Company Overview

B3 S.A. – Brasil, Bolsa, Balcão is the primary financial market infrastructure company in Brazil, operating as the country’s sole integrated exchange for trading, clearing, settlement, and custody of financial and capital market instruments. The company operates at the core of Brazil’s financial system, supporting equities, derivatives, fixed income, foreign exchange, commodities, and post-trade services. Its activities place it at the intersection of the capital markets, financial services, and market infrastructure industries.

The company’s main revenue drivers include trading and post-trade services for equities and derivatives, clearing and settlement fees, listing services for companies and financial instruments, and data and technology services. B3 serves a broad customer base that includes retail and institutional investors, brokerage firms, asset managers, banks, listed companies, and issuers of debt and structured products. B3’s unique positioning stems from its monopoly-like structure within Brazil, high barriers to entry due to regulatory oversight, scale advantages, and deeply integrated clearing and settlement systems. The company was formed in 2017 through the merger of BM&FBOVESPA and CETIP, consolidating exchange trading and over-the-counter registration infrastructure into a single entity.

Business Operations

B3 organizes its operations across several core business segments that together generate diversified and recurring revenue. The Equities segment includes cash equities, equity derivatives, ETFs, REITs, and listing services for publicly traded companies. The Derivatives segment covers futures and options linked to interest rates, currencies, commodities, and equity indices, which represent a significant share of trading volume and revenue. The Fixed Income and OTC segment encompasses the registration, trading, clearing, and custody of government bonds, corporate debt, and structured credit instruments.

The company also operates a robust Clearing and Settlement infrastructure that manages counterparty risk and ensures market stability, as well as a Market Data and Technology Services segment that monetizes pricing data, indices, analytics, and connectivity solutions. B3’s operations are primarily domestic but include services for international investors accessing Brazilian markets. The company controls critical technological platforms, proprietary indices such as the Ibovespa, and central counterparty clearinghouses, and it maintains regulated subsidiaries responsible for clearing, depository, and risk management functions.

Strategic Position & Investments

B3’s strategic direction focuses on expanding market participation, increasing product diversification, and deepening its role as a financial infrastructure provider rather than solely a trading venue. Growth initiatives include the development of new derivatives contracts, expansion of ESG-linked products, enhancement of fixed income market transparency, and digitalization of post-trade services. The company has also invested in improving access for retail investors and strengthening connectivity for global institutional participants.

Historically, B3 has pursued targeted acquisitions and strategic investments to complement its core infrastructure, including technology providers and market services firms. Notable examples include past acquisitions of CETIP and investments in data, analytics, and financial education platforms. B3 is also involved in emerging areas such as carbon markets, digital assets infrastructure, and enhanced data monetization, though regulatory frameworks continue to shape the pace and scope of these initiatives.

Geographic Footprint

B3 is headquartered in São Paulo, Brazil, and its operational footprint is heavily concentrated in the Brazilian market, reflecting its role as the national exchange and post-trade infrastructure provider. While domestic operations account for the vast majority of revenues, the company maintains a strong international market presence through global investor access to Brazilian assets.

International influence is achieved through relationships with foreign exchanges, data distribution partnerships, and global brokerage and clearing firms that connect overseas investors to Brazilian markets. B3 also maintains representative offices and commercial activities aimed at promoting Brazilian capital markets in North America, Europe, and Asia, supporting cross-border investment flows rather than operating foreign exchanges directly.

Leadership & Governance

B3 operates under a professional management structure with governance standards aligned with publicly listed global exchange operators. The company emphasizes operational resilience, regulatory compliance, and long-term value creation, with a strategic vision centered on market integrity, innovation, and financial inclusion.

Key members of the leadership team include:

• Gilson Finkelsztain – Chief Executive Officer
• Bruno Dias – Chief Financial Officer
• Rafael Cunha – Chief Risk Officer
• André Milanez – Chief Technology and Operations Officer
• Humberto Costa – Chief Legal and Compliance Officer

The leadership team collectively focuses on strengthening Brazil’s capital markets, expanding product offerings, and maintaining B3’s critical role in financial system stability.