Request for Quote (RFQ)

About

RFQ is a functionality through which participants can send requests of quotes to the market, which can be responded by other participants within a predefined time limit, and, once this time has passed, trades are closed automatically. The price for executing trades in the RFQ may also be at a premium or discount in relation to the central order book.

Specifications

	Request for Quote
Products	Stocks, BDRs and Units
Ticker	Suffix R (Example: XXXXXR)
Trading period	Regular period – Continuous trading after the opening auction and before the closing auction of the central order book
Connectivity	Access through a new connection to the RFQ System. Further information regarding the procurement of connectivity services for RFQ will be published soon in the Commercial Policy for Connectivity Services. The policy can be accessed here.
Order type	Request and response RFQ.
Request duration	The requester can choose the duration of their request, which must be a minimum of 1 minute and a maximum of 5 minutes.
Maximum number of changes in the request	5 Changes
Pre-trade	Orders are not published on Market Data. A message will be sent on B3’s news channel indicating active (or inactive) order for each instrument. Example: QuoteId: [xxx]; Asset: [trading code]; Amount: -; News Time: 00:00:00; Price: -; Side: -; Duration: 00:00:00; Qnt. Minimum:- By default, only the QuoteID, the trading code and the duration of the request will be disclosed. The disclosure of other information is at the discretion of the requester.
Post-trade	Complete and immediate disclosure of the trade on Market Data
Execution price	Premium/discount allowed in relation to the central order book, respecting tunnels defined by B3
Tunnels	There are no auction tunnels. Hard limits are the same as the underlying asset in the central order book. Rejection tunnels can be different and allow premium or discount in relation to the central order book (for more information, consult the following section “Rejection tunnels in RFQ”).
Instrument Status	Respects the status of the block-trading instrument
Execution criteria	Price-time Priority
Drop Copy	Only Trades
Market code	21 – BLOCK LOT

Recommended applications

Recommended for operations in less liquid securities and for transactions in which you want to close a deal quickly, within a few minutes.

Rejection tunnels in RFQ

The rejection tunnels in RFQ can be different from the tunnels of the central order book depending on the assets group, as shown on the table below.

The tunnel values can be modified by B3, on which occasion the new limits will be published in advance.

Group	Rejection Tunnels - RFQ
Assets belonging to the IBOV or IBXX indexes	up to 5,0%
Assets belonging to other indexes	up to 6,0%
Assets that do not belong to indexes	up to 10,0%
Unsponsored BDRs belonging to indexes	up to 7,5%
Unsponsored BDRs that do not belong to indexes	up to 7,5%
Assets tradable on Organized OTC Market belonging to other indexes	up to 9%
Assets tradable on Organized OTC Market that do not belong to indexes	up to 10%
Assets tradable on “Mais” belonging to other indexes	up to 4%
Assets tradable on “Mais” that do not belong to indexes	up to 13%

The reference of the RFQ tunnels will be the last trade of the underlying asset in the central order book.

The file containing the rejection tunnels for each instrument can be accessed here.

Regras de alocação

The transactions carried out in large lot solutions cannot be allocated to more than one investor, except for operations involving the ownership of investment funds and managed portfolios whose investment decisions are made by the same manager. Further information can be found in the B3 Operational Procedures Manual and Circular Letter 177-2023 PRE

Certified solutions

Please find below the solutions certified for RFQ, for which the publication was authorized. In case of questions, contact us at tradingcertification@b3.com.br

Company	Solution	Version
BLK	RoboTrader	2.0.21.238
Plug And Trade	Fast OMS	2.2.2.0.0