Book of Block Trade (BBT) | B3
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Book of Block Trade (BBT)

  • About

    BBT is a solution for continuous block trading with execution prices with premium or discount in relation to the central order book..

  • Specifications
      Book of Block Trade
    Products Stocks, BDRs and Units
    Ticker Suffix Q (Example: XXXXXQ)
    Trading period Regular period – Continuous trading after the opening auction and before the closing auction of the central order book
    Connectivity Access via existing connection to PUMA
    Order type Limited Order, FAK or FOK
    Pre-trade

    Orders are not published on Market Data. A message will be sent on B3’s news channel indicating active (or inactive) order for each instrument. Examples:

    • [trading code]: BBT order available on the order book
    • [trading code]: no BBT order available on order book
    Post-trade Complete and immediate disclosure of the trade on Market Data
    Execution price Premium/discount allowed in relation to the central order book, respecting tunnels defined by B3
    Tunnels There are no auction tunnels. Hard limits are the same as the underlying asset in the central order book. Rejection tunnels can be different and allow premium or discount in relation to the central order book (for more information, consult the following section “Rejection tunnels in BBT”).
    Instrument Status Respects the status of the block-trading instrument
    Execution criteria Price-time Priority
    Drop Copy Orders and trades
    Market code 21 – BLOCK LOT
  • Recommended applications

    Recommended for negotiation of large volumes with different prices (premium or discount), in a manner controlled by tunnels.

  • Rejection tunnels in BBT

    The rejection tunnels in BBT can be different from the tunnels of the central order book depending on the assets group, as shown on the table below.

    The tunnel values can be modified by B3, on which occasion the new limits will be published in advance.

    Group Rejection Tunnels - BBT
    Assets belonging to the IBOV or IBXX indexes up to 5,0%
    Assets belonging to other indexes up to 6,0%
    Assets that do not belong to indexes up to 10,0%
    Unsponsored BDRs belonging to indexes up to 7,5%
    Unsponsored BDRs that do not belong to indexes up to 7,5%
    Assets tradable on Organized OTC Market belonging to other indexes up to 9%
    Assets tradable on Organized OTC Market that do not belong to indexes up to 10%
    Assets tradable on “Mais” belonging to other indexes up to 4%
    Assets tradable on “Mais” that do not belong to indexes up to 13%

    The reference of the BBT tunnels will be the last trade of the underlying asset in the central order book.

    The file containing the rejection tunnels for each instrument can be accessed here.

  • Regras de alocação

    The transactions carried out in large lot solutions cannot be allocated to more than one investor, except for operations involving the ownership of investment funds and managed portfolios whose investment decisions are made by the same manager. Further information can be found in the B3 Operational Procedures Manual and Circular Letter 177-2023 PRE

  • Certified Solutions

    Certified Solutions BBT does not require a mandatory certification. For more information, please contact the broker or vendor of your preference.