Retail liquidity provider (RLP) | B3
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Rules and trading parameters

Retail Liquidity Provider (RLP)

RLP allows brokerage houses, investment banks, multiple banks or another investors to be counterparty to their retail clients’ buy and sell orders for securities, creating greater liquidity for clients to trade in the markets operated by B3.

RLP was developed in a public consultation process with the market, with the aim of enhancing Brazilian capital market regulation so as to encourage an increase in individual investors served by the banks and brokerage houses’ retail areas.

This new order type is exclusively for aggressor orders, in other words those at which the best bids and asks trade RLP is available for mini U.S. Dollar Futures (WDO), mini Ibovespa Futures (WIN) and Equities.

 

  • How it works
    • The RLP order is not visible in the central order book. It can only be seen by the brokerage house that entered it. It immediately becomes transparent for the public upon trade execution.
    • It is used exclusively to execute retail clients trades.
    • When the trade is not executed, the RLP order is cancelled at the end of the day.
    • The price is continuously and automatically adjusted by the trading platform, to provide the individual investor the best liquidity and price conditions. In other words, when executing a deal, it will always have the same or better price than that available in the central order book.
    • When the prices are the same as those in the central order book, those awaiting trade execution will be prioritized if they offer sufficient quantity to match, fully or partially, the order of the brokerage house’s retail client.
    • The number of traded contracts cannot surpass the threshold defined for mini futures contracts. The traded volume cannot surpass the threshold defined for equities.
  • Benefits and advantages
    • Greater liquidity for the market and sound working of the price formation process.
    • Guarantee for the retail client that the price of the transaction will always be the same or better than the price available in the central order book.
  • How to join

    Adhesion with RLP is not mandatory. If the individual client wants its aggressor orders to be executed against RLP orders it must authorize the brokerage house to do so.

  • Who can trade in the RLP environment?

    Only Full Trading Participants (FTPs) can enter RLP order to the PUMA Trading System. They may, however, allow other participants to trade in their place, consolidating their flow of retail orders.

  • Available instruments
    PETR4
    ITUB4
    ABEV3
    LEVE3
    AGRO3
    CASH3
    RDOR3
    BMOB3
    DASA3
    UNIP6
    VALE3
    BBDC4
    BBSE3
    AZZA3
    ROMI3
    LWSA3
    ASAI3
    USIM3
    BLAU3
    FESA4
  • Maximum allowed number of contracts for RLP

    Maximum percentage of retail volume to be executed for RLP 

    Month WIN (Future) WDO (Future)
    August / 2019 27% 50%
    September / 2019 35% 54%
    October / 2019 32% 45%
    November / 2019 32% 43%
    December / 2019 32% 42%
    January / 2020  34% 41%
    February / 2020 31% 43%
    March / 2020 33% 45%
    April / 2020 36% 41%
    May / 2020 29% 35%
    June / 2020 31% 37%
    July / 2020 31% 38%
    August / 2020 30% 38%
    September / 2020 30% 40%
    October / 2020 32% 39%
    November / 2020 31% 39%
    December / 2020 31% 37%
    January / 2021 32% 38%
    February / 2021 32% 38%
    March / 2021 32% 40%
    April / 2021 31% 38%
    May / 2021 33% 36%
    June / 2021 32% 38%
    July / 2021 32% 40%
    August / 2021 31% 38%
    September / 2021 33% 40%
    October / 2021 23% 41%
    November / 2021 32% 43%
    December / 2021 31% 39%
    January / 2022 33% 41%
    February / 2022 34% 40%
    March / 2022 35% 42%
    April / 2022 32% 41%
    May / 2022 33% 41%
    June / 2022 35% 44%
    July / 2022 33% 41%
    August / 2022  32% 40%
    September / 2022  32% 43%
    October / 2022 36% 45%
    November / 2022  35% 44%
    December / 2022 33% 43%
    January / 2023  32% 43%
    February / 2023 32% 42%
    March / 2023 34% 45%
    April / 2023  33% 46%
    May / 2023  32% 48%
    June / 2023  34% 46%
    July / 2023 32% 48%
    August / 2023 33% 46%
    September / 2023 34% 51%
    October / 2023  33% 57%
    November / 2023  36% 60%
    December / 2023 32% 53%
    January / 2024 34% 55%
    February / 2024 32% 57%
    March / 2024 31% 64%
    April / 2024 32% 67%
    May / 2024 33% 60%
    June / 2024 32% 58%
    July / 2024 34% 54%
    August / 2024 31% 45%
    September / 2024 33% 46%
    October / 2024 31% 42%
    November / 2024 31% 43%
    December / 2024 32% 42%
    January / 2025 34% 46%
    February / 2025 32% 43%
    March / 2025 32% 47%
    April / 2025 30% 45%
    May / 2025 32% 49%
    June / 2025 29% 49%
    July / 2025 31% 50%
    August / 2025 32% 49%
    September / 2025 23% 39%
    October / 2025 31% 54%
    November / 2025 32% 58%
    December / 2025 32% 67%

    Thresholds for equites: 30% of retail volume.

  • Reports

For further information, please contact us:

B3 Trading Platform area

Telephone +55 11 2565-5023

E-mail: [email protected]