Clearing, settlement and risk management
In post-trade, B3 acts as a central counterparty (CCP) and securities settlement system (SSS) for trades executed in the PUMA Trading System, through the B3 Clearinghouse; as well as for FX trades registered directly at the B3 Foreign Exchange Clearinghouse.
B3 Clearinghouse
The operating rules and procedures regarding allocation, multilateral netting and settlement of trades executed in PUMA Trading System equities, derivatives and commodities are described respectively in the following documents:
- B3 CLEARINGHOUSE RULES
- B3 CLEARINGHOUSE OPERATING PROCEDURES MANUAL
The B3 Clearinghouse’s activity as a central counterparty entails a safeguard structure and the use of a sophisticated risk calculation methodology. The rules and procedures for the risk management of B3 as central counterparty are described in the following document:
- B3 CLEARINGHOUSE RISK MANAGEMENT MANUAL
Also regarding the B3 Clearinghouse, the working rules of the Liquidez Investment Fund are available in the following document:
- REGULAMENTO DO FILCB
B3 Foreign Exchange Clearinghouse
The B3 rules and operating procedures regarding the registration of forex transactions, as well as their clearing and settlement, are described in the following documents:
- B3 FOREIGN EXCHANGE CLEARINGHOUSE RULEBOOK
- B3 FOREIGN EXCHANGE CLEARINGHOUSE OPERATING MANUAL
The safeguard structure and risk measurement methodology of the B3 Foreign Exchange Clearinghouse, among other aspects related to risk management, are described in the following documents:
- B3 FOREIGN EXCHANGE CLEARINGHOUSE RISK MANAGEMENT MANUAL
The definitions of the terms used in the documents are available in the Glossary below:
- Glossary
Click here to access Circular Letters linked to B3's regulations and manuals.