Equities market trading hours
| Market1 | Order cancellation | Pre-opening | Trading | Closing Call | After-Market trading3 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Order cancellation4 | Negociation | Order cancellation4 | ||||||||||||||
| Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | Start | End | |||
| Cash Market | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:00 | 18:25 | 18:45 | - | - | - | - | ||
| Odd lots market | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:00 | 18:25 | 18:45 | - | - | - | - | ||
| Forward market | - | - | - | - | 10:00 | 18:25 | - | - | - | - | - | - | - | - | ||
| Options market2 | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:15 | 18:25 | 18:45 | - | - | - | - | ||
| BOVESPA Mais – All securities | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:00 | 18:25 | 18:45 | - | - | - | - | ||
| Unsponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:05 | 18:25 | 18:45 | - | - | - | - | ||
| Sponsored BDRs | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:00 | 18:25 | 18:45 | - | - | - | - | ||
| Investment Funds | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:00 | 18:25 | 18:45 | - | - | - | - | ||
| Equity ETF | 09:30 | 09:45 | 09:45 | 10:05 | 10:05 | 17:55 | 17:55 | 18:15 | 18:25 | 18:45 | - | - | - | - | ||
| Fixed Income ETF | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 16:55 | 17:15 | 17:25 | 17:30 | 17:30 | 18:00 | 18:25 | 18:45 | ||
| OTC Market - All securities |
09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:55 | 17:55 | 18:00 | 18:25 | 18:45 | - | - | - | - | ||
| Equity index options | 09:30 | 09:45 | 09:45 | 10:00 | 10:00 | 17:50 | 17:50 | 18:15 | 18:25 | 18:45 | - | - | - | - | ||
1 Corrections can be made to trades in all markets and trading phases up until 19:00.
2 Trading in expiring series ends at 16:45 on the expiration date.
3 On the expiration date of options on single stocks, units or ETFs, there will be trading in the after-market period from 19:25 to 19:40 pm, followed by an order cancellation phase from 19:45 to 20:00 for all reference markets in the timetable above, with the exception of options and options on stock indices markets.
4 On the expiration date of options on single stocks, units or ETFs, there will be a order cancellation phase for the options and options on stock indices markets from 18:25 to 20:00. For the other markets mentioned in the table above, with the exception of the forward market, there will be an order cancellation phase in the periods from 18:25 to 19:10 and from 19:45 to 20:00.
| Market | Options Exercise | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Before expiration | On expiration | ||||||||
| Manual exercise of Holder's Position | Manual exercise of Holder's Position | Positions File [Imbarq] | Contrary Exercise | Automatic Exercise of Holder's Position | |||||
| Start | End | Start | End | Start | Start | End | Start | ||
| Options on equities, units and ETFs | 10:00 | 17:00 | 10:00 | 15:45 | 18:15 | 18:15 | 19:15 | 19:152 | |
| Equity index options | - | - | - | - | - | - | - | 18:001 | |
1Automatic exercise after 18:00 whenever (i) the settlement index is higher than the strike price, in the case of call options; and (ii) the settlement index is lower than the strike price, in the case of put options.
2 Automatic exercise after 19:15 whenever (i) the underlying’s reference price in the cash market is higher than the strike price, in the case of call options; and (ii) the underlying’s reference
price in the cash market is lower than the strike price, in the case of put options. Exercise is automatic only in the absence of contrary exercise of ITM options or where contrary exercise
has been entered for OTM options.