- The RLP order is not visible in the central order book. It can only be seen by the brokerage house that entered it. It immediately becomes transparent for the public upon trade execution.
- It is used exclusively to execute retail clients trades.
- When the trade is not executed, the RLP order is cancelled at the end of the day.
- The price is continuously and automatically adjusted by the trading platform, to provide the individual investor the best liquidity and price conditions. In other words, when executing a deal, it will always have the same or better price than that available in the central order book.
- When the prices are the same as those in the central order book, those awaiting trade execution will be prioritized if they offer sufficient quantity to match, fully or partially, the order of the brokerage house’s retail client.
- The number of traded contracts cannot surpass the threshold defined for mini futures contracts. The traded volume cannot surpass the threshold defined for equities.
Rules and trading parameters
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- Retail liquidity provider (RLP)
Retail Liquidity Provider (RLP)
RLP allows brokerage houses, investment banks, multiple banks or another investors to be counterparty to their retail clients’ buy and sell orders for securities, creating greater liquidity for clients to trade in the markets operated by B3.
RLP was developed in a public consultation process with the market, with the aim of enhancing Brazilian capital market regulation so as to encourage an increase in individual investors served by the banks and brokerage houses’ retail areas.
This new order type is exclusively for aggressor orders, in other words those at which the best bids and asks trade RLP is available for mini U.S. Dollar Futures (WDO), mini Ibovespa Futures (WIN) and Equities.
- How it works
- Benefits and advantages
- Greater liquidity for the market and sound working of the price formation process.
- Guarantee for the retail client that the price of the transaction will always be the same or better than the price available in the central order book.
- How to join
Adhesion with RLP is not mandatory. If the individual client wants its aggressor orders to be executed against RLP orders it must authorize the brokerage house to do so.
- Who can trade in the RLP environment?
Only Full Trading Participants (FTPs) can enter RLP order to the PUMA Trading System. They may, however, allow other participants to trade in their place, consolidating their flow of retail orders.
- Available instruments
- Mini US Dollar Futures Contract (WDO)
- Mini Ibovespa Futures Contract (WIN)
- Equities (RLP for equities works for two groups of stocks separately, in one group RLP will work when spread is above 2 ticks only and the second group will work when the spread is 1 tick and above 2 ticks).
Equivalent stocks Group
above 2
ticksTicker Ticker Group 1
tick and
abovePETR4 VALE3 ITUB4 BBDC4 ABEV3 BBSE3 LEVE3 AZZA3 AGRO3 ROMI3 CASH3 LWSA3 RDOR3 ASAI3 BMOB3 USIM3 DASA3 BLAU3 UNIP6 FESA4 - Maximum allowed number of contracts for RLP
Maximum percentage of retail volume to be executed for RLP
Month WIN (Future) WDO (Future) August / 2019 27% 50% September / 2019 35% 54% October / 2019 32% 45% November / 2019 32% 43% December / 2019 32% 42% January / 2020 34% 41% February / 2020 31% 43% March / 2020 33% 45% April / 2020 36% 41% May / 2020 29% 35% June / 2020 31% 37% July / 2020 31% 38% August / 2020 30% 38% September / 2020 30% 40% October / 2020 32% 39% November / 2020 31% 39% December / 2020 31% 37% January / 2021 32% 38% February / 2021 32% 38% March / 2021 32% 40% April / 2021 31% 38% May / 2021 33% 36% June / 2021 32% 38% July / 2021 32% 40% August / 2021 31% 38% September / 2021 33% 40% October / 2021 23% 41% November / 2021 32% 43% December / 2021 31% 39% January / 2022 33% 41% February / 2022 34% 40% March / 2022 35% 42% April / 2022 32% 41% May / 2022 33% 41% June / 2022 35% 44% July / 2022 33% 41% August / 2022 32% 40% September / 2022 32% 43% October / 2022 36% 45% November / 2022 35% 44% December / 2022 33% 43% January / 2023 32% 43% February / 2023 32% 42% March / 2023 34% 45% April / 2023 33% 46% May / 2023 32% 48% June / 2023 34% 46% July / 2023 32% 48% August / 2023 33% 46% September / 2023 34% 51% October / 2023 33% 57% November / 2023 36% 60% December / 2023 32% 53% January / 2024 34% 55% February / 2024 32% 57% March / 2024 31% 64% April / 2024 32% 67% May / 2024 33% 60% June / 2024 32% 58% July / 2024 34% 54% August / 2024 31% 45% September / 2024 33% 46% October / 2024 31% 42% November / 2024 31% 43% Thresholds for equites: 30% of retail volume.
- Minimum margin requirement for mini contracts
- Mini Ibovespa Futures Contract (WIN) = 100 BRL (per mini contract)
- Mini US Dollar Futures Contract (WDO) = 150 BRL (per mini contract)
- Reports
Month: November_2024Month: November_2024Month: October_2024Month: October_2024Month: September_2024Month: September_2024Month: August_2024Month: August_2024Month: July_2024Month: July_2024Month: June_2024Month: June_2024Month: May_2024Month: May_2024Month: April_2024Month: April_2024Month: March_2024Month: March_2024Month: February_2024Month: February_2024Month: January_2024Month: January_2024Month: December_2023Month: December_2023Month: November_2023Month: November_2023Month: October_2023Month: October_2023Month: August_2023Month: August_2023Month: August_2023Month: August_2023Month: June_2023Month: June_2023Month: May_2023Month: May_2023Month: April_2023Month: April_2023Month: March_2023Month: March_2023Month: February_2023Month: February_2023Month: January_2023Month: January_2023Month: December_2022Month: December_2022Month: November_2022Month: November_2022Month: October_2022Month: October_2022Month: September_2022Month: September_2022Month: August_2022Month: August_2022Month: July_2022Month: July_2022Month: June_2022Month: June_2022Month: May_2022Month: May_2022Month: April_2022Month: April_2022Month: March_2022Month: March_2022Month: February_2022Month: February_2022Month: January_2022Month: January_2022Month: December_2021Month: November_2021Month: October_2021Month: September_2021Month: August_2021Month: July_2021Month: June_2021Month: May_2021Month: April_2021Month: March_2021Month: February_2021Month: January_2021Month: December_2020Month: November_2020Month: October_2020Month: September_2020Month: August_2020Month: July_2020Month: June_2020Month: May_2020Month: April_2020Month: March_2020Month: February_2020Month: January_2020Month: December_2019Month: November_2019Month: October_2019Month: September_2019Month: August_2019
- Risk metrics associated with regular trading and day trading
Period: April/May/June_2024Period: March/April/May_2024Period: February/March/April_2024Period: December/January/February_2024Period: November/December/January_2024Period: October/November/December_2023Period: September/October/November_2023Period: August/September/October_2023Period: July/August/September_2023Period: Junhe/July/August_2023Period: May/June/July_2023Period: April/May/June_2023Period: March/April/May_2023Period: February/March/April_2023Period: January/February/March_2023Period: December_2022_January/February_2023Period: November/December_2022_January_2023Period: October/November/December_2022Period: September/October/November_2022Period: August/September/October_2022Period: July/August/September_2022Period: June/July/August_2022Period: May/June/July_2022Period: April/May/June_2022Period: March/April/May_2022Period: February/March/April_2022Period: January/February/March_2022Period: December_2021/January/February_2022Period: November/December_2021/January_2022Period: October/November/December_2021Period: September/October/November_2021Period: August/September/October_2021Period: July/August/September_2021Period: June/July/August_2021Period: May/June/July_2021Period: April/May/June_2021Period: March/April/May_2021Period: February/March/April_2021Period: January/February/March_2021Period: December/January/February_2021Period: November/December/January_2021Period: October/November/December_2020Period: September/October/November_2020Period: August/September/October_2020Period: July/August/September_2020Period: June/July/August_2020Period: May/June/July_2020Period: April/May/June_2020Period: March/April/May_2020Period: February/March/April_2020Period: January/February/March_2020Period: December/January/February_2020Period: November/December/January_2020Period: October/November/December_2019Period: September/October/November_2019Period: August/September/October_2019Period: July/August/September_2019Period: June/July/August_2019Period: May/June/July_2019Period: April/May/June_2019
- Fee Policy
Cash Equity Market
Participants who use RLP orders in the cash equity market enjoy an exclusive benefit in the form of reduced fees on trades executed through RLP order accounts.
Obligations
In addition to meeting the obligations described in Circular Letter 011/2023-PRE, from January 31, 2023, participants must meet the following criteria in order to qualify for the special fee schedule:
- 35% of the time at top of book on both sides (buy AND sell), with the obligation to improve the price if the spread is greater than BRL 0.01; and
- 80% of the time at top of book on one side (buy OR sell), with the obligation to improve the price if the spread is greater than BRL 0.01.
Presence time is calculated per stock, per month (simple average) and does not take into account the last trading hour of each trading session.
Participants must meet these obligations in at least 17 of the 20 of assets defined in order to enjoy the benefit of the fee reduction, not considering assets with restriction of trading.
Benefits
The following rules will apply to fees payable on transactions involving assets that participate in the program via accounts accredited to use RLP orders:
- Provided the above obligations are discharged, fees will be reduced by 100%.
- If the obligations are not discharged, the 0.011% fee will be charged on the financial volume.
All transactions effected via accredited accounts that are not RLP orders or their respective closeouts will pay fees of 0.03% on the excess volume traded.
The quantity of closeouts permitted will be the inverse trade of the same quantity of the same security for each account each day.
Example: Buy via RLP order of 100 shares of VALE3 allows the sell of 100 shares of VALE3 as closeout. If 150 shares of VALE3 are sold, the 0.03% fee will be charged on the financial volume of the 50 excess sold shares.
Participants will be informed if they misuse the benefit and may be excluded from the program.
Minicontracts
Participants who use RLP orders in the minicontracts market are allowed to join the HFT Program, according to the Document “Fee Structure: Calculation Rules and Price Tables”. The rules of the Program and fee schedules can be found here.
- Find out more
Read the Public Consultation about the RLP.
For further information, please contact us:
B3 Trading Platform area
Telephone +55 11 2565-5023
E-mail: [email protected]