Accreditation
The program is scheduled to start on September 1st.
Investors that want to join the HFT Program must make their request through the full trading participant (PNP) or settlement participant (PL) (Participant) that settles their transactions and carries their positions. Accreditation of Accounts from trading participants (PN) is not allowed.
Participants are responsible for submitting requests on behalf of investors to B3’s Serviço de Atendimento and must also sign and file the Instrument of Agreement.
Only participants registered as PNP or PL may request the inclusion of their investors in the HFT program through the link: Submit Request (Exclusive PNP or PL)
The investor will be included in the HFT Program once B3 has approved the request. The Participant will be notified of B3’s decision by its Serviço de Atendimento.
After a successful request, all the investor’s accounts with this Participant will be registered in the HFT Program, including those that are created after the request. If the investor’s transactions continue to be settled via several Participants it must request inclusion in the HFT Program from all of these, through a request to B3’s Serviço de Antendimento contact center.
Only investors who have not participated in the program within the last 180 days, counted from the date of the accreditation request, will be accepted
Deadline for requests
Investors who request inclusion in the HFT Program between Tuesday and the following Monday will be registered in the HFT Program on the next Monday, as demonstrated below.
De-accreditation
B3 will not assess the requirements for joining and remaining in the HFT Program. Interested investors will be included in the HFT Program in accordance with the rules above and remain in it until they wish to leave. Exclusion from the HFT Program shall occur through a request made to B3’s Serviço de Antendimento contact center. The investor will cease to be part of the HFT Program only after B3 concludes examination of the request and the Participant receives an email from B3’s Serviço de Antendimento contact center.
Calculation rules
Assessment period
Investors registered in the HFT Program will be eligible for incentives in the reference month “M” if they meet the minimum ADTV and Day Trade Percentage requirements, calculated using the formulas below, during the period from the last business day of month “M-2” to the penultimate business day of month “M-1”, for all assets in the Asset Group.
Volumes from Market Maker Programs, including delta hedge, are not considered in the calculation of minimum requirements.
Investor ADTV in the Asset Group:
Investor Day Trade Percentage in the Asset Group:
Minimum requirements
Minimum Requirements Table:
|
Grupo |
Minimum ADTV (BRL MM) |
Minimum Day Trade% |
|
Group 1 |
25 |
85% |
|
Group 2 |
30 |
85% |
The tickers that constitute each group within the HFT Program can be reviewed via the following link: HFT - Cash Equities
Fee schedules
Price table for investors Meeting Intermediate Minimum Requirements
The fee applied during the month “M” to the account(s) registered in the Program is calculated, for each Asset Group, as follows:
For the incidence month “M”, the percentages are calculated by dividing the total traded value in BRL of all assets in the Asset Group for each modality (Maker, Taker, and Non-Maker, respectively by the total traded value in BRL of the Asset Group during the period from the last business day of month “M-2” to the penultimate business day of month “M-1” ), considering only the volumes allocated to the account(s) registered in the Program.
In each incidence month, the financial value of the fee is calculated daily by multiplying the fee by the financial volume traded in each asset that composes the Asset Group in the account(s) registered in the Program.
Exceptionally, the fee applied to the total financial volume traded by institutions registered in the Program will be equal to the Maker Fee until the investor has a full one-month trading history within the Program.
Group 1
|
Order Type |
Trading Fee |
CCP Fee |
Total Fee |
|
Maker |
0.00152% |
0.00548% |
0.007% |
|
Taker / Non-Maker |
0.00239% |
0.00861% |
0.011% |
No Asset Transfer Fee (TTA) will be charged.
Group 2
|
Order Type |
Trading Fee |
CCP Fee |
Total Fee |
|
Maker |
0.00195% |
0.00705% |
0.009% |
|
Taker / Non-Maker |
0.00260% |
0.00940% |
0.012% |
No Asset Transfer Fee (TTA) will be charged.
Price table for investors not meeting minimum requirements
- Tier 1: Investors who do not meet the minimum requirements but have an ADTV of at least BRL 20 million and a Day Trade Percentage of at least 75% will be charged as follows:
|
Trading Fee |
CCP Fee |
Total Fee |
|
0.00499% |
0.01801% |
0.023% |
No Asset Transfer Fee (TTA) will be charged.
- Tier 2: Investors who do not meet either the minimum requirements or Tier 1 criteria will be charged as follows:
|
Trading Fee |
CCP Fee |
TTA |
Total Fee |
|
0.00595% |
0.02145% |
0.0026% |
0.03% |