Collateral Acceptance Criteria - Equity
To streamline the rules governing the acceptance of equities, stock units, ETFs and ADRs as collateral, the Clearinghouse adopts some eligibility criteria whose focus is on evaluated securities as per section 6.1 of the Risk Management Manual.
Deposit Limit Method
To streamline the criteria set for the acceptance of equities, stock units, ETFs and ADRs as collateral and, therefore, reduce the liquidity risk, the Clearinghouse adopts some deposit limits for those securities, as per section 6.3.4 of the Risk Management Manual with a focus on the duration of the application of the rules and the accreditation timeframe for all participants.
These limits will be reviewed from time to time to reflect the market conditions in effect and future improvements in the collateral management process.
The Clearinghouse may, at its sole discretion, change limits and discounts.
The Risk Management Manual is available at:
Regulations and Manuals - Clearing Settlement and Risk Management
Limits for acceptance
B3 establishes limits for the acceptance of determined securities as collateral. At its exclusive discretion, B3 may change the prevailing limits as well as define new limits.
- Limit for deposit of collateral abroad
B3 inform that the updated total of fixed limit of non-resident investors (FL) is 19.442.655.761,47 BRL.
The daily updated amount of the total required margin in BRL of the chamber (MRt) can be verified in the ranking of deposits of Collateral (field "Total Required Margin”) available here.
The financial value related to the percentage limit (PL) of the NRIs that have such a limit is given by:
As per section 6.3.5 of the Risk Management Manual the liquid collateral are Cash (BRL) and Brazilian federal government bonds, therefore, the assets deposited abroad are considered illiquid.