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B3 is Brazil's integrated exchange and financial-market infrastructure company, operating equities, derivatives, fixed-income, securities-registration, clearing, settlement and data businesses.

Last updated October 14, 2026

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Overview

B3 S.A. – Brasil, Bolsa, Balcão is Brazil’s principal exchange and a broad financial-market infrastructure company headquartered in São Paulo. The institution’s historical roots reach back to the Bolsa de Valores de São Paulo, founded on August 23, 1890, by Emilio Rangel Pestana. Although the organization is commonly associated with equity trading, its modern activities extend across listed stocks, exchange-traded funds, Brazilian Depositary Receipts, real-estate investment funds, fixed-income instruments, derivatives, commodities, securities lending, registration, clearing, settlement, custody, market data, and listing services. For much of the twentieth century, Brazilian exchanges were state-linked institutions whose brokers were appointed by government authorities. Financial-market reforms in 1965 and 1966 gave the exchanges a more institutional structure and strengthened the framework for securities supervision and self-regulation under Brazil’s Comissão de Valores Mobiliários, or CVM. São Paulo’s exchange became a major center for Brazilian equity financing and progressively adopted electronic systems. In 1972 it introduced a computer network for distributing market information in real time, followed by telephone-based trading infrastructure in the late 1970s. Electronic negotiation was expanded through CATS in 1990 and the Mega Bolsa platform in 1997. In 1999, Bovespa introduced Home Broker, enabling individual investors to submit orders through internet-based brokerage systems. A major strategic development was the creation in 2000 of differentiated corporate-governance listing segments, including Novo Mercado, Level 1, and Level 2. These segments imposed additional disclosure, governance, and investor-protection commitments on participating issuers. Novo Mercado in particular became closely associated with Brazil’s expansion in initial public offerings and equity financing during the 2000s. The framework helped distinguish companies willing to accept stricter governance requirements and arbitration arrangements, and it became an important part of the exchange’s value proposition to issuers and investors. Bovespa demutualized in 2007 and became a for-profit company. On May 8, 2008, the São Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange merged, creating BM&FBOVESPA. The combination brought cash-equity, commodities, futures, and other derivatives businesses into one group. A strategic relationship with CME Group included reciprocal shareholdings and order-routing arrangements, increasing the exchange’s international connectivity. On March 30, 2017, BM&FBOVESPA merged with Cetip, a Brazilian provider of registration, custody, settlement, and over-the-counter market infrastructure. The combined business adopted the name B3 S.A. – Brasil, Bolsa, Balcão, formally approved in 2017. The name reflects the company’s three broad roles: exchange activities, over-the-counter markets, and post-trade and registration infrastructure. B3 also maintains offices beyond São Paulo, including locations associated with Rio de Janeiro, London, and Shanghai. The Ibovespa is B3’s best-known benchmark. It tracks a portfolio designed to represent the most actively traded and economically significant shares in the Brazilian market and is widely used as a reference for domestic equities. B3 also calculates broad-market, sector, small-cap, corporate-governance, dividend, sustainability, and real-estate investment-fund indices. Its listed-market ecosystem has included hundreds of companies, along with funds, depositary receipts, units, subscription rights, and other securities. B3 is supervised within Brazil’s securities-market framework and operates critical infrastructure for the trading and post-trade lifecycle. Its positioning combines market access, liquidity, issuer services, technology, risk management, clearing, settlement, custody, and financial data.

History

The institution now known as B3 originated in the Bolsa de Valores de São Paulo, established on August 23, 1890, by Emilio Rangel Pestana. It developed as São Paulo’s securities marketplace and eventually became the most prominent exchange in Brazil. During the earlier decades of Brazil’s capital-market system, exchanges were state-owned or state-linked entities, and brokerage appointments were connected to government authorities. Reforms to the national financial system and securities market in 1965 and 1966 changed that structure and gave Brazilian exchanges a more institutional role. Technology became central to the exchange’s development. In 1972, Bovespa introduced a computer-based network for distributing market information online and in real time. During the late 1970s it added SPOT, a private telephone-based trading system, together with fungible safekeeping and online services for brokerage firms. In 1990, electronic trading through the Computer Assisted Trading System operated alongside the traditional open-outcry session. The Mega Bolsa electronic platform, introduced in 1997, increased processing capacity and supported larger trading volumes. In 1999, Bovespa launched Home Broker, an internet-based system that broadened the ability of individual investors to submit orders through their brokers. Bovespa also used market design to improve issuer standards. In 2000 it created Novo Mercado, Level 1, and Level 2 listing segments. These voluntary segments required participating companies and controlling shareholders to accept additional governance, disclosure, compliance, and dispute-resolution obligations. Novo Mercado later became particularly important during Brazil’s IPO expansion, as issuers used enhanced governance commitments to attract investors and raise capital. The exchange demutualized in 2007 and became a for-profit corporation. On May 8, 2008, the São Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange merged. The resulting BM&FBOVESPA combined the equity business traditionally associated with Bovespa with the commodities, futures, and derivatives activities of BM&F. The transaction also supported a strategic relationship with CME Group, including reciprocal ownership and order-routing connectivity. By this stage the exchange had moved from open outcry to a predominantly electronic operating model. The next major transformation came through the merger with Cetip. Approved by shareholders and Brazil’s securities regulator in 2017, the transaction brought together exchange markets and a substantial over-the-counter, registration, custody, and settlement platform. The combined company adopted the name B3 S.A. – Brasil, Bolsa, Balcão, a name intended to express its integrated role across exchange, over-the-counter, and post-trade activities. The formal corporate-name change was approved in June 2017, and the combination became effective in July of that year. B3 now operates as a critical component of Brazil’s financial system. Its activities include trading venues, derivatives, clearing, settlement, custody, securities lending, market registration, issuer services, data, and index calculation. Its flagship benchmark is the Ibovespa, while its index family also covers broad equities, sector performance, corporate governance, dividends, sustainability, small and mid-sized companies, and real-estate investment funds. The company is headquartered in São Paulo and has maintained an international presence through offices and relationships outside Brazil. The historical Bovespa identity remains widely recognized, but the active institution is B3. B3's history combines the development of Brazil's organized securities exchange with the creation of modern over-the-counter financial infrastructure. Its exchange lineage is associated with the São Paulo Stock Exchange and with the Brazilian Mercantile & Futures Exchange, which developed markets for securities, commodities and financial derivatives. In 2008, those two institutions were integrated into BM&FBovespa, creating a broader exchange group covering both cash-equity markets and futures and options. Cetip developed along a different but complementary path. It became a central Brazilian platform for registration, custody, settlement and other services for over-the-counter financial instruments. Its systems supported banks, corporations, investment funds and other market participants in recording and processing instruments that were not necessarily traded through the traditional exchange order book. This made Cetip an important part of Brazil's financial plumbing, particularly for fixed-income and credit-related products. The strategic combination of BM&FBovespa and Cetip was announced and completed in 2017 after the relevant corporate and regulatory processes. The resulting company adopted the name B3, an abbreviation explained through the words Brasil, Bolsa, Balcão. The name expressed the intended scope of the combined institution: Brazil's market infrastructure, exchange markets and over-the-counter markets in a single group. B3 became a listed company and began operating as an integrated provider of trading, post-trade and registration services. Following the merger, B3 continued to operate the organized equity, derivatives and fixed-income markets historically associated with BM&FBovespa while incorporating Cetip's registration and over-the-counter activities. The group also developed and expanded services in market data, technology, collateral management, securities lending, depositary functions and lifecycle administration. This structure allows B3 to serve multiple stages of a transaction, from listing and trading through clearing, settlement, custody, registration and reporting. B3 is strategically important because the reliability of its systems affects the functioning of Brazil's capital markets. Clearinghouses and settlement systems manage counterparty and operational risks; registration and depositary systems establish records of ownership and obligations; and market-data services support pricing, supervision and investment decisions. Its activities are consequently regulated and overseen under Brazil's securities and financial-market framework, with responsibilities divided among relevant authorities according to the service involved. The company has also sought to broaden access to capital-market products and improve the digital experience for investors and intermediaries. Its ecosystem includes listed companies, brokers, banks, institutional investors, retail investors, investment funds, issuers and government-related users. B3's performance is linked to trading volumes, market volatility, listings, debt issuance, derivatives activity and the scale of assets registered or held in its systems. Today, B3 remains Brazil's central exchange and financial-market infrastructure group, combining the historical exchange business with extensive post-trade and over-the-counter capabilities. The next major transformation came through the merger with Cetip. Cetip had developed along a different but complementary path, becoming a central Brazilian platform for registration, custody, settlement, and other services for over-the-counter financial instruments. Its systems supported banks, corporations, investment funds, and other market participants in recording and processing instruments that were not necessarily traded through the traditional exchange order book, making Cetip an important part of Brazil’s financial plumbing, particularly for fixed-income and credit-related products. Approved by shareholders and Brazil’s securities regulator in 2017, the transaction brought together exchange markets and a substantial over-the-counter, registration, custody, and settlement platform. The combined company adopted the name B3 S.A. – Brasil, Bolsa, Balcão, a name intended to express its integrated role across exchange, over-the-counter, and post-trade activities. The formal corporate-name change was approved in June 2017, and the combination became effective in July of that year. B3's history combines the development of Brazil's organized securities exchanges with the creation of a broad post-trade and over-the-counter infrastructure group. One of its main institutional predecessors was the São Paulo Stock Exchange, or Bovespa, whose origins are generally traced to the late nineteenth century. Bovespa became the principal Brazilian venue for share trading and later developed electronic trading, listing services, indexes and related market infrastructure. A second predecessor was the Brazilian Mercantile and Futures Exchange, known as BM&F. It specialized in commodities and financial derivatives, including contracts linked to interest rates, foreign exchange, equity indexes and agricultural commodities. BM&F became an important venue for hedging and price discovery in Brazil, particularly because Brazilian companies and financial institutions have substantial exposure to interest-rate and currency volatility. In 2008 BM&F and Bovespa merged, creating BM&FBovespa. The combination unified Brazil's main equity and derivatives markets under one listed company. BM&FBovespa subsequently expanded its role in clearing, settlement, securities lending, market data and technology, while continuing to operate the principal Brazilian exchange markets. Cetip developed along a different path. It became a major Brazilian infrastructure provider for registration, custody, settlement and information services, particularly in fixed-income and over-the-counter markets. Its systems supported the recording and processing of bank-issued securities, corporate debt and other financial instruments outside the central order book of the exchange. Cetip was itself a listed company before its combination with BM&FBovespa. In 2017 BM&FBovespa and Cetip completed their merger. The resulting company was named B3 S.A. – Brasil, Bolsa, Balcão. The new identity emphasized three connected functions: Brazil, the organized exchange and the over-the-counter market. The transaction created a vertically integrated market-infrastructure group covering trading, registration, clearing, settlement, custody, collateral and data services across multiple asset classes. Following the merger, B3 continued to operate as a public company listed on its own market under B3SA3. Its activities are subject to Brazilian securities and financial-market regulation, principally involving the Comissão de Valores Mobiliários and, depending on the product or infrastructure function, the Central Bank of Brazil. B3's market participants include brokerage firms, banks, institutional investors, asset managers, issuers, custodians, proprietary trading firms and international investors. The company's modern role is therefore both commercial and systemic. It provides venues in which securities and derivatives can be traded, but it also provides the operational infrastructure that records ownership, calculates obligations, manages collateral, supports settlement and reduces counterparty risk. Through indexes, prices, reference data and technology products, it also serves participants that do not trade directly on the exchange. B3 remains centered on Brazil, but its markets are used by international investors and connected to global capital flows. Its long-term development has involved increasing electronic access, extending the range of listed and over-the-counter products, improving resilience and automation, and developing data and technology services. The company is best understood as Brazil's integrated capital-markets infrastructure operator rather than simply as a stock-trading venue.

  • 2021

    Ibovespa reaches a record closing level

    [1]

    The Ibovespa closed above 130,776 points on June 7, 2021.

  • 2017

    Cetip merger creates B3

    [1]

    The merger with Cetip expanded the group's role in over-the-counter markets, registration, custody, settlement, and other post-trade services. The corporate name changed to B3 S.A. – Brasil, Bolsa, Balcão.

  • 2017

    B3 is created through the BM&FBovespa–Cetip combination

    [3]

    BM&FBovespa and Cetip complete their combination, creating an integrated exchange and over-the-counter financial-market infrastructure company named B3.

  • 2017

    B3 begins trading under B3SA3

    [3]

    The newly combined listed company operates under the B3 identity and its common shares trade under ticker B3SA3.

  • 2017

    Creation of B3

    [7]

    BM&FBovespa completes its merger with Cetip and adopts the B3 name, creating an integrated exchange and over-the-counter infrastructure group.

  • 2012

    Exchange joins the Sustainable Stock Exchanges initiative

    [1]

    BM&FBOVESPA became a founding member of the United Nations Sustainable Stock Exchanges initiative.

  • 2008

    Bovespa and BM&F merge

    [1]

    The São Paulo Stock Exchange and the Brazilian Mercantile & Futures Exchange combine to form BM&FBovespa, bringing securities and derivatives markets into one exchange group.

  • 2007

    Bovespa demutualizes

    [1]

    The exchange converted into a for-profit company, preparing the business for its subsequent combination with BM&F.

  • 2000

    Novo Mercado and governance segments launch

    [1]

    Bovespa created Novo Mercado, Level 1, and Level 2 segments for companies accepting enhanced governance and disclosure requirements.

  • 1999

    Home Broker expands online investor access

    [1]

    Bovespa introduced an internet-based trading system that allowed individual investors to place stock orders online through brokerage firms.

Products and positioning

Brazil's integrated exchange and financial-market infrastructure operator, combining organized exchange markets with over-the-counter registration, clearing, settlement, custody, data and technology services.

  • Equity market

    Cash equities

    B3 operates Brazil's principal organized market for listed shares and related equity instruments. Its equity ecosystem includes ordinary and preferred shares, units, exchange-traded funds, Brazilian Depositary Receipts, real-estate investment funds, subscription rights, and other securities. Issuers can access differentiated governance segments, while investors receive centralized trading, clearing, settlement, custody, and market-data services.

  • Derivatives

    Listed derivatives

    The derivatives business, inherited in large part from the Brazilian Mercantile and Futures Exchange, supports futures and options linked to financial variables, equities, interest rates, currencies, commodities, and other underlying references. Central clearing and risk-management arrangements are designed to support orderly trading and settlement across the market. B3 lists and clears futures, options and related derivatives linked to Brazilian interest rates, foreign exchange, equity indexes, individual equities and commodities. These contracts are used for hedging, portfolio management, speculation and price discovery, with clearing and collateral processes operated through B3 infrastructure.

  • Listing segment · 2000

    Novo Mercado

    Novo Mercado is B3's best-known voluntary corporate-governance listing segment. Participating issuers agree to additional governance, disclosure, shareholder-rights, and dispute-resolution obligations beyond baseline legal requirements. The segment became an important channel for Brazilian companies seeking public capital and for investors seeking stronger governance commitments.

  • Market index · 1968

    Ibovespa

    The Ibovespa is B3's principal equity benchmark. It is designed to represent a portfolio of the most representative and actively traded shares in the Brazilian market and is used by investors, asset managers, analysts, and media as a headline measure of Brazilian equity performance.

  • Financial-market infrastructure

    Clearing, settlement, custody, and registration

    B3 provides infrastructure supporting the post-trade lifecycle of securities and derivatives. Services include clearing, collateral and risk management, settlement, central securities depository functions, custody, securities lending, and registration for selected instruments and transactions. The Cetip combination materially broadened this infrastructure role. B3 provides post-trade infrastructure, including central counterparty clearing, settlement, collateral management, securities lending, custody and related risk controls. These functions connect trades to the completion of financial obligations and help reduce operational and counterparty risks for market participants.

  • Market data

    Market indices

    Beyond Ibovespa, B3 publishes indices covering broad equities, the most traded shares, small and mid-sized companies, sectors, dividends, corporate governance, sustainability, and real-estate investment funds. These indices support benchmarking, portfolio construction, exchange-traded products, research, and market communication.

  • Exchange markets

    Equities and listed securities

    B3 provides the organized market infrastructure used for trading Brazilian shares and other listed securities. Services include listing, trading, market supervision support, clearing, settlement, depositary functions and corporate-action processing. The equity ecosystem includes operating companies, investment funds, exchange-traded funds and Brazilian Depositary Receipts, together with market indexes such as the Ibovespa.

  • Exchange markets

    Derivatives markets

    B3 operates markets for futures, options and other derivatives linked to interest rates, foreign exchange, equities, equity indexes, commodities and related references. These contracts are used by financial institutions, companies, producers, investors and other participants for hedging, exposure management, financing and trading strategies.

  • Post-trade infrastructure

    Clearing, settlement and central depository

    B3's post-trade infrastructure supports the confirmation, netting, collateralization, clearing and settlement of transactions. Its central depository and custody functions maintain records and process asset movements, while clearinghouses manage counterparty and settlement risks according to the rules of each market.

  • Financial-market infrastructure

    Over-the-counter registration

    Originating substantially from Cetip's activities, B3's over-the-counter services register and administer financial instruments that may not trade through an exchange order book. The infrastructure supports instruments such as bank credit products, corporate debt, fund units and other assets, including lifecycle events, ownership records and reporting.

  • Data and technology services

    Market data and technology

    B3 supplies real-time and historical market information, indexes, connectivity and technology services to brokers, banks, asset managers, issuers, vendors and other users. These services support trading applications, risk management, valuation, compliance, research and distribution of financial information.

  • Equities

    Equities market

    B3 operates Brazil's principal organized market for listed shares and equity-linked securities. The market includes ordinary and preferred shares, exchange-traded funds, real-estate investment funds, Brazilian depositary receipts and other listed instruments. B3 provides trading, listing, clearing, settlement and market-information services around these products.

  • Fixed income and OTC markets

    Fixed-income and over-the-counter infrastructure

    Through capabilities inherited from Cetip and subsequently developed within B3, the company supports registration, custody, settlement and information services for fixed-income and other over-the-counter instruments. These services complement the centrally traded markets and allow financial institutions to record and process transactions that are not executed through a traditional exchange order book.

  • Information services

    Indexes and market data

    B3 produces and distributes indexes, reference prices, trading information and other data used by asset managers, financial institutions, issuers, researchers and media organizations. The Ibovespa family is among the best-known sets of Brazilian equity-market benchmarks associated with the exchange.

Marketing campaigns

  • 2012Sustainable Stock Exchanges initiative

    International

    BM&FBOVESPA joined the United Nations Sustainable Stock Exchanges initiative as a founding member, aligning the exchange with international efforts concerning sustainability and responsible capital markets. This strengthened the exchange's formal association with sustainability-oriented market development.

    Outcome. Strengthened the exchange’s formal association with sustainability-oriented market development.

    Source
  • 2000Novo Mercado governance initiative

    Brazil

    Bovespa launched Novo Mercado and related governance levels to encourage issuers to adopt stronger disclosure, governance, compliance, and shareholder-protection standards. The segments became influential in Brazil's IPO and equity-financing expansion, particularly during the 2000s.

    Outcome. The segments became influential in Brazil’s IPO and equity-financing expansion, particularly during the 2000s.

    Source
  • 1999Home Broker investor-access initiative

    Brazil

    Bovespa introduced an internet-based trading channel intended to make participation in the stock market more accessible to individual investors through their brokerage accounts. It helped establish online order entry as part of Brazil's retail-investing infrastructure.

    Outcome. Helped establish online order entry as part of Brazil’s retail-investing infrastructure.

    Source

Brand decisions

  • 2017

    Merge BM&FBOVESPA with CetipM&A

    Background

    Brazil had separate major institutions for exchange-traded markets and over-the-counter registration and settlement. Combining them was intended to create a broader, more integrated market-infrastructure group.

    Action taken

    BM&FBOVESPA combined with Cetip and adopted the corporate name B3 S.A. – Brasil, Bolsa, Balcão.

    Aftermath

    B3 became a broader financial-market infrastructure provider spanning exchange, over-the-counter, and post-trade activities. The transaction created Brazil's principal integrated exchange and post-trade infrastructure company, covering both organized markets and extensive over-the-counter services.

    Source

  • 2017

    Merger with CetipM&A

    Background

    BM&FBovespa sought to combine its exchange and derivatives operations with Cetip's fixed-income, registration and over-the-counter infrastructure.

    Action taken

    The companies completed their combination and created B3 S.A. – Brasil, Bolsa, Balcão.

    Aftermath

    B3 became an integrated provider of exchange, over-the-counter and post-trade infrastructure for Brazil's capital markets.

    Source

  • 2008

    Merge Bovespa with BM&FM&A

    Background

    Brazil's leading equity exchange and its principal commodities and futures exchange sought to combine complementary markets and infrastructure.

    Action taken

    The São Paulo Stock Exchange and Brazilian Mercantile and Futures Exchange merged to form BM&FBOVESPA. The two organizations merged to form BM&FBovespa, unifying equity, commodities and financial-derivatives market operations.

    Aftermath

    The combined group became an integrated operator of equity, derivatives, commodities, and related post-trade services. The merger created the principal listed exchange group that later became the foundation of B3.

    Source

  • 2000

    Create differentiated corporate-governance listing segmentsStrategy

    Background

    Bovespa sought to improve issuer standards and make Brazilian equities more attractive to investors by offering voluntary governance tiers.

    Action taken

    It established Novo Mercado, Level 1, and Level 2, with contractual commitments covering governance, disclosure, compliance, and dispute resolution.

    Aftermath

    The segments gained importance during the expansion of Brazilian IPOs and became a defining part of the exchange's issuer proposition.

    Source

Recent events

  • Viveo completes IPO and begins trading on B3[9]

    Reported:

    Viveo completed its initial public offering, raising R$2 billion, and debuted on Brazil’s B3 stock exchange under ticker VVEO3 on August 9, 2021.

  • RepRisk and B3 partner to update sustainability index[10]

    Reported:

    RepRisk partnered with B3 to update the B3 Corporate Sustainability Index, integrating RepRisk ESG risk data on 1,000 Brazilian companies into its selection and scoring algorithm.

Sources10 sources

  1. 1B3 (stock exchange)en.wikipedia.org
  2. 2B3 official websiteb3.com.br
  3. 3B3: Who we areb3.com.br
  4. 4B3 — Market Products and Servicesb3.com.br
  5. 5B3 managementb3.com.br
  6. 6B3 investor relationsri.b3.com.br
  7. 7B3 — Who We Areb3.com.br
  8. 8B3 — Investor Relationsb3.com.br
  9. 9Viveo完成首次公开募股并在B3开始交易riotimesonline.com
  10. 10RepRisk与B3合作更新可持续发展指数finanznachrichten.de

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