In brief

8% above July.

3% with lower revenue per contract.

82 million.

What we know

04
  1. Verified fact · material

    Average daily financial volume traded in equities on 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 ↗ was R$ 30.284 billion in August, up 26.1% from August 2025 and 33.8% from July, according to operating data released on September 16.

    Best month of the year for the main revenue line of the exchange.

    Sources[01][02]
  2. Verified fact · material

    In the futures segment average daily volume was R$ 9.608 billion, up 3.3%, and average revenue per contract fell 12.8% to R$ 1.188.

    Derivatives grow less and with lower margin.

    Sources[01][02]
  3. Verified fact · material

    The total number of investors on 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 ↗ reached 5.82 million, up 8.3% in a year.

    The retail base keeps growing.

    Sources[01][02]
  4. Context

    In fixed income, the registered stock totalled R$ 9.994 trillion, up 14.8%, and new issuance R$ 2.162 trillion, up 0.5%.

    Fixed income registration grows with the high Selic.

    Sources[01]

Transmission to assets

Market read-through

The data supports upward revisions to 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 ↗ third quarter revenue; the record Brazilian VIX and September foreign flows indicate volume stayed high.

Falling revenue per contract in derivatives is the recurring weak spot.

Portfolio impact

01
B3 (B3SA3)positive

Higher volume lifts trading and post trading revenue.

Third quarter revenue tends to beat consensus.

What would change the view: If volume holds in September.

direct70% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • 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 ↗ September operating data
  • Foreign flows accumulated in the month
  • Third quarter results in November

Limits of the reporting

What remains uncertain

  • Whether the August volume holds after the US rate hike
  • The effect of new exchange and OTC competitors

Full sources

02