The origin of B3 is inseparable from that of the market itself. This is why our progress continues to make history in Brazil.
B3 S.A. – Brasil, Bolsa, Balcão (“Company” or “B3”) is one of the world’s leading financial market infrastructure companies, consolidating a diversified portfolio of products and services focused on trading, post-trading, registration, vehicle and real estate financing, and data and technology services.
B3 is the result of the merger between BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros (“BM&FBOVESPA”) and Cetip S.A. – Mercados Organizados (“Cetip”), consummated on March 29, 2017.
Last updated on August 25, 2025
B3
2017
Merger between BM&FBOVESPA and Cetip. Strengthening of the business model and strategic position. Integration of clearings and unification of management systems. Launch of the new organizational culture project.
2018
Strategic planning defining three pillars: operational excellence, development of products and services, and efficient pricing and tariff model. Initiatives such as the product roadmap and enhancement of customer service.
2019
Acquisition of PDTEC for digital solutions in the real estate sector. Consolidation of the new organizational culture focused on proximity and customer satisfaction.
2020
Response to the Pandemic
Adaptation to remote work and maintenance of stable infrastructure. Effective risk management ensuring market integrity. Social actions by B3 to mitigate the effects of the pandemic.
2021
Implementation of a new pricing policy for variable income. Significant growth in the number of individual investors. Acceleration of diversification in data and analytics with the acquisition of Neoway. Creation of Dimensa (JV with TOTVS) and establishment of Digital Assets.
2022
Acquisition of Neurotech for artificial intelligence solutions. Strengthening of data infrastructure and expansion of the product portfolio. Acquisition of Datastock, focusing on vehicle inventory management.
2023
Definition of six operational verticals in the data and analytics business. Increased efficiency in resource allocation and synergies between acquired companies.
2024
Launch of new products in derivatives and equities, and development of trading platforms. Modernization of B3's platforms to support innovations and market changes. Growth in financial metrics, highlighting a CAGR of 13% in revenue and 21% in net income.
Our history stretches back over more than 100 years. And what brought us this far is helping us to build our future. So we are proud of where we came from:
BM&FBOVESPA S.A. – BOLSA DE VALORES, MERCADORIAS E FUTUROS was created in 2008, from the merger of BM&F and Bovespa Holding. Thus one of the world’s largest stock exchanges was born.
With a fully vertically integrated model, BM&FBOVESPA contributed to the process of innovation in the market. From trading and post-trading, the distribution of price quotes, production of market indices, development of systems and software, listing of issuers and securities lending to central depositary.
BM&FBOVESPA’s own systems made it possible to buy and sell shares, mitigate or transfer risks, determine prices, diversify and allocate investments, leverage positions – a series of possibilities that were essential to serve the market and Brazil’s economy.
You can find more details about BM&FBOVESPA’s history in Chapter 7 of B3’s Reference Form.
BM&FBOVESPA
2008
BM&FBOVESPA is born, from the merger between BM&F and Bovespa Holding.
2010
Strategic partnership signed with the CME Group, with a 5% cross-holding of shares;
2011
Start of the project for the enhancement of the Company's technological park: phase of intense investment in technological infrastructure. The PUMA Trading System, an electronic trading platform created in partnership by BM&FBOVESPA and the CME Group, is launched in the derivatives and currency markets, making multimarket and multi-asset trading in Brazil more efficient.
2012
Presentation to the market of BM&FBOVESPA's Post-Trading Integration Program (Integration of the Clearinghouses) and of CORE (Close-Out Risk Evaluation), a new risk calculation system. Work starts on the new BM&FBOVESPA Data Center.
2013
PUMA Trading System reaches the equities markets. A new way of calculating the Ibovespa index is introduced.
2014
PUMA Trading System starts operating in the private fixed income markets.
BM&FBOVESPA creates and launches the CORE risk calculation system: a platform integrating infrastructures and markets.
The new BM&FBOVESPA data center opens its doors. The company's infrastructure becomes stronger and more efficient, which is essential for us to continue to grow.
Phase One (derivatives) of the BM&FBOVESPA Post-Trading Integration is concluded (Phase Two, equities, was completed in August 2017).
2016
Partnership with CME Group terminated.
The boards of directors of BM&FBOVESPA and Cetip approve the merger of the two companies' operations.
2017
The business combination between BM&FBOVESPA and Cetip is approved by the regulators: Central Bank, Brazilian Securities Commission (CVM) and Administrative Council for Economic Defense (Cade). Thus starts the history of B3.
CETIP S.A. – MERCADOS ORGANIZADOS was incorporated in 1984 in response to a market need, offering solutions and financial services in the organized over-the-counter market.
You can find more details about CETIP’s history in Chapter 7 of B3’s Reference Form.
CETIP
1984
Cetip is founded as a not-for-profit organization, with the support of the Central Bank.
1986
Cetip starts operating.
2008
The association is converted into a for-profit joint-stock company, transforming Cetip's business. As part of the process, ANDIMA SND was incorporated, making Cetip the sole holder of rights over the National Debentures System (SND), the Securities Distribution System (SDT) and contracts and intangible assets.
2010
Cetip purchases the entire capital stock of GRV Solutions. It thus doubles in size and acquires the ability to operate also in the area of consumer credit, offering information and solutions for lending institutions.
2011
ICE Overseas Limited (a member of the Intercontinental Exchange group) acquires an interest in Cetip.
2012
Cetip presents Cetip | InfoAuto Pagamentos to the market, a product that automates and speeds up vehicle financing procedures. It also launches Cetip | Trader, an electronic platform created jointly with ICE to organize trading in fixed income instruments.
2013
Launch of Cetip | Real Estate Platform - Collateral Management. The first product created by Cetip to make the real estate lending process more efficient, quicker and cheaper.
2016
The boards of directors of BM&FBOVESPA and Cetip approve the merger of the two companies' operations.
2017
The business combination between BM&FBOVESPA and Cetip is approved by the regulators: Central Bank, Brazilian Securities Commission (CVM) and Administrative Council for Economic Defense (Cade). Thus starts the history of B3.
