Clearing members

Bovespa segment

Full clearing member

Full clearing member perform settlement activities for their own and their clients’ portfolios, as well as for accounts of other brokers and large institutional investors, known as qualified clients.

Financial requirements
  Net equity (PL) Net working capital 
Working capital
Fixed asset index
Full clearing member (non-banking institution)
  • R$3 million and R$2 million per trading member or qualified investor; or
  • R$3 million and R$2 million for every R$100 million paid monthly per trading member or qualified investor; or
  • The highest of the two above, limited to a maximum of R$17 million
  • R$1 million and R$0.5 million per trading member or qualified investor; or
  • R$1 million and R$0.5 million for every R$100 million paid monthly per trading member or qualified investor; or
  • The highest of the two above, limited to a maximum of R$15 million.
None.
Full compensation agent (banking institution)
  • R$3 million and R$2 million per trading member or qualified investor; or
  • R$3 million and R$2 million for every R$100 million paid monthly per trading member or qualified investor; or
  • Net equity required, as defined in Annex IV in CMN resolution no. 2099, dated 8/17/94, and subsequent legislation (Basel ratio calculation); or
  • The highest of the two above, limited to a maximum of R$17 million
None.
  • Fixed Asset Deviation, calculated according to CMN Resolution No. 2283;
  • R$3 million and R$2 million per trading member or qualified investor; or
  • R$3 million and R$2 million for every R$100 million paid monthly per trading member or qualified investor; or
  • The highest of the two above, limited to a maximum of R$17 million

Self-clearing member

This member performs settlement activities:

Financial requirements
  Net equity (PL) Net working capital 
Working capital
Fixed asset index
Self and specific clearing member (banking institution) R$3 million Equal or greater than R$600,000 None.
Self and specific clearing member (banking institution) R$3 million None.
  • Fixed Asset Index, as defined in Resolution CMN No. 2283, dated 6/5/1996, and subsequent legislation, applying the same maximum percentage required by CMN or by the Central Bank of Brazil; and
  • Fixed asset deviation, calculated according to CMN Resolution No. 2283, mentioned above, with a minimum requirement of R$1 million
Contributions to the operations settlement fund
  Net equity (PL) Net working capital 
Working capital
Full clearing member R$7.9 million Additional deposit for the operational limit of the settled value agreement
Self-clearing member R$2.6 million

Access authorizations - Derivatives and Gold

Financial and Commodities Derivatives and Gold segment

The institution applying for settlement access authorization type 1 may settle transactions from its own portfolio, from the portfolio of companies belonging to the same financial conglomerate it belongs to, and from portfolios it formally manages or that are managed by companies belonging to its financial conglomerate.

The institution applying for settlement access authorization type 2 will be able to settle authorized operations for type 1 described above, as well as for clients whose full trading member belongs to the same financial conglomerate.

The institution applying for settlement access authorization type 3 may settle authorized operations for type 1 and 2 described above, as well as for clients of any full trading member, regardless of the financial conglomerate to which it belongs.

Financial requirements
Category Minimum working capital (CGP) Minimum net equity
Financial and Commodities Derivatives and Gold type 1 R$10 million R$12.5 million
Financial and Commodities Derivatives and Gold type 2 R$12.5 million R$15 million
Financial and Commodities Derivatives and Gold type 3 R$15 million R$20 million
Guarantee deposit:
Category Non-operating minimum collateral Settlement fund
Financial and Commodities Derivatives and Gold type 1 R$6 million R$4 million
Financial and Commodities Derivatives and Gold type 2 R$6 million R$4 million
Financial and Commodities Derivatives and Gold type 3 R$6 million R$6 million

* CGP: own working capital

Access authorization - Government bonds

Settlement rights (DL) linked to the settlement of federal public securities:

Asset clearing house DL type 1: grants the holder the right to settle, in the Fixed Income clearing house, the operations from the portfolio of the DL holder.

Asset clearing house DL type 2: grants the holder the right to settle, in the Fixed Income clearing house, the following operations:

Asset clearing house DL type 3: grants the holder the right to settle, in the Fixed Income clearing house, the following operations:

Access authorization – Foreign exchange

Exchange clearing DL type 1: grants the holder the right to compensate and settle, in the Foreign exchange clearing house, the operations from the portfolio of the DL holder.

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