Clearing members | B3
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Clearing members

      Bovespa segment

      Full clearing member

      Full clearing member perform settlement activities for their own and their clients’ portfolios, as well as for accounts of other brokers and large institutional investors, known as qualified clients.

      Financial requirements
        Net equity (PL) Net working capital 
      Working capital      		 Fixed asset index
      Full clearing member (non-banking institution)
      • R$3 million and R$2 million per trading member or qualified investor; or
      • R$3 million and R$2 million for every R$100 million paid monthly per trading member or qualified investor; or
      • The highest of the two above, limited to a maximum of R$17 million
      • R$1 million and R$0.5 million per trading member or qualified investor; or
      • R$1 million and R$0.5 million for every R$100 million paid monthly per trading member or qualified investor; or
      • The highest of the two above, limited to a maximum of R$15 million.
      		 None.
      Full compensation agent (banking institution)
      • R$3 million and R$2 million per trading member or qualified investor; or
      • R$3 million and R$2 million for every R$100 million paid monthly per trading member or qualified investor; or
      • Net equity required, as defined in Annex IV in CMN resolution no. 2099, dated 8/17/94, and subsequent legislation (Basel ratio calculation); or
      • The highest of the two above, limited to a maximum of R$17 million
      		 None.
      • Fixed Asset Deviation, calculated according to CMN Resolution No. 2283;
      • R$3 million and R$2 million per trading member or qualified investor; or
      • R$3 million and R$2 million for every R$100 million paid monthly per trading member or qualified investor; or
      • The highest of the two above, limited to a maximum of R$17 million

      Self-clearing member

      This member performs settlement activities:

      • For its own and its client’s portfolio;
      • For operations intermediated by companies in the same economic group and companies from the economic group intermediated by any other institutions;
      • Collective investment entities administered by them or otherwise, related to the same economic group.
      Financial requirements
        Net equity (PL) Net working capital 
      Working capital      		 Fixed asset index
      Self and specific clearing member (banking institution) R$3 million Equal or greater than R$600,000 None.
      Self and specific clearing member (banking institution) R$3 million None.
      • Fixed Asset Index, as defined in Resolution CMN No. 2283, dated 6/5/1996, and subsequent legislation, applying the same maximum percentage required by CMN or by the Central Bank of Brazil; and
      • Fixed asset deviation, calculated according to CMN Resolution No. 2283, mentioned above, with a minimum requirement of R$1 million
      Contributions to the operations settlement fund
        Net equity (PL) Net working capital 
      Working capital
      Full clearing member R$7.9 million Additional deposit for the operational limit of the settled value agreement
      Self-clearing member R$2.6 million

      Access authorizations - Derivatives and Gold

      Financial and Commodities Derivatives and Gold segment

      The institution applying for settlement access authorization type 1 may settle transactions from its own portfolio, from the portfolio of companies belonging to the same financial conglomerate it belongs to, and from portfolios it formally manages or that are managed by companies belonging to its financial conglomerate.

      The institution applying for settlement access authorization type 2 will be able to settle authorized operations for type 1 described above, as well as for clients whose full trading member belongs to the same financial conglomerate.

      The institution applying for settlement access authorization type 3 may settle authorized operations for type 1 and 2 described above, as well as for clients of any full trading member, regardless of the financial conglomerate to which it belongs.

      Financial requirements
      Category Minimum working capital (CGP) Minimum net equity
      Financial and Commodities Derivatives and Gold type 1 R$10 million R$12.5 million
      Financial and Commodities Derivatives and Gold type 2 R$12.5 million R$15 million
      Financial and Commodities Derivatives and Gold type 3 R$15 million R$20 million
      Guarantee deposit:
      Category Non-operating minimum collateral Settlement fund
      Financial and Commodities Derivatives and Gold type 1 R$6 million R$4 million
      Financial and Commodities Derivatives and Gold type 2 R$6 million R$4 million
      Financial and Commodities Derivatives and Gold type 3 R$6 million R$6 million

      * CGP: own working capital

      Access authorization - Government bonds

      Settlement rights (DL) linked to the settlement of federal public securities:

      Asset clearing house DL type 1: grants the holder the right to settle, in the Fixed Income clearing house, the operations from the portfolio of the DL holder.

      Asset clearing house DL type 2: grants the holder the right to settle, in the Fixed Income clearing house, the following operations:

      • From the own portfolio of the DL holder; and
      • From trading member (PNA) belonging to the same group as the DL owner.

      Asset clearing house DL type 3: grants the holder the right to settle, in the Fixed Income clearing house, the following operations:

      • All those liable of liquidation by the holder of DL type 2 from the Fixed Income clearing house and;
      • From other trading members (PNAs).

      Access authorization – Foreign exchange

      Exchange clearing DL type 1: grants the holder the right to compensate and settle, in the Foreign exchange clearing house, the operations from the portfolio of the DL holder.