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.
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
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 firstname.lastname@example.org
Company Solution Version BLK RoboTrader 184.108.40.206 Plug And Trade Fast OMS 220.127.116.11.0