A5X, the new Brazilian derivatives and futures exchange, has announced the addition of five international partners: IMC Trading, Jump Trading Group, Optiver, XTX Markets, and ABN Amro Clearing. With the exception of ABN Amro, the other four firms are major market makers in the derivatives segment.
Market estimates suggest that these companies collectively account for between 50% and 60% of derivatives, options, and futures trading volume on B3, Brazil’s primary stock and derivatives exchange. Their partnership with A5X raises expectations that these firms may shift a significant portion of their activity to the new exchange, potentially delivering a significant blow to B3’s trading volumes.
“As shareholders, these new partners will not only invest but also bring their extensive expertise to help us develop operations,” said Carlos Ferreira Filho, CEO and one of A5X’s four founders.
While the four market-making firms will contribute to building A5X’s trading business, ABN Amro Clearing is expected to play a critical role in establishing the clearing and settlement infrastructure.
“ABN Amro, the largest clearing provider in Europe, brings invaluable expertise to our operations,” Mr. Ferreira said.
With the addition of these new partners, A5X now has R$200 million in capital, enough to establish the exchange and its own clearinghouse—typically the most expensive component of a trading platform. “Regulations require a minimum of R$100 million in capital for a clearinghouse. It’s a significant amount, but far from impossible, and we’re confident in building our own,” Mr. Ferreira explained.
The launch of A5X was first announced in June 2024, as reported by Valor, and six months later, the project is well underway.
Karel Luketic, CFO and another of the exchange’s four founders, said A5X submitted all required documentation to Brazil’s Securities and Exchange Commission (CVM) and the Central Bank on Wednesday (8) to formally request operational authorization.
The regulatory review process is expected to take 12 to 18 months, meaning the exchange could begin operations in the first half of 2026, according to Mr. Luketic. Before that, between the third and fourth quarters of 2025, the platform is expected to undergo testing with regulators and major market participants, including banks, brokerages, asset managers, and pension funds. “We aim to be fully prepared to start operating the day we receive approval from the CVM and Central Bank,” he said.
“We’ve been in close discussions with both regulatory bodies for over a year, and they’ve shown strong support for the idea of fostering competition in the exchange market,” Mr. Luketic added.
Preliminary research shows that fees on B3 are, on average, five to six times higher than those charged by other leading derivatives and futures exchanges globally, according to A5X.
A5X will focus on derivatives and futures contracts, targeting both financial products—such as interest rates, foreign exchange, stock indices, and stock options—and commodity markets, including metals and agricultural products. “There’s a huge opportunity for commodities trading in Brazil, which has lagged behind in launching new products in this segment.”
Competition between A5X and B3 is also heating up in the talent market. A5X has recently hired executives from B3’s technology and operations teams, following a strategy long employed by B3, which remains Brazil’s only organized trading platform. B3 itself recently brought on former CVM director Daniel Maeda.
The new A5X partners join founding shareholders Carlos Ferreira Filho, Karel Luketic, Nilson Monteiro (CEO of Itaú’s Ideal brokerage), Julian Chediak (partner at Chediak Advogados), and the Ideal brokerage.
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