Equities market trading hours
| Market1 | Order cancellation | Pre-opening | Trading | Closing Call | After-Market trading3 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Order cancellation4 | Negociation | Order cancellation4 | ||||||||||||||
| Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | |||
| Cash Market | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Odd lots market | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Forward market | - | - | - | - | 10:00 | 17:25 | - | - | - | - | 17:30 | 18:00 | - | - | ||
| Block trades | - | - | - | - | 10:00 | 16:55 | - | - | - | - | - | - | - | - | ||
| Options market2 | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:15 | 17:25 | 17:30 | - | - | 18:25 | 18:45 | ||
| BOVESPA Mais – All securities | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Unsponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:05 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Sponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Investment Funds | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Equity ETF | 09:30 | 09:45 | 09:45 | 10:05 | 10:05 | 16:55 | 16:55 | 17:15 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Fixed Income ETF | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:15 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| OTC Market - All securities |
09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:55 | 16:55 | 17:00 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| Equity index options2 | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 16:50 | 16:50 | 17:15 | 17:25 | 17:30 | - | - | 18:25 | 18:45 | ||
1 Corrections can be made to trades in all markets and trading phases up until 19:00.
2 Trading in expiring series ends at 15:45 on the expiration date.
3 On the expiration date of options on single stocks, units, BDRs or ETFs, there will be trading in the after-market period from 18:25 to 18:40 pm, followed by an order cancellation phase from 18:45 to 19:00 for all reference markets in the timetable above, with the exception of options and options on stock indices markets.
4 On the expiration date of options on single stocks, units, BDRs or ETFs, there will be an order cancellation phase for the markets mentioned in the table above from 17:25 to 18:10 and from 18:45 to 19:00, with the exception of the forward market and Block Trades.
| Market | Options Exercise | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Before expiration | On expiration | ||||||||
| Manual exercise of Holder's Position | Manual exercise of Holder's Position | Positions File [Imbarq] | Contrary Exercise | Automatic Exercise of Holder's Position | |||||
| Start | End | Start | End | Start | Start | End | Start | ||
| Options on equities, units, BDRs and ETFs | 10:00 | 16:00 | 10:00 | 14:45 | 17:15 | 17:15 | 18:15 | 18:151 | |
| Options on stock indices | - | - | - | - | 17:15 | - | - | 17:202 | |
1Automatic exercise from 18:15 whenever (i) the underlying’s reference price in the cash market is higher than the strike price, in the case of call options; and (ii) the underlying’s reference price in the cash market is lower than the strike price, in the case of put options. Exercise is automatic only in the absence of contrary exercise.
2 Automatic exercise from 17:20 whenever (i) the settlement index is higher than the strike price, in the case of call options; and (ii) the settlement index is lower than the strike price, in the case of put options.