B3 S.A., Brasil, Bolsa, Balcão, is Brazil's sole stock exchange and its primary financial market infrastructure operator. It runs trading and post trading for equities, equity and interest rate derivatives, listed and OTC fixed income, currencies and agricultural commodities, and performs registration, central counterparty clearing, settlement and central depository functions for those markets inside one company, rather than splitting the exchange and the clearing house across separate entities as many markets do. Because it is Brazil's only exchange rather than one of several competing venues, B3's differentiation is less about winning order flow from rivals and more about breadth. It is simultaneously the trading venue, the central counterparty, the securities depository, and, through the business it inherited from Cetip, the registrar for OTC fixed income and receivables that never trade on an exchange floor at all. Its client base spans retail investors trading equities and listed funds, institutional and foreign investors in derivatives and government bonds, and corporates and banks using its OTC registration and collateral services. On top of that market infrastructure core, the company has built out a data and analytics business since 2018. B3 took its current form on March 29, 2017, when BM&FBOVESPA, itself created by the 2008 merger of the São Paulo Stock Exchange (Bovespa) with the Brazilian Mercantile and Futures Exchange (BM&F), merged with Cetip, the OTC fixed income registration and clearing house, following clearance from Brazil's Central Bank, the securities regulator CVM, and the antitrust authority CADE. B3 is itself publicly listed on its own exchange under ticker B3SA3, with a market capitalization of roughly R$77 billion as of July 2026. It calculates and publishes the Ibovespa, the benchmark index of the Brazilian equity market. Its data and analytics arm was built through the acquisitions of PDTec (2019), Neoway (2021, for R$1.8 billion, about US$325 million), and Neurotech and DataStock (both 2023). In February 2026, B3 unified those data assets, PDTec, Neoway, Neurotech, DataStock and its internal Financing Infrastructure Unit, under a single new brand, Trillia, an applied business intelligence, data and AI unit that the company has said it wants to eventually contribute around 30 percent of group revenue. Trillia's existing products include fraud detection tools for vehicle financing and healthcare, and the platform underlying Brazil's Desenrola program, which has been used to renegotiate more than R$53 billion in consumer debt.
