The investor/local fund manager must guarantee that all its carrying brokers request registration. If there is assignment of the service that a determined carrying broker provides, the investor must also request de-accreditation from the program and of its link.
Large Non-Day Traders Program
This fee policy only applies to those who are registered on the Large Non-Day Trade Volumes Incentive Program.
Accreditation
Investors/Local Fund Managers that want to take part in this program must request registration from all of their carrying brokers). The participants (PNP or PL) will be responsible for accreditation in the name of the investor, by filing a request at the B3 Service Channel also submitting the signed Instrument of Agreement.
The investor/local fund manager will join this program only after B3 has approved the request There is monthly assessment to join the program. Requests submitted up until the 15th of a determined month, or the previous business day, will be assessed by the end of that same month. Requests submitted after that date will be assessed at the end of the following month. If approved, the investor will have access to the benefit as of the first business day of the month following that in which approval was granted. B3’s Contact Center will inform the participants of the decision.
Trading Volume Consolidation
Volumes may be consolidated (a) by investor (CPF, CNPJ or third block of CVM code); or (b) by sets IDs
In both cases, all registered accounts will be considered, regardless of execution or carrying broker.
In the case of consolidation by a set of documents, the registration is intended for vehicles belonging to the same economic group, provided that the minimum requirements such as the set of documents,
Specifically for Local Funds or Local Investment Clubs, the registration will only be considered:
- If all documents are local funds or local investment clubs whose economic activities as recognized by SINCAD are: 203.00, 501.00, 501.01, 501.02, 501.03 or 701.00.
- If all documents have the same fund manager registered with the database publicly available from the Securities and Exchange Commission of Brazil (CVM) and/or the Brazilian Financial and Capital Markets Association (ANBIMA).
Minimum requirements
To be approved for the program, investors must have a minimum NDT ADTV of BRL 150,000,000.00, considering average NDT ADTV for the two months before they submit their request to join the program
Calculation and application
Once approved in the program, the investor/local fund manager will have access to a differentiated fee structure. The differentiated fee structure will be valid only for trades not characterized as day trades executed through the document registered by the investor and approved by B3. Trades executed or given up from/to other documents, even if they are part of the same clustering, will not receive the benefits.
The fee for transactions in month M will be based on the ADTV NDT from the last business day of month M-2 to the second-to-last business day of month M-1.
For example:
- The volume from June 28, 2024, to July 30, 2024, is accounted for, and the non-market-maker ADTV NDT is matched to the corresponding tier in the table.
- The resulting fee is applied from August 1, 2024, to August 31, 2024.
Price table
The price table is regressive, in other words the investor will pay exactly the value of the tier in which it is allocated, with no weighting required.
| ADTV NDT (BRL) |
Trading Fee |
CCP Fee | Asset Transfer Fee | Total fee | |
|---|---|---|---|---|---|
| From | To | ||||
| 150,000,000.00 | 300,000,000.00 | 0.00432% | 0.01558% | 0.0026% | 0.0225% |
| 300,000,000.01 | 500,000,000.00 | 0.00421% | 0.01519% | 0.0026% | 0.0220% |
| 500,000,000.01 | 750,000,000.00 | 0.00410% | 0.01480% | 0.0026% | 0.0215% |
| 750,000,000.01 | 1,000,000,000.00 | 0.00399% | 0.01441% | 0.0026% | 0.0210% |
| 1,000,000,000.01 | 1,250,000,000.00 | 0.00367% | 0.01323% | 0.0026% | 0.0195% |
| 1,250,000,000.01 | 2,000,000,000.00 | 0.00323% | 0.01167% | 0.0026% | 0.0175% |
| Above 2,000,000,000.00 | 0.00302% | 0.01088% | 0.0026% | 0.0165% | |
More information about accreditation and the program can be found in Chapter 3 of the Fee Schedule document for equity products, available at Equities – Fee Schedules | B3