B3 - Brasil, Bolsa, Balcão

What B3 - Brasil, Bolsa, Balcão does

B3 - Brasil, Bolsa, Balcão is Brazil's primary financial market infrastructure operator, providing an integrated stack of trading, clearing, settlement, central depository and registration services for equities, derivatives, fixed income, currencies, commodities and cryptoassets. The company traces its origins to the 1890 founding of the Rio de Janeiro stock exchange (Bovespa); the modern entity was formed in 2017 through the merger of BM&FBOVESPA with Cetip, consolidating Brazil's exchange and OTC securities depository under a single brand. B3 serves broker-dealers, asset managers, listed companies, individual investors and international institutions, with significant foreign capital flows (BRL 48 billion in Q1 2026; over BRL 33 billion in the first two months of 2026).

The platform is built on proprietary technology including the Puma Trading System for market access and a cloud-native Central Securities Depository (VeriSafe by Vermiculus) engineered for up to 10x current transaction volumes. Supporting infrastructure spans the Colateral collateral management module (built with Clearstream/Deutsche Börse), FX and securities clearing, an OTC derivatives registry, the SNG national vehicle lien system, and over 60 proprietary indices led by the Ibovespa. B3 is also moving into adjacent product lines: event contracts (Brazil's first federally regulated prediction market), Ethereum and Solana futures, the world's first spot XRP ETF via Hashdex, BDR and ETP listings (Valour, DeFi Technologies), and announced tokenization plus a planned B3RL stablecoin for H2 2026.

B3 earns revenue primarily through transaction fees on trading and post-trade services across multiple asset classes, supplemented by subscription-based data and analytics products (Market Data, UP2DATA, DataWise+, ESG Workspace), index licensing, custody and depositary fees, and securities lending. Q4 2025 revenue reached $516 million USD (+22.68% YoY), with a Q1 2026 recurring EBITDA margin of 71.6% and 47% YoY equities revenue growth. The company is pursuing a strategic mix shift toward recurring revenue via the Trillia data/analytics brand (consolidating Neoway, Neurotech, PDTec, DataStock and UIF), targeting a 30-35% data revenue share comparable to global exchange peers. Distribution operates through authorized broker-dealer and bank networks, plus direct institutional coverage, with venture investments through L4 Venture Builder (Cicada, Certta) extending reach into fintech infrastructure.

Name

B3 - Brasil, Bolsa, Balcão

Legal name

B3 S.A. - Brasil, Bolsa, Balcão

Website

https://b3.com.br

Company type

Public

Founded year

1890

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Trading and Transaction Fees: Revenue from transaction fees across equities, derivatives, fixed income, currencies, and commodities markets based on trading volume and values.
2. Listing and Issuer Services: Fees from listing companies, IPOs, follow-on offerings, and ongoing issuer services including registration and compliance.
3. Clearing and Settlement Services: Post-trade services including clearing, risk management, and settlement for market participants.
4. Data and Analytics (Trillia): Revenue from data products including Market Data, UP2DATA, DataWise+, ESG Workspace, and segmentation services. Currently ~10% of revenue with target of 30-35% like major global exchanges.
5. Custody and Depository Services: Central depository services for securities including custody, corporate actions, and investor services.
6. Index Licensing: Revenue from licensing proprietary indices including Ibovespa for ETFs, derivatives, structured products, and investment funds.
7. Fixed Income and Derivatives: Diversified revenue streams across fixed income instruments, interest rate derivatives, and other financial products with recurring EBITDA margin of 71.6%.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

B3 operates Brazil's primary financial market infrastructure, providing integrated trading, clearing, settlement, central securities depository, and registration services across equities, derivatives, fixed income, currencies, commodities, and cryptoassets. Its offering spans the full post-trade value chain — including proprietary indices (notably Ibovespa), collateral and risk management modules, the Trillia data and analytics platform, and Banking-style securities and financial services for institutional and foreign investors — all accessible through authorized market participants.

Product overview

B3 - Brasil, Bolsa, Balcão operates as Brazil's primary financial market infrastructure provider, offering a comprehensive platform for trading, clearing, settlement, and registration across equities, derivatives, fixed income, commodities, and cryptoassets. The core B3 Trading Infrastructure encompasses multiple interconnected modules: Commodities Trading (Boi Gordo, Café Arábica, Milho, Ouro, Soja futures), Cryptoassets Trading (Bitcoin, Ether, Solana futures, and ETFs), Interest Rate Products (DI, Selic, IPCA-linked), Currency Trading (17+ currency pairs), Fixed Income Trading, Equities Trading (stocks, ETFs, FIIs, BDRs), and Event Contracts (prediction markets). Supporting infrastructure includes Clearing and FX Clearing for post-trade processing, the cloud-native CSD system (VeriSafe by Vermiculus) for securities depository, Colateral (with Clearstream/Deutsche Börse) for collateral management, and SNG for vehicle lien management. B3 also operates Securities and Financial Services (Banco B3) providing custody, BDR services, and banking for institutional investors, and the Trillia sub-brand consolidating data & analytics assets (Neoway, Neurotech, PDTec, DataStock). The company offers APIs through B3 for Developers for market connectivity and integration.

Differentiator

Problem solved

Functional benefit

Brands

• Trillia: Data and analytics brand consolidating B3's data subsidiaries including PDTec, Neoway, Neurotech, DataStock, and UIF for business intelligence and AI solutions
• Securities and Financial Services
• InsurConnect
• Colateral
• SNG (Sistema Nacional de Gravames)
• L4 Venture Builder

Products and services

• B3 Trading Infrastructure (Equities Trading) Variable income (equities) trading venue on which listed securities and related derivatives (stocks, BDRs, ETFs, FIIs, Ibovespa futures, IFIX futures, small cap futures, VIX, Brazil 50) are traded; targeted at broker-dealers, asset managers, and retail investors accessing Brazilian listed companies.
• Interest Rate Products Interest rate derivative venue for DI, Selic, IPCA and cupom cambial futures, providing interest-rate risk transfer and hedging for institutional and corporate users in Brazil.
• Currency Trading Currency futures venue covering 17+ currency pairs for cross-border hedging and speculation by professional investors, banks, and corporates.
• Commodities Trading Commodity futures venue for agribusiness, energy, and metals (cattle, coffee, ethanol, corn, gold, soybeans) used by producers, exporters, and arbitrageurs for price discovery and hedging.
• Cryptoassets Trading Cryptoasset venue offering Bitcoin futures, Ether futures, Solana futures, and listed crypto ETFs/BDRs for regulated Brazilian market access to digital assets.
• Event Contracts (Prediction Market Derivatives) Prediction-market derivatives tied to Bitcoin, dollar, and Ibovespa movements, allowing professional investors to take binary positions on future financial events under CVM authorization.
• Fixed Income Trading Fixed-income securities venue covering public and private debt instruments, credit rights funds, and US Treasury notes accessed by institutional investors and banks.
• Clearing B3 Integrated clearing service for registration, acceptance, netting, settlement, and counterparty risk management of derivatives, commodities, equities, spot gold, and securities for broker-dealers and clearing members.
• FX Clearing (Clearing de Câmbio) Spot USD FX clearing for the Brazilian interbank market covering registration, compensation, settlement, and counterparty risk management for interbank FX transactions.
• Cloud-Native Central Securities Depository (VeriSafe by Vermiculus) Cloud-native central securities depository providing custody, corporate actions processing, and investor services for Brazilian listed securities, scoped for up to 10x current transaction volumes on a microservices architecture.
• Colateral (Collateral Management Module) Bilateral collateral management module developed with Clearstream (Deutsche Börse), enabling government securities and cash to be used as collateral for OTC derivatives, securities lending, and other transactions.
• Index Licensing (B3 Index Family) Licensing of B3's proprietary indices — including the Ibovespa family and over 60 other indices covering broad market, sectoral, fixed income, and ESG themes — for use as benchmarks in ETFs, structured products (COEs), derivatives, and investment funds.
• Securities and Financial Services (Banco B3) Banking and securities services for institutional and foreign investors, providing fund collateral (FIC Garantias), special-liquidation accounts, custody and control for investment funds, depositary/BDR services, banco liquidante, and non-resident investor custody.
• BDR (Brazilian Depositary Receipt) Listing Program Sponsored Brazilian Depositary Receipt listing program enabling international companies to list their shares on the B3 exchange, with Banco B3 acting as depositary, providing Brazilian investors access to foreign issuers.
• Trillia Data & Analytics Brand Consolidated data and analytics brand integrating PDTec, Neoway, Neurotech, DataStock, and UIF, offering business intelligence, alternative data, and AI solutions for B3 clients across multiple industries.
• Market Data Services Subscription market data and analytics services — Market Data, UP2DATA, DataWise+, DataWise Reports, Monitora PIP, Investor Segmentation, ESGWS — for traders, asset managers, and corporate users.

Quantifiable outcome

• Q4 2025 revenue of $516 million, up 22.68% YoY, beating estimates by $18.59 million
• +3 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Homerun ResourcesminorChannel Partner/ Reseller/ Distributor · 5 May 2026Homerun Resources listed Sponsored Brazilian Depositary Receipts (BDRs) on B3 under ticker HMRN31, with Banco B3 as depositary. Listing aims to broaden shareholder base in Brazil and enhance visibility for silica operations in Bahia.
• ANP (Brazilian National Agency of Petroleum, Natural Gas and Biofuels)coreStrategic or Co-development Partner · 27 April 2026ANP partnered with B3 to redesign E&P licensing model including full digitalization of documentation, virtual/hybrid bidding options, and operational restructuring shifting execution to B3 while ANP focuses on strategic decisions. Implementation expected 2027.
• VermiculuscoreTechnology or Integration · 12 March 2026Vermiculus provided VeriSafe technology for B3's cloud-native Central Securities Depository system. Phase two completed marking one of the largest CSD transformation projects in the world, delivering elastic scalability capable of supporting up to ten times current transaction volumes. Phase three will replace B3's existing corporate actions module.
• Valour (DeFi Technologies)coreChannel Partner/ Reseller/ Distributor · 19 December 2025Valour listed digital asset ETPs (BTCV, ETHV, XRPV, VSOL, VSUI) and DEFT31 BDRs on B3 exchange. First expansion outside Europe for Valour, establishing B3 as regional hub for Latin American expansion. Products give Brazilian investors BRL-denominated access to digital assets.
• HashdexcoreChannel Partner/ Reseller/ Distributor · 25 April 2025Hashdex launched world's first spot XRP ETF on B3 exchange (ticker XRPH11) in partnership with Genial Investments Securities Brokerage SA. Fund replicates XRP Reference Price Index and currently holds nearly $40 million in net worth.
• Clearstream (Deutsche Börse Group)coreTechnology or IntegrationDeveloped in partnership with Clearstream for the Colateral module providing collateral management in bilateral relationships, promoting credit risk mitigation. Enables public securities deposited at Selic and cash as collateral for OTC derivatives, securities lending, and other transactions.
• PDTec, Neoway, Neurotech, DataStock, UIF (now Trillia)coreTechnology or IntegrationB3 consolidated five data analytics subsidiaries (PDTec, Neoway, Neurotech, DataStock, and Financing Infrastructure Unit) under the Trillia brand. These acquisitions support B3's strategy to increase data analytics revenue from 10% toward the 30-35% range that major global exchanges target.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Intercontinental Exchange (NYSE): ICE owns the New York Stock Exchange and operates integrated equities, derivatives, clearing (ICE Clear), and a major fixed-income/data franchise. Its end-to-end market infrastructure plus heavy data/analytics exposure makes it the most direct global comparator for B3's integrated trading, clearing, settlement, and depository model.
• Nasdaq, Inc. Nasdaq operates a major global equities exchange, clearing, listing, and index business, and has been actively diversifying into data analytics, IR SaaS, and crypto-enabled services (Hashdex listings). Mirrors B3's diversified exchange plus analytics strategy.
• Deutsche Börse AG: Deutsche Börse operates the Frankfurt exchange, Eurex derivatives, Clearstream post-trade, and a large index/data franchise; Clearstream is also B3's direct partner on the Colateral collateral management module, making it both a competitor in market infrastructure and a technology co-developer.
• London Stock Exchange Group (LSEG): LSEG runs the London Stock Exchange, FTSE Russell index licensing, clearing (LCH), and a substantial data & analytics business (Refinitiv). Its mix of exchange, clearing, index, and recurring data revenue is structurally similar to B3's strategic ambition with Trillia.
• CME Group: CME is the world's largest derivatives exchange operator, offering interest rate, equity index, FX, commodities, and crypto futures — directly comparable to B3's Di/Selic/IPCA, Ibovespa, dollar, gold, and Bitcoin/Ether/Solana futures complex.
• Hong Kong Exchanges and Clearing (HKEX): HKEX operates a fully integrated exchange, clearing, and depository franchise plus a growing fixed-income and derivatives platform in a major emerging market. Comparable in role and structure to B3 as a regional, integrated exchange operator with index licensing and post-trade services.

Broad incumbents

• Singapore Exchange (SGX): SGX runs equities, derivatives (including FX and commodity), and post-trade services across Asia with growing index and data products. Comparable as a multi-asset, integrated exchange operator competing for cross-border listings and derivatives flow in the same global trade as B3.
• TMX Group: TMX operates the Toronto Stock Exchange, TSX Venture, Montreal Exchange (derivatives), and fixed-income/data businesses. Comparable mid-sized integrated exchange with meaningful derivatives, clearing, and analytics exposure.

Regional players

• Johannesburg Stock Exchange (JSE): JSE is the principal exchange in another large emerging market (South Africa) with equity, derivative, commodity, and interest-rate products plus data services. Comparable as an emerging-market full-service exchange with similar regulatory, single-country, and FX risk profile to B3.
• Bolsa Mexicana de Valores (BMV): BMV is Mexico's principal equities and derivatives exchange with its own SIBOLSA index franchise and a JV with major global exchanges. Most geographically close peer in Latin America, serving overlapping investor and issuer pools as B3 in the LatAm capital markets ecosystem.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/b3_oficial

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

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

M&A4 records

Investments5 records

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

Frequently asked questions about B3 - Brasil, Bolsa, Balcão