Midpoint is a new type of order to be used exclusively for block trading, in which the trade execution price will be the average between the best bid and the best ask prices in the central order book.
The Midpoint order may exclusively aggress and be aggressed by orders of the same type (that is, only by other Midpoint orders, with no interaction with orders in the central book or with orders from other block trading solutions).
| Midpoint Order Book | |
| Products | Stocks, BDRs and Units |
| Ticker | Suffix M (Example: XXXXXM) |
| 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 | Midpoint Order |
| 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:
|
| Post-trade | Complete and immediate disclosure of the trade on Market Data |
| Execution price | Midpoint of the central order book (average price between the best bid and the best ask offers of the underlying asset in the central book) |
| Tunnels | There are no auction tunnels. For rejection and hard limits, they will be the same tunnels as the underlying asset in the central order book |
| Instrument Status | Respects the status of the underlying asset |
| Execution criteria | Price-time Priority |
| Drop Copy | Orders and trades |
| Market code | 21 – BLOCK LOT |
Recommended for operations with liquid securities, for which there is a price reference in the central order book, bringing the benefit of reduction of the execution price.
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
Please find below the solutions certified for Midpoint Order Book, for which the publication was authorized. In case of questions, contact us at [email protected]
| Company | Solution | Version |
| ATG | Falcon | 1.0 |
| BLK | RoboTrader | 2.0 |
| BTG Pactual | BTG OMS | 1.0 |
| FIS Global | FIS Trading Line Handler | 2022.3.0.2 |
| MBOCHIP | SiliconORS2 | 1.0 |
| Nelogica | Nelogica OMS | 1.0.0.0 |
| Plug And Trade | Fast OMS | 2.2 |