2° Semester /2018 | B3
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2° Semester /2018

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  • Single Stock and Units Futures Contract

    Single stock futures contract is a standard futures contract with an individual stock as its underlying security. 

    In this specific case, only cash setlled.

    • Investing with low capital: To operate single stock futures, it's not necessary to have the value of the asset, only the margin of guarantee 
    • Leverage: an investor can use leverage to control more stock with a smaller cash outlay
    • Hedge: an investor can use single stock futures to hedge a cash market porfolio
    • Opportunities of new strategies: day-trade and arbitrage
    • Enables structured transactions with options

    Workshop - 18/09/2018 (Video)

    Single Stock and Unit Futures Contract

  • Single Stock and Units Futures Contract Structured Rollover Transaction

    Single stock futures contract is a standard futures contract with an individual stock as its underlying security. 

    In this specific case, only cash setlled.

    • Investing with low capital: To operate single stock futures, it's not necessary to have the value of the asset, only the margin of guarantee 
    • Leverage: an investor can use leverage to control more stock with a smaller cash outlay
    • Hedge: an investor can use single stock futures to hedge a cash market porfolio
    • Opportunities of new strategies: day-trade and arbitrage
    • Enables structured transactions with options

    Workshop - 18/09/2018 (Video)

  • FX Futures Contracts – U.S. Dollar Currency Pairs

    Launching of 15 new U.S. Dollar currency pairs (all currencies B3 already offers + USDNOK, USDRUB and USDSEK) with Market Making Program. 

    Motivation / Context

    • Currently, to trade a currency against USD, investors must trade 2 Futures contracts (XXXBRL and USDBRL) 
    • These 15 new contracts direct in USD mitigate the risk of execution and double fees

    Workshop - 18/09/2018 (Video)

  • Micro Standard & Poor's 500 Futures Contract

    Represents a fraction of the S&P 500 futures contract traded on the U.S. market.

    Motivation/Context:

    • Suppress market demand: Local investors with lower risk appetite and want to be exposed to foreign exchange variation and the foreign index
    • Contract size: 20x less than the standard contract (Micro: S&P 500 value x USD 2.50 and Standard: S&P 500 x USD 50.00)
    • Opportunities for new strategies: day-trade and arbitrage
    • Portfolio diversification: Trading foreign assets without the costs and need for positioning in several assets abroad
    • International exposure: Allows the local investor to have exposure to foreign indexes

    Workshop - 18/09/2018 (Video)

  • Micro Standard & Poor’s 500 Futures Contract Structured Rollover Transaction

    Represents a fraction of the S&P 500 futures contract traded on the U.S. market.

    Motivation/Context:

    • Suppress market demand: Local investors with lower risk appetite and want to be exposed to foreign exchange variation and the foreign index
    • Contract size: 20x less than the standard contract (Micro: S&P 500 value x USD 2.50 and Standard: S&P 500 x USD 50.00)
    • Opportunities for new strategies: day-trade and arbitrage
    • Portfolio diversification: Trading foreign assets without the costs and need for positioning in several assets abroad
    • International exposure: Allows the local investor to have exposure to foreign indexes

    Workshop  - 18/09/2018 (Video)

  • Options on DI Futures and Forward Rate Volatility Structured Transaction (VTF)

    Launching  of 5 new types of Options on DI Futures (D15, D16, D17, D18 and D19) and relaunch of the Forward Rate Volatility Structured Transaction (VTF).

    Motivation/Context:

    •  Limitation in the type 4 (D14) Options on DI Futures – only one DI Future expiration can be selected
    • Participants use to trade the interest rate volatility 
    • Market Making Program for VTF

    Workshop - 18/09/2018 (Video)

  • Mini U.S. Dollar Options Contract  with Monthly and Weekly Expiration

    Launching of Mini U.S. Dollar Options Contract with Monthly and Weekly expiration and Market Making Program to Mini and Standard U.S. Dollar Options.

    • Weekly maturities: Enables the exchange rate to be negotiated with shorter maturities, bringing flexibility and precision to existing products
    • Mini size: Expand the variety of customers of the dollar options market by attracting new players, especially individuals
    • Possibility of arbitrage among the regular mini monthly and weekly options

    Workshop  - 18/09/2018 (Video)

  • COPOM Option

    Launching  of the Monetary Policy Committee Option - COPOM Option.

    Motivation/Context:

    • Product highly requested by the market participants
    • Instrument appropriated to hedge against the monetary policy interest rate decisions
  • Securities Lending – Unsponsored Level I Brazilian Depositary Receipts (BDRs)

    B3 will allow the loan of Unsponsored BDR.

    Motivation/Context:

    • Alternative treatment of possible shortcomings in the spot market of BDR NP
    • Expansion of operational strategies and liquidity to market makers
    • Tool to manage the mismatch of dates in the domestic and international operations

  • Autonomous Market Maker for Cash Equities

    Launching of the Cash Equities Market Maker Program for activity in selected stocks, ETFs and BDRs

    Motivation/Context:

    • Expand liquidity of the selected assets
    • Deconcentrate the Cash Equities Market

  • Fixed Income ETF

    In September/2018, Mirae Asset Global Investments launched Brazil’s first fixed-income ETF in partnership with B3 and S&P Dow Jones Indices.

    Motivation/Context:

    • The ETF replicates the S&P/BM&F 3-Year DI Futures Index, a custom index that tracks a theoretical portfolio holding a 3-year futures contract on the country’s one-day interbank rate
    • Brazil’s Treasury Department developed a program to select a manager to run an ETF with the government’s support (Issuer-Driven ETF)