A3 Mercados

What A3 Mercados does

A3 Mercados S.A. is Argentina's integrated financial market operator, formed on March 5, 2025 through the merger of Mercado Abierto Electrónico (MAE) and Matba Rofex, consolidating three heritage brands: Matba (1907), ROFEX (1909), and MAE (1989). The entity operates under CNV Matrícula Nro. 13 as a regulated Mercado and holds Qualified Central Counterparty (QCCP) status subject to Basel III/IV KCCP capital requirements. Its infrastructure provides trading, clearing, settlement, and post-trade services across primary and secondary markets covering fixed income, equities, derivatives (agricultural commodities, USD, Yuan, Bitcoin, Gold, TAMAR, CER, ROFEX 20 index, single stocks, government bonds), FX spot, repos, and OTC instruments.

The technology stack combines electronic trading platforms (SIOPEL, eTrader, Sistema WINK), clearing and settlement systems (MAE Clear), portfolio management tools (Anywhere Portfolio, MiPortafolio), and multiple APIs (FIX, REST_WS, Post Trade). Recent product additions include REPI (intraday liquidity repository, June 2025), TIVA (guaranteed title trading segment, July 2025), TAMAR interest rate futures (March 2026), and A3 Live (June 2026). The company also operates warrant custody infrastructure (CD+W) and the A3 Academia training program in its 12th edition.

Revenue is generated through three-tier membership fees (USD 200–2,500 for primary registrations), transaction-based trading and clearing fees, market data subscriptions, and technology/connectivity services. Distribution is direct-to-member through platform access and API integration. The customer base comprises over 100 authorized agents — ALyC (Propio/Integral), AN and ACVN agents, banks, exchange houses, issuers, and corporate participants — segmented across primary market, secondary market, FX/money market, and derivatives hedging use cases. A3 Mercados maintains offices in Rosario (headquarters) and Buenos Aires and is publicly listed on bcba under symbol A3.

Name

A3 Mercados

Legal name

A3 Mercados S.A.

Website

https://a3mercados.com.ar

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

251–500 employees

Short description

A3 Mercados is Argentina's integrated financial market operator, providing trading, clearing, settlement, and post-trade services across fixed income, equities, derivatives, FX, and OTC instruments to a member ecosystem of 100+ authorized financial institutions under CNV regulation.

Ownership category

akta.pro rank

Product category

Financial Exchange Services

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Market Makers & Liquidity Providers (OTC/prop/MM) (FSAPADAD)

Keywords

• Exchange services
• Clearing settlement
• Derivatives trading
• Fixed income trading
• Post-trade services

Headquarters

HQ city

Rosario

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, Others, Infrastructure

Revenue model

1. Membership Fees: Annual/monthly membership fees charged to members based on category (Membresía 1, 2, or 3), varying by regulatory registration type (ALyC Propio, ALyC Integral, AN, ACVN, Banks, Agencies/Casas de Cambio). Values range from 200 to 2500 USD for primary registrations.
2. Trading and Clearing Rights: Fees charged on trading and clearing operations. Membership 2 fees are deductible from trading/clearing rights. Generated from secondary market operations including fixed/variable income instruments, guarantees, futures and options.
3. Market Data Services: Market data provision through platforms and portals including CEM, daily bulletins, market reports, and real-time price feeds. Access via Market Data and A3 Info platforms.
4. Technology Services: Platform access and connectivity services provided to members. Includes API access, connectivity manuals, and platform usage (Membership 3 monthly fees billed by platform provider).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

A3 Mercados operates as Argentina's integrated financial market operator, formed through the merger of Mercado Abierto Electrónico (MAE) and Matba Rofex. The company provides electronic trading, clearing, settlement, and post-trade infrastructure for primary market issuance, secondary market trading (fixed income, equities, FX spot and REPO), and derivatives (agricultural, financial, and FX futures and options). Members access the ecosystem through proprietary platforms (SIOPEL, eTrader, Sistema WINK), the MAE Clear clearing system, and FIX/REST APIs.

Product overview

A3 Mercados is a unified Argentine financial exchange platform resulting from the integration of Mercado Abierto Electrónico (MAE, established 1989) and Matba Rofex (Matba founded 1907, ROFEX founded 1909). The platform operates as a comprehensive multi-asset trading and post-trade infrastructure offering electronic trading systems (SIOPEL, eTrader, Sistema WINK), clearing and settlement services (MAE Clear), portfolio management tools (Anywhere Portfolio, MiPortafolio), and multiple API products for institutional integration. The product portfolio spans futures and options on agricultural commodities (FyO Agropecuarios), financial instruments (US Dollar, Yuan, Bitcoin, Gold, TAMAR, CER futures), indices (ROFEX 20), single stocks, and government bonds. Additional services include OTC trade registration (OTC A3 Plus/Básico), warrant custody and management, and specialized tools like REPI for intraday liquidity management and TIVA for guaranteed title negotiation. A3 Live, launched June 2026, represents the latest platform addition. The company maintains a technology business unit with Latin American presence contributing to capital market modernization.

Differentiator

Problem solved

Functional benefit

Brands

• A3 FX Futures: A specialized futures trading platform for foreign exchange operations.
• A3 Academia
• A3 Live
• REPI
• TIVA

Products and services

• SIOPEL Trading Platform Electronic trading platform used by members for order management, negotiation, and trading operations in fixed income and equity markets, inherited from MAE.
• eTrader Platform Electronic trading interface providing real-time market access for multiple instruments, including fixed income and derivatives, for member institutions.
• MAE Clear Clearing System Central counterparty clearing and settlement system for post-trade processing of exchange-traded and OTC transactions.
• Sistema WINK Trading system for futures and options on Matba Rofex agricultural and financial derivatives markets, used by member institutions.
• Anywhere Portfolio Web-based portfolio management platform for institutional investors to track positions and manage holdings across multiple instruments.
• A3 Live New platform/service launched by A3 Mercados in June 2026 to extend its live trading and market participation capabilities.
• REPI (Repositorio de Liquidez Intradía) Tool for managing intraday liquidity, enabling market participants to manage daily liquidity requirements and optimize cash positions.
• TIVA (Negociación Garantizada de Títulos) Segment for guaranteed title negotiation, enabling secure trading of securities with guaranteed settlement and reduced counterparty risk.
• OTC A3 Plus OTC (over-the-counter) trading registry with Plus tier, enabling bilateral trades registration with enhanced services for institutional members.
• OTC A3 Básico Basic OTC trading registry service for bilateral trade registration and clearing for institutional members.
• Market Data Services Market data provision through platforms and portals including CEM, daily bulletins, market reports, and real-time price feeds, accessed via Market Data and A3 Info platforms.
• Warrant Custody and Registration Service Custody and registration service for warrants (CD+W), enabling agricultural financing with warrant tracking, with external platform homologation capability.
• Pack de Futuros sobre Tasa de Caución Bundle of futures contracts on overnight caución (collateral) rate, allowing participants to hedge against bank rate variations.
• Exchange Membership Program (Membresía 1, 2, 3) Three-tier membership program providing access to A3 Mercados platforms for Primary Market (Membresía 1), Secondary Market (Membresía 2), and FX/REPO Operations (Membresía 3) for authorized financial institutions.

Quantifiable outcome

• First integration between MAV financing infrastructure and A3 Mercados warrant custody for soybean-based financing operations

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature8 records

Partnerships

Five partnerships are on record, tiered core and strategic.

• Bolsa de Comercio del ChacocoreStrategic or Co-development Partner · 7 July 2026Bolsa de Comercio del Chaco acted as Agente de Liquidación y Compensación Integral in an unprecedented operation where an agricultural company obtained financing through MAV using soybean warrants registered on A3 Mercados custody platform. This represents the first integration between MAV's financing infrastructure and A3 Mercados' warrant custody system, with plans to replicate this model for agricultural companies across the northern region of Argentina.
• Control UnioncoreStrategic or Co-development Partner · 7 July 2026Control Union served as the certifying entity for the soybean warrant operation involving Bolsa de Comercio del Chaco and A3 Mercados, providing third-party certification for agricultural commodity warrants enabling financing operations.
• Mercado Argentino de Valores (MAV)coreStrategic or Co-development Partner · 7 July 2026MAV provided the financing infrastructure for the first integrated warrant-based financing operation, working with A3 Mercados' custody platform and Bolsa de Comercio del Chaco as clearing agent for agricultural sector financing.
• Warrant PluscoreTechnology or Integration · 5 November 2025Warrant Plus became the first external platform homologated by A3 Mercados to issue and register CD+W (Cédulas de Warrant), expanding the warrant ecosystem beyond A3's native platform and enabling third-party warrant issuance.
• Edgewater MarketsstrategicTechnology or Integration · 2 June 2025A3 Mercados and Edgewater Markets advanced platform integration to enhance FX trading capabilities and market connectivity, supporting broader market access and operational efficiency for members.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Deutsche Börse: European exchange and clearinghouse operator with multi-asset coverage (Xetra cash markets, Eurex derivatives, Clearstream post-trade); comparable integrated infrastructure model with strong derivatives franchise.
• Intercontinental Exchange (ICE): Global exchange and clearing operator spanning equities, fixed income, and commodities; comparable integrated trading-clearing model with multi-asset scope similar to A3 Mercados.
• Hong Kong Exchanges and Clearing (HKEX): Asian integrated exchange and clearing operator with equities, derivatives, and commodities; comparable diversified multi-asset business model.
• London Stock Exchange Group (LSEG): Multi-asset exchange and post-trade infrastructure operator; comparable integrated model combining primary listings, secondary trading, and clearing/settlement.
• Nasdaq, Inc. Global exchange operator with equities, derivatives, and market technology services; comparable to A3's combination of exchange operations and technology/data revenue streams.
• Cboe Global Markets: Global derivatives-focused exchange operator with options and futures franchises; comparable to A3's derivatives-heavy product mix including agricultural and FX futures.
• CME Group: Global derivatives exchange operator with deep agricultural futures franchise (corn, soybeans, wheat), comparable to A3's FyO Agropecuarios product line and broader derivatives clearing model.

Regional players

• TMX Group: Canadian integrated exchange and clearing operator with equities, derivatives, and fixed income; comparable multi-asset model operating in a regional rather than global market context.

Direct peers

• Bolsas y Mercados Argentinos (BYMA): Argentina's principal equities and fixed income exchange operator, directly competing with A3 Mercados in Argentine capital markets for primary listings, secondary trading, and post-trade services.
• B3 (Brasil, Bolsa, Balcão): Brazilian multi-asset exchange operator combining equities, fixed income, derivatives and clearing; highly comparable to A3's integrated market infrastructure model across a regional Latin American context.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/a3mercados
• YouTubeyoutube.com/@A3Mercados
• LinkedInlinkedin.com/company/a3mercados
• Instagraminstagram.com/a3mercados

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 A3 Mercados