In brief
A5X raised R$ 360 million in a Series D round led by Morgan Stanley, Goldman Sachs and Kaszek at a R$ 2.7 billion valuation.
The derivatives exchange expects to debut in the second quarter of 2027, after tests with regulators late this year.
What we know
04Verified fact · material
A5X raised R$ 360 million in a Series D round led by Morgan Stanley, Goldman Sachs and Kaszek, at a valuation of about R$ 2.7 billion, with participation from IMC, Jump Trading, Optiver, XTX Markets and ABN Amro Clearing and the entry of XP through an option exercise, per Brazil Journal, Seu Dinheiro and Estadão Conteúdo via Money Times.
The fact that defines the event.
Verified fact · material
A5X expects to start trading in the second quarter of 2027 and says the funds cover regulatory capital and operations to breakeven, per Brazil Journal and Seu Dinheiro; the company has raised more than R$ 730 million in four rounds, per Seu Dinheiro and Money Times.
Sets the launch timetable.
Verified fact
A5X expects to host regulators for preliminary tests between October and November 2026, per Brazil Journal; the exchange uses London Stock Exchange Group technology and has already been authorised to operate as an exchange, clearing house and derivatives counterparty, per Money Times and Seu Dinheiro.
Regulatory steps before the debut.
Context
B3B3OrganizationOperator of Brazil's exchange and market infrastructure, listed as B3SA3. Revenue tracks traded volumes; tax and regulatory disputes (Carf, Cade) make up its contingent risk.Open in the Market Map ↗ agreed to license market data to A5X in August 2025, and chief executive Carlos Ferreira Filho said the round strengthens the capacity to launch the exchange and transform the capital markets, per Seu Dinheiro.
Context from one source.
Sources[02]
Transmission to assets
Market read-through
For B3B3OrganizationOperator of Brazil's exchange and market infrastructure, listed as B3SA3. Revenue tracks traded volumes; tax and regulatory disputes (Carf, Cade) make up its contingent risk.Open in the Market Map ↗, a funded A5X with a launch date is the first concrete risk of share loss and fee pressure in rate and dollar derivatives, its highest-margin segment.
For XP, Morgan Stanley and Goldman, the A5X stake is an option on lower trading and clearing costs in Brazil.
Portfolio impact
01A funded competitor with a launch date pressures fees and share in derivatives.
Negative in the medium term for B3B3OrganizationOperator of Brazil's exchange and market infrastructure, listed as B3SA3. Revenue tracks traded volumes; tax and regulatory disputes (Carf, Cade) make up its contingent risk.Open in the Market Map ↗ derivatives margin.
What would change the view: Depends on A5X passing the tests and attracting market maker liquidity.
Direction is an explanatory hypothesis, not a forecast or recommendation.
Next signals
What to watch
- Tests with CVM and the Central Bank between October and November.
- B3B3OrganizationOperator of Brazil's exchange and market infrastructure, listed as B3SA3. Revenue tracks traded volumes; tax and regulatory disputes (Carf, Cade) make up its contingent risk.Open in the Market Map ↗ fee response and its 3Q26 commentary.
- Contracts A5X will list at the debut.
Limits of the reporting
What remains uncertain
- The 2Q27 debut is a company target, subject to regulatory tests.
- The R$ 2.7 billion valuation is post-money per Money Times; the other sources do not specify.