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Brazilian stock exchange B3 reaches agreement with ATS

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Brazilian stock exchange B3 reaches agreement with ATS

B3 SA - Brasil Bolsa Balcão and ATS Brasil SA reached an agreement through which the Brazilian stock exchange will provide securities transfer services to third parties, Valor Economico reported.

"The discussion has been resolved through a mediation procedure," the exchange said in a filing. The signed contract includes an asset transfer tax of 0.26 basis points to be charged by B3 per processed transaction.

ATS had filed for the creation of an exchange with the CVM securities regulator but was temporarily denied because it failed to meet certain requirements, such as holding a contract with clearing and depositary houses, Valor Economico reported. Having secured access with B3, ATS might be in a position to ask for approval once again.

In late 2018, Brazil's antitrust watchdog, Cade, had ruled that the B3 stock exchange would have to comply with certain obligations within five years to allow for competitors to start rival exchanges. Cade had also argued that B3 should allow companies to test its clearing and settlement platforms.

In 2016, ATS Brasil had filed a demand along with Americas Clearing System claiming that B3 was creating barriers to inhibit new entrants.