Trading hours | B3

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 16:55 16:55 17:00 17:25 17:30 17:30 18:00 18:25 18:45
Odd lots market 09:30 09:45 09:45 10:00 10:00 16:55 16:55 17:00 17:25 17:30 17:30 18:00 18:25 18:45
Forward market 10:00 17:25 17:30 18:00 - -
Block trades - - - - 10:00 16:55 - - - - - - - -
Options market2 09:30 09:45 09:45 10:00 10:00 16:55 16:55 17:15 17:25 17:30 - - 18:25 18:45
BOVESPA Mais – All securities 09:30 09:45 09:45 10:00 10:00 16:55 16:55 17:00 17:25 17:30 17:30 18:00 18:25 18:45
Unsponsored BDRs 09:30 09:45 09:45 10:00 10:00 16:55 16:55 17:05 17:25 17:30 17:30 18:00 18:25 18:45
Sponsored BDRs 09:30 09:45 09:45 10:00 10:00 16:55 16:55 17:00 17:25 17:30 17:30 18:00 18:25 18:45
Investment Funds 09:30 09:45 09:45 10:00 10:00 16:55 16:55 17:00 17:25 17:30 17:30 18:00 18:25 18:45
Equity ETF 09:30 09:45 09:45 10:05 10:05 16:55 16:55 17:15 17:25 17:30 17:30 18:00 18:25 18:45
Fixed Income ETF 09:30 09:45 09:45 10:00 10:00 16:55 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 16:55 16:55 17:00 17:25 17:30 17:30 18:00 18:25 18:45
Equity index options2 09:30 09:45 09:45 10:00 10:00 16:50 16:50 17:15 17:25 17:30 17:30 - 18:25 18:45

Corrections can be made to trades in all markets and trading phases up until 19:00.

Trading in expiring series ends at 15:45 on the expiration date.

On the expiration date of options on single stocks, units, BDRs or ETFs, there will be trading in the after-market period from 18:25 to 18:40 pm, followed by an order cancellation phase from 18:45 to 19:00 for all reference markets in the timetable above, with the exception of options and options on stock indices markets.

On the expiration date of options on single stocks, units, BDRs or ETFs, there will be an order cancellation phase for the markets mentioned in the table above from 17:40 to 18:10 and from 18:45 to 19:00, with the exception of the forward market and Block Trades.

 

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, BDRs and ETFs 10:00 16:00 10:00 14:45 17:15   17:15 18:15 18:151
Options on stock indices  -   -   -   -   -     -   -  17:152

1Automatic exercise from 18:15 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.

2 Automatic exercise from 17:15 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.