Equities market trading hours
| Market1 | Order cancellation | Pre-opening | Trading | Closing Call | After-Market trading2 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Order cancellation | Negociation | Order cancellation | ||||||||||||||
| Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | |||
| Cash Market | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:30 | 18:25 | 18:45 | ||
| Odd lots market | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:30 | 18:25 | 18:45 | ||
| Forward market | - | - | - | - | 10:00 | 17:25 | - | - | - | - | 17:30 | 18:00 | - | - | ||
| Options market | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:15 | 17:25 | 17:30 | - | - | 18:25 | 18:45 | ||
| BOVESPA Mais – All securities | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Unsponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:05 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Sponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Investment Funds | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Stock Exchange Traded Fund | 09:30 | 09:45 | 09:45 | 10:05 | 10:05 | 16:55 | 16:55 | 17:15 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Fixed Income ETF | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:15 | 18:45 | ||
| OTC Market - All securities |
09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Equity index options | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:50 | 16:50 | 17:15 | 17:25 | 17:30 | - | - | 18:25 | 18:45 | ||
1Corrections can be made to trades in all markets and trading phases up until 19:00.
2All assets in the spot market (standard lot and fractional lot), ETFs, BDRs, Investment Funds, Forward, Bovespa Mais, and Organized Over-the-Counter Market. They remain as an exception to the
Authorized for trading during the after-market period, the options market and other private fixed income assets. On the expiration date of options on shares, units, BDRs and ETF quotas, the time
trading will be from 6:25 p.m. to 6:40 p.m.; and on the expiration date of the options, the offer cancellation phase will take place from 18:45 to 19:00.
3 Trading in expiring series ends at 15:45 on expiration dates. Trading in the business allocation ends at 16:45 on expiration dates.
| Market | Options Exercise | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Before expiration | On expiration | ||||||||
| Manual exercise of Holder's Position | Manual exercise of Holder's Position | Positions File [Imbarq] | Contrary Exercise | Automatic Exercise of Holder's Position | |||||
| Start | End | Start | End | Start | Start | End | Start | ||
| Options on equities, units and ETFs | 10:00 | 16:00 | 10:00 | 14:45 | 17:15 | 17:15 | 18:15 | 18:152 | |
| Equity index options | - | - | - | - | - | - | - | 17:001 | |
1Automatic exercise after 5:00 p.m. the exercise is automatic whenever: (i) the settlement index is higher than the strike price, inthe case of call options; and (ii) the settlement index is lower than the strike price, in the case of put options.
2Automatic exercise after 6:15 pm whenever (i) the underlying's reference price in the cash market is higher than the strike price, in the case of call options; and (ii) the underlyingg's reference price in the cash market is lower than the strike price, in the case of put options. Exercise is automatic only in the absence of contrary exercise.