Large Non Day Traders Program | B3

Large Non-Day Traders Program

This fee policy only applies to those who are registered on the Large Non-Day Trade Volumes Incentive Program.


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.

Instrument of Agreement

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.

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

  • By investor (CPF, CNPJ or third block of CVM code), considering all registered accounts, regardless of execution or carrying broker.
  • By set of documents (Local Funds Managers), registration will be considered only:
    • 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 CVM and/or ANBIMA.

Minimum requirements

To be approved for the program, the investor/local fund manager must have a minimum average trading volume in transactions not characterized as day trades (ADTV NDT), considering the two months that immediately preceded the request to join the program.

Type of Consolidation ADTV NDT (BRL)
By investor (Document) 150 millions
By set of documents (Local Fund Manager) 500 millions

The investor/local fund manager must comply with the B3’s requirements and/or parameters while it is registered to the program. In the case of noncompliance B3 will deregister the investor, which will be notified via the participants that are responsible for it.

The deregistered participant will be subject to the prevailing fee structure tables applicable for investors that are not part of the program, as of the first business day of the month following de-accreditation from 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 of month M-2 and will be valid for all of month M. Considering, for example, that that month M is April, we have:



In the above example, for a request made up to March 15th, or the previous last business day, the investor’s fee for April, valid for non-day trades executed from the first to the last business day of April, will be defined through the  ADTV NDT of February, calculated by the average of transactions between the first and the last business days of February.

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.


Exchange fee

Settlement fee Total fee
From To
150,000,000.00 300,000,000.00 0.00500% 0.01950% 0.0245%
300,000,000.01 500,000,000.00 0.00469% 0.01831% 0.0230%
500,000,000.01 750,000,000.00 0.00459% 0.01791% 0.0225%
750,000,000.01 1,000,000,000.00 0.00439% 0.01711% 0.0215%
More than 1,000,000,000.00 0.00429% 0.01671% 0.0210%