchange-CSD hybrid serving local financial institutions with multi-asset registration and settlement infrastructure.
• Bolsa Mexicana de Valores: Bolsa Mexicana de Valores operates Mexico's primary stock exchange and integrates closely with Indeval (the Mexican CSD) to provide combined exchange, CSD, and clearing services. Comparable to CSD BR as a Latin American integrated FMI operator with similar product breadth across equities, derivatives, and fixed income.

Emerging players

• MEMX (Members Exchange): MEMX is a US equities exchange operator that successfully launched as a challenger to incumbent US exchanges (NYSE, Nasdaq) and is now a partner of CSD BR. Comparable as an emerging exchange operator that disrupted an entrenched incumbent — providing a directly relevant playbook for CSD BR's exchange ambitions, though operating in a different geography.
• IEX (Investors Exchange): IEX launched as a US equities ATS/exchange with a speed-bump and alternative model designed to challenge incumbent exchange economics. Comparable to CSD BR as an emerging market infrastructure operator that built differentiated technology and a distinct value proposition to win share from entrenched incumbents.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/csd-br
• Instagraminstagram.com/csd.br

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors3 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 CSD BR