Dollar

Mini Dollar Futures Event Contracts

• The product

  The U.S. Dollar Spot quotation represents the exchange rate of the U.S. dollar against the Brazilian real for same-day settlement in the Brazilian foreign exchange market, reflecting the supply and demand conditions for the foreign currency in the country. The Mini U.S. Dollar Futures Contract seeks to enable investors to initiate or expand their participation in the exchange-listed derivatives market administered by B3, made possible by the creation of a contract with reduced notional value and minimum trading lot when compared to the standard U.S. dollar futures contract.

  Event Contracts on the Mini U.S. Dollar Futures are derivative instruments listed on B3 that allow investors to take positions on the occurrence or non-occurrence of a specific event related to the variation of the U.S. dollar exchange rate against the Brazilian real, as reflected by one of the main derivatives in the Brazilian foreign exchange market, on a predetermined date.

  These contracts operate similarly to a binary option, with a clearly defined outcome at expiration:

  • if the event occurs, the contract is automatically cash settled at a fixed amount of BRL 100
  • if the event does not occur, the contract expires with no value.

  How does it work?

  Each Event Contract is associated with an objective question, based on a clear and verifiable condition, for example:

  “Will the settlement price of the Mini U.S. Dollar Futures Contract (weighted average of trades between 3:50 p.m. and 4:00 p.m.) close above 5.500 on September 30, 2026?”

  The investor decides whether to take a position in favor (“Yes”) or against (“No”) the occurrence of the event. The contract price reflects the probability assigned by the market to that outcome, quoted on a scale from 0 to 100 points.

  At expiration, automatic cash settlement occurs, with a fixed payment of BRL 100 per contract, exclusively for contracts whose event is confirmed.

  In accordance with CVM regulatory guidelines, event contracts based on the U.S. Dollar Mini Futures will be restricted to professional investors.

  Contracts

  

  Event-Based Call Contract on Mini Dollar Futures (.pdf, 219kb)

  

  Event-Based Put Contract on Mini Dollar Futures (.pdf, 219kb)

• Specifications

  Underlying	Mini Dollar Futures
  Ticker	BWD
  Option style	European
  Contract size	100 points with each point being equivalent to R$ 1.00
  Quotation	Option premium expressed in points to two decimal places
  Tick size	0.01 point
  Round-lot	1 contract
  Last trading day	The last business day before the expiration date
  Expiration date	Every day of the month
  Contract months	All months
  Option exercise	On the expiration date, the option exercise is perfomed autmatically by B3, according to the contract conditions

• Benefits
  • Simple and objective structure.
  • Fixed payoff of BRL 100 per contract when the event occurs.
  • Direct exposure to predefined scenarios of exchange rate variations.
  • Transparent price formation, reflecting the probability of contract exercise.
  • Objective and previously defined criteria for determining the event outcome.
  • Buyer’s and seller’s risk is known at the time of the trade and is limited.