Matba Rofex

What Matba Rofex does

Matba Rofex is Argentina's only organized derivatives exchange, operating as A3 Mercados S.A. and listed on the Buenos Aires Stock Exchange (BCBA:MTR) since the 2019 merger of Mercado a Término de Buenos Aires (MATBA) and ROFEX. The exchange offers a comprehensive multi-asset derivatives complex spanning agricultural commodities (soybean, corn, wheat, barley, sunflower, sorghum, plus livestock via the ROSGAN-integrated Ternero and dairy contracts), financial instruments (US Dollar, Yuan, CER-inflation index futures, ROFEX 20 equity index futures, single-stock futures, public bond futures), commodities (gold on COMEX, WTI crude), and cryptocurrency index futures on its proprietary BTC-MtR and ETH-MtR indices. Underlying technology is a proprietary electronic trading stack — the e-trader III Java client, FIX-protocol Direct Market Access (DMA), the WINK security/verification system, and API-distributed indices — supported by wholly-owned clearing and custody at Argentina Clearing y Registro (ACyRSA).

The business is a transaction-fee exchange model with three monetization streams: per-trade registration rights and fees on futures/options volume, recurring membership fees from licensed Agents (Agentes) under A3 Mercados, and technology/access services (platforms, DMA, market data). Go-to-market runs through a regional channel network of registered member agents — including agricultural brokers (FYO, ACA Valores, Zeni, Allaria Agrofinanzas, Valcereal, Intagro), discount and retail brokers (Cocos Capital, Bull Market, Balanz, Eco Valores, Inviu), and major banks (ICBC, Galicia, Citi, Comafi, Supervielle, Patagonia, BBVA, Santander, Merrill Lynch, Stonex) — combined with direct institutional access via e-trader III and DMA. Customers include agricultural producers/exporters hedging grain exposure, financial institutions hedging currency and inflation risk under Argentina's chronic macro volatility, mutual funds benchmarking to ROFEX 20, and retail investors accessing derivatives via agents. Notable ancillary products include PAF Digital Garantizado (digital negotiable value for grain settlements) and Warrants (CD+W warehouse receipts through ACyRSA). The company employs 101–250 staff across headquarters in Rosario, a Buenos Aires regional office, and the wider Argentine capital markets ecosystem.

Name

Matba Rofex

Legal name

A3 Mercados S.A.

Website

https://matbarofex.com.ar

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Matba Rofex is Argentina's primary derivatives exchange, offering futures and options on agricultural commodities, currencies, equity indices, individual stocks, public bonds, cryptocurrency indices, gold, and oil. It serves agricultural producers, financial institutions, exporters, and investors through electronic trading platforms and a network of registered member agents.

Ownership category

akta.pro rank

Product category

Derivatives Exchange

NAICS

Securities and Commodity Exchanges (5232), Commodity Contracts Intermediation (523160)

SIC

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

akta.pro primary industry

FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)

akta.pro secondary industry

Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)

Keywords

• Derivatives exchange
• Futures and options
• Agricultural commodities trading
• Financial market infrastructure
• Electronic trading platform

Headquarters

HQ city

Santa Fe

HQ country

Argentina

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Trading Fees and Registration Rights (Derechos de Registro y Aranceles): Transaction fees charged on futures and options contracts traded on the exchange, including registration fees for each trade executed.
2. Membership Fees: Revenue from regulating memberships for Agents (Agentes) who are members of A3 Mercados and authorized to trade on the exchange.
3. Technology and Access Services: Revenue from providing electronic trading platforms (e-trader III), DMA connectivity, and API market data services to market participants.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Matba Rofex operates Argentina's only organized futures and options exchange (A3 Mercados S.A., CNV Matrícula Nro. 13), providing a regulated marketplace and clearing infrastructure for trading derivatives on agricultural commodities, financial instruments, currencies, equities, and cryptocurrency indices. The company delivers electronic trading access via its proprietary e-Trader III platform and FIX-protocol Direct Market Access, publishes proprietary indices (BTC-MtR, ETH-MtR, CCL-MtR, ROFEX 20), and offers post-trade clearing, guarantee, and custody services through its wholly owned subsidiary Argentina Clearing y Registro (ACyRSA).

Product overview

Matba Rofex is an Argentine futures and options exchange formed in 2019 through the merger of Mercado a Término de Buenos Aires and ROFEX. The company operates a comprehensive derivatives marketplace offering financial futures and options (Dollar, Yuan, CER inflation index, ROFEX 20 stock index, individual stocks, public bonds), agricultural futures and options (soybean, corn, wheat, barley, sunflower, sorghum, livestock including cattle and dairy), and commodity futures and options (gold, crude oil). The platform also provides cryptocurrency indices (BTC-MtR, ETH-MtR), continuous grain indices, and the CCL-MtR implicit exchange rate index. Supporting infrastructure includes the PAF Digital Garantizado product for grain transactions, warrant certificates, and trading platforms including e-Trader III and Sistema Wink. The exchange serves agricultural producers, financial institutions, funds, exporters, and retail investors seeking to hedge, speculate, or access Argentine capital markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Futuros y Opciones Mini sobre Soja, Maíz y Trigo (Mini Soybean, Corn, Wheat Futures and Options) Mini-sized agricultural futures and options on soybean, corn, and wheat with 10-tonne contract sizes and financial settlement, designed for investors and smaller producers seeking lower capital requirements.
• Futuros y Opciones sobre Dólar (US Dollar Futures and Options) Futures and options on the US Dollar/Argentine peso exchange rate for hedging peso-devaluation exposure and speculation, primarily used by banks, exporters, and corporate treasuries.
• Futuros sobre CER (CER Inflation-Indexed Futures) Futures contracts on the CER (Stabilization Reference Coefficient) index designed for explicit inflation risk hedging by financial institutions, corporates, and individuals in the Argentine inflation context.
• Futuros sobre Índice BTC-MtR (Bitcoin-Index Futures) Bitcoin index futures providing exposure to the BTC-MtR index which reflects BTC market prices in Argentine pesos, calculated every minute from approved exchanges and brokers/dealers.
• Futuros y Opciones sobre Yuan (Chinese Yuan Futures and Options) Futures and options on the Chinese Yuan/ARS exchange rate, allowing participants to hedge or speculate on CNY exposure in the Argentine market.
• Futuros y Opciones sobre Índice ROFEX 20 (ROFEX 20 Equity-Index Futures and Options) Total-return index futures and options tracking the 20 most liquid Argentine equities with dividend reinvestment, weighted by free-float market capitalization.
• Futuros y Opciones sobre Acciones Individuales (Single-Stock Futures and Options) Single-stock futures and options enabling short selling without borrowing stock, leverage, hedging, flexibility, and arbitrage strategies on Argentine listed equities.
• Futuros sobre Títulos Públicos (Government Bond Futures) Public bond futures letting participants fix buy/sell prices on the most liquid Argentine sovereign securities, execute interest-rate coverage and arbitrage strategies, and take leveraged fixed-income positions.
• PAF Digital Garantizado (Guaranteed Digital Agricultural Product) A digital negotiable instrument developed jointly with grain-chain participants that supports registration, guarantee, and integration with the Capital Market for grain price-fixing transactions in Argentina.
• Futuros y Opciones sobre Soja Chicago y Maíz Chicago (CBOT Soybean and Corn Futures) Futures and options on Chicago Board of Trade soybean and corn contracts settled against international benchmark prices, allowing Argentine exporters to manage cross-border basis risk.
• Futuros y Opciones sobre Soja (Soybean Futures and Options) Comprehensive soybean futures and options in dollars and pesos, including base futures, soybean oil, and physical-delivery options for the Argentine soybean supply chain.
• Futuros y Opciones sobre Maíz (Corn Futures and Options) Corn futures and options available in dollar and peso denominations with base contracts for basis trading for Argentine grain producers and exporters.
• Futuros y Opciones sobre Trigo (Wheat Futures and Options) Wheat futures and options in dollar and peso denominations, including milling-quality base contracts for the Argentine wheat supply chain.
• Futuros y Opciones sobre Cebada (Barley Futures and Options) Feed barley futures and options in dollar denominations for hedging and speculation in the Argentine feed-grain market.
• Futuros y Opciones sobre Girasol (Sunflower Futures and Options) Sunflower futures and options contracts in dollar and peso denominations for Argentine sunflower producers and exporters.
• Futuros y Opciones sobre Sorgo (Sorghum Futures and Options) Sorghum futures and options providing coverage for Argentine producers and exporters of this feed grain.
• Futuros y Opciones Ganaderos (Livestock Futures and Options) Cattle and dairy futures and options on the ROSGAN Ternero Steer Index, Live Steer (dollar and peso), and Raw Milk, providing hedging tools for the Argentine meat and dairy value chain.
• Futuros y Opciones sobre Oro (Gold Futures and Options) Gold futures and options providing price coverage for domestic gold-related assets, retail access to gold as a store of value, and leveraged positioning, settled against COMEX benchmark prices.
• Futuros y Opciones sobre Petróleo (Crude Oil Futures and Options) Crude oil futures and options providing price coverage for financial-asset holders, producers, refineries, distributors, and retail investors, with WTI crude as the underlying.
• Warrants (Certificate of Deposit and Warrant Issuance and Custody) CD+W (Certificate of Deposit and Warrant) issuance, registration, and custody services handled through Argentina Clearing y Registro, enabling warehouse receipts for agricultural commodities.
• Índice BTC-MtR (Bitcoin/ARS Index) Proprietary Bitcoin/Argentine-peso price index calculated every minute from approved cryptocurrency exchanges and brokers/dealers, with integrated liquidity metrics and audited methodology overseen by a Technical Advisory Committee.
• Índice CCL-MtR (Implicit Exchange Rate Index) Proprietary index measuring implicit USD/ARS exchange rates derived from peso-denominated fixed and variable income securities transactions with dollar settlement via external transfers.
• Índices Continuos de Granos MtR (Continuous Grain Indices) Family of continuous grain price indices for soybean, corn, and wheat reflecting weighted average prices by time to expiration across a 12-month window of futures positions.
• Índice ETH-MtR (Ethereum/ARS Index) Proprietary Ethereum/Argentine-peso price index calculated every minute from approved cryptocurrency exchanges and broker/dealers, with audited methodology.
• Índice ROFEX 20 (Argentine Equity Index) Total-return index measuring performance of the 20 most liquid Argentine equities, weighted by free-float market capitalization with dividend reinvestment; licensed as a benchmark by mutual funds.
• e-Trader III Electronic Trading Platform Java-based proprietary downloadable trading platform enabling electronic negotiation, market access, and execution for futures and options products offered by Matba Rofex.
• Sistema Wink Security and Trading Verification System Proprietary security and trading verification system used by market participants to authenticate sessions and authorize exchange operations.

Quantifiable outcome

• Averaging over 1.9 million contracts traded daily in 2026
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

15 partnerships are on record, tiered core and minor.

• BinancecoreTechnology or IntegrationBinance serves as an exchange contributing pricing data to the BTC-MtR cryptocurrency index. It is one of the eligible price providers for the Bitcoin/ARS pair calculation.
• BitsocoreTechnology or IntegrationBitso serves as a cryptocurrency exchange contributing pricing data to the BTC-MtR and ETH-MtR indices for Bitcoin and Ethereum/ARS pairs.
• RipiocoreTechnology or IntegrationRipio serves as a cryptocurrency broker/dealer providing buy and sell offers for BTC/ARS and ETH/ARS pairs to the proprietary indices.
• Decrypto (Buenbit)coreTechnology or IntegrationDecrypto (operating as Buenbit) contributes as a cryptocurrency exchange to price discovery for the BTC-MtR index.
• CryptomktcoreTechnology or IntegrationCryptomkt serves as a cryptocurrency exchange contributing to BTC-MtR and ETH-MtR index calculations.
• BelocoreTechnology or IntegrationBelo serves as a cryptocurrency broker/dealer providing pricing data for Bitcoin and Ethereum/ARS pairs to the proprietary indices.
• FiWindcoreTechnology or IntegrationFiWind serves as a cryptocurrency broker/dealer contributing to BTC-MtR and ETH-MtR price indices.
• LemoncoreTechnology or IntegrationLemon serves as a cryptocurrency broker/dealer providing Bitcoin and Ethereum pricing data for the MtR indices.
• LetsBitcoreTechnology or IntegrationLetsBit contributes as a cryptocurrency broker/dealer to the Bitcoin and Ethereum price indices.
• LiriumcoreTechnology or IntegrationLirium serves as a cryptocurrency broker/dealer providing BTC/ARS and ETH/ARS pricing data to the MtR indices.
• SatoshitangocoreTechnology or IntegrationSatoshitango contributes as a cryptocurrency exchange providing Bitcoin/ARS pricing for the index calculation.
• SettlecoreTechnology or IntegrationSettle operates as a cryptocurrency broker/dealer contributing to Bitcoin and Ethereum price indices for Matba Rofex.
• Argentina Clearing y Registro (ACyRSA)coreStrategic or Co-development PartnerACyRSA is the clearing house for Matba Rofex, providing clearing, guarantee, and custody services for derivatives transactions. It manages margins, settlement, and risk management for exchange participants.
• Multiple Mutual Funds using RFX20 as BenchmarkminorChannel Partner/ Reseller/ DistributorSeveral mutual fund managers (Adcap Asset Management, Argenfunds, AXIS, Bancor Fondos, Consultatio Asset Management, First Capital Markets, HSBC Global Asset Management Argentina, Industrial Asset Management, IEB, MegaQM, Parakeet, Southern Trust, Ualintec Inversiones) use the ROFEX 20 index as a benchmark for their variable income funds.
• ROSGAN (Rosario Stock Exchange)coreStrategic or Co-development PartnerROSGAN is a livestock market with which Matba Rofex offers futures contracts on the Ternero ROSGAN index in dollars and pesos, integrating livestock price risk management.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Singapore Exchange (SGX): SGX operates Asian derivatives across FX, equity indices, commodities, and interest rates with a strong emerging-market franchise. Comparable as an Asian derivatives venue targeting cross-border institutional flow, though not directly competing in Argentina.
• Hong Kong Exchanges and Clearing (HKEX): HKEX operates equity, derivatives, commodities, and FX markets in Hong Kong with clearing and settlement services. Comparable in combining exchange operations with derivatives clearing, though it is far larger and serves a different geography.
• Euronext: Euronext is a pan-European multi-asset exchange operator covering equities, derivatives, commodities, and FX. Comparable as an integrated exchange and clearing operator, though broader in geographic reach and product scope.

Emerging players

• National Stock Exchange of India (NSE): NSE is the dominant Indian exchange with a deep derivatives franchise in equity index futures, FX, and commodities. Comparable as an emerging-market derivatives powerhouse with strong retail participation and proprietary index products.
• Johannesburg Stock Exchange (JSE): JSE is the largest exchange in Africa, offering equities, derivatives (including agricultural and currency derivatives), and commodity products. Comparable as an emerging-market multi-asset exchange with agricultural and FX derivatives relevant to local economies.

Direct peers

• Intercontinental Exchange (ICE): ICE operates global derivatives exchanges and clearing houses for commodities (oil, natural gas, agricultural) and financial products. Comparable in operating an integrated exchange, clearing, and market-data business across multiple asset classes.
• CME Group: CME Group is the world's largest derivatives exchange, offering futures and options on agricultural commodities, FX, interest rates, equity indices, energy, and metals. It is the global benchmark for exchange-traded derivatives and the closest large-scale analog to Matba Rofex's product suite.
• CBOE Global Markets: CBOE Global Markets is a derivatives-focused exchange operator offering futures and options on equity indices, volatility, FX, and commodities. Comparable as a pure-play derivatives venue with proprietary indices and benchmark licensing.
• B3 (Brasil, Bolsa Balcão): B3 is the Brazilian multi-asset exchange operating equities, derivatives (including agricultural commodities like soy, corn, cattle), and FX products. It is the most directly comparable Latin American peer given overlapping product mix in agricultural derivatives and emerging-market FX futures.
• BYMA (Bolsas y Mercados Argentinos): BYMA is the principal Argentine equity exchange, formed from the integration of the Buenos Aires Stock Exchange and other Argentine markets. It is the local operating peer for Argentine capital markets infrastructure and the natural counterpart for cash-equity trading adjacent to Matba Rofex's derivatives business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/matba_rofex
• YouTubeyoutube.com/matbarofex
• Facebookfacebook.com/MatbaRofex
• LinkedInlinkedin.com/company/matbarofex
• Instagraminstagram.com/matbarofex

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Matba Rofex