Company Overview

B3 S.A. – Brasil, Bolsa, Balcão is the primary stock exchange and central financial market infrastructure operator in Brazil, providing trading, clearing, settlement, registration, and post-trade services across equities, derivatives, fixed income securities, foreign exchange instruments, and over-the-counter markets. The company operates within the financial services and capital markets infrastructure industry and is widely recognized as one of the largest exchange operators in Latin America. B3’s revenue is primarily generated through trading and listing fees, clearing and settlement services, market data distribution, technology solutions, depository services, and financing-related infrastructure activities.

The company was formed through the consolidation of several Brazilian financial market entities, most notably the 2017 merger between BM&FBOVESPA S.A. and CETIP S.A., which integrated exchange trading with OTC registration and depository operations. B3 serves institutional investors, retail investors, brokerages, banks, asset managers, corporations, and government-related entities. Its integrated infrastructure model, combined with Brazil’s centralized capital market structure, gives the company a significant strategic position within the domestic financial ecosystem.

Business Operations

B3 organizes its operations around exchange and OTC market infrastructure services, with major business activities including Listed, OTC, Infrastructure for Financing, and technology and data services. The Listed segment includes equities, derivatives, exchange-traded funds, securities lending, and listing services. The OTC segment encompasses fixed income instruments, private securities registration, and derivatives registration platforms. The company also operates central counterparty clearing systems, custody services, and settlement platforms that support Brazil’s financial markets.

The company’s operations are predominantly concentrated in Brazil, though its services support international investors accessing Brazilian capital markets. B3 controls critical market infrastructure assets including clearinghouses, depositories, and registration systems that are integrated into the Brazilian financial system. It maintains relationships with domestic and international financial institutions, broker-dealers, custodians, and technology providers. The company also operates through subsidiaries and affiliated entities supporting data, technology, and financial processing activities tied to market infrastructure operations.

Strategic Position & Investments

B3’s strategic direction has focused on expanding retail investor participation, increasing the breadth of financial products available in Brazil, modernizing infrastructure, and strengthening recurring revenue streams tied to data and technology services. The company has invested in cloud modernization, cybersecurity, operational resilience, and digital platforms aimed at improving market accessibility and efficiency. It has also pursued initiatives related to tokenization, digital assets infrastructure research, and ESG-linked market products.

The company has historically expanded through consolidation and infrastructure integration, including the acquisition and merger activity that led to the formation of modern B3. Investments have also targeted innovation in post-trade systems and financing infrastructure. B3 maintains exposure to emerging sectors connected to financial digitization, electronic trading, and data analytics. Its strategic positioning benefits from Brazil’s relatively centralized exchange environment, where B3 operates as the dominant exchange and clearing infrastructure provider.

Geographic Footprint

B3 is headquartered in São Paulo, Brazil, and its operational footprint is primarily concentrated within the Brazilian financial system. The company provides nationwide infrastructure supporting capital markets, derivatives trading, fixed income registration, and settlement activities. Its platforms are deeply integrated with Brazilian banks, brokerages, institutional investors, and regulatory systems.

Although its physical operations are centered in Brazil, B3 maintains international relevance through global investor participation in Brazilian securities and derivatives markets. The company engages with financial institutions and market participants across North America, Europe, and Asia, particularly through cross-border investment flows into Brazilian equities, commodities, and interest-rate products. Its market data and exchange connectivity services are also utilized by international firms seeking access to Latin American capital markets.

Leadership & Governance

B3 operates under a publicly traded corporate governance structure and is listed on its own exchange in Brazil, with ADRs traded in the United States under the ticker BOLSY. The company emphasizes operational resilience, market transparency, technological modernization, and regulatory compliance as central elements of its governance and strategic philosophy. Leadership has consistently highlighted expanding investor participation, infrastructure efficiency, and innovation within Brazil’s financial markets as long-term priorities.

Key executives include:

• Gilson Finkelsztain – Chief Executive Officer
• André Milanez – Chief Financial Officer and Investor Relations Officer
• Ana Buchaim – Vice President of People, Marketing, Communications, Sustainability and Private Social Investment
• João Paulo de Oliveira – Vice President of Operations, Clearing and Depository
• Cristiano Carraro Largura – Vice President of Technology and Information Security

B3’s governance framework is informed by Brazilian corporate governance regulations, exchange listing standards, and oversight from financial regulators including the Brazilian Securities Commission (CVM) and the Central Bank of Brazil. Public disclosures in SEC filings, annual reports, and investor presentations indicate continued emphasis on market integrity, technological reliability, and long-term infrastructure investment.