A cooperation between B3 and Nasdaq has been announced to create a new clearing platform for the Brazilian stock exchange that will be in charge of clearing, settling, and managing counterparty risk related to financial market transactions. The deal represents yet another development in B3's long-term strategic plan to collaborate with international partners and introduce the most cutting-edge technologies to the Brazilian market. In order to fulfill the expectations of a market that is continually increasing and necessitates a constant focus on innovation, it will support the ongoing expansion of its platform.
The engineering teams from B3 and Nasdaq will work closely together over the course of a number of years, utilizing Nasdaq's experience offering real-time clearing solutions to more than 20 central counterparty clearing houses ("CCPs") worldwide. In exchange, the Brazilian stock exchange will contribute its distinctive expertise in managing difficult, high-volume markets and providing a diverse range of financial products to help Nasdaq's clearing technology advance gradually.
According to Mario Palhares, Chief Operating Officer – Electronic Trading and CCP at B3, the partnership with Nasdaq is an important move in the evolution of B3’s clearinghouse: “We are working diligently to ensure that our clients have access to the best solutions available in the market, always aiming at improving our services, increasing capacity and availability, and offering better time to market,” explains Palhares.
B3's Chief Technology Officer, Rodrigo Nardoni, notes that the platform upgrade will take place gradually, in stages, and without disrupting the market. “Through a phased migration process, B3 will gradually transform its clearinghouse solution onto a new platform, reinforcing our strategic commitment to technological innovation and capturing direct benefits for our clients,” states Rodrigo.
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