Market maker

Hired by issuer

For stocks, units, BDRs, and investment funds, only one market maker is allowed per asset. However, for ETFs with an average daily trading volume (ADTV) below R$ 50 million — based on data from March 2023 to March 2025 — it is possible to contract up to two market makers per asset. If the volume exceeds this threshold in the next renewal cycle, the contracting party must choose which market maker to continue with.

For accreditation in a specific asset, the issuer or the Market Maker participant must send a contract signed by both parties following the model below, to [email protected].

The Market Maker can choose between 2 modalities:

Standard contracted: the institution contracted to act as a market maker must comply with the screen parameters required by B3 (Spread and Minimum quantity during a specific time in the trading session), and any other parameter agreed with the issuer.

Specialized Market Maker: the institution hired to act as a market maker can subcontract another institution to comply only with the screen parameters required by B3 (Spread and Minimum quantity during a specific time in the trading session), with the obligation to comply with any other parameter signed with the issuer remains with the contracted institution.

The institution must inform B3 if the chosen modality is Specialist, otherwise the institution will automatically be in the standard contracted modality.