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CVM discloses methodology for defining the size of large minimum lots (art. 95, § 1, of CVM Resolution 135)


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This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content in its original language here.

The Securities and Exchange Commission (CVM) announces today, 10/4/2022, the decision of the Board of the Autarchy regarding the methodology for defining Large Trading Lots , in compliance with article 95 of CVM Resolution 135/2022.

Published on 6/10/2022, Resolution 135 started to allow the creation of specific trading segments or procedures for carrying out operations with large lots to be processed on the stock exchange and over-the-counter markets . The rule also indicated the need for such operations to be carried out exclusively in environments that have trading systems that favor adequate price formation.

“The CVM has taken on the responsibility of disclosing the minimum lots of shares and securities representing shares that can be traded in operations with large lots. The objective was to ensure the adoption of all the necessary precautions and care to avoid unwanted effects on liquidity and on the price formation process in the central order book. We understand that the negotiation of large lots is an important step towards improving the microstructure of the Brazilian market” , commented Francisco Santos, Superintendent of Relations with the Market and Intermediaries.


The definition of eligible securities and respective minimum lots was preceded by interactions with the market. The Superintendence of Market and Intermediary Relations (SMI) developed a methodology and consulted all the participants of the SDM 9/2019 Public Hearing who had made comments or made suggestions about the proposals indicated by the CVM for the negotiation of large lots. The consultation was also addressed to entities that manage organized markets authorized or in the process of being authorized by the CVM.

“The European model was considered a good inspiration for the Brazilian market, as it considers the different liquidity standards of shares, which allows for an appropriate treatment for our market, where shares have a very different trading profile. Additionally, the suggested methodology sought to preserve the adequate formation of prices in a transparent market for all securities, since, in line with the regulatory proposal, it opened the possibility of targeting only the high volume offers for the of each action, and the effects of the practical application of this methodology will be monitored on an ongoing basis and it will be properly monitored, if necessary” , added the SMI Superintendent.


For disclosure purposes regarding minimum lots for trading large lots, the following criteria will be used:

  • the median of the daily volume traded during the calculation base period , making it unnecessary to exclude trades carried out on the first trading day from the calculation base; and
  • that the minimum number of trading sessions in which there has been trading for the purposes of compliance with the eligibility criterion is 25% of the trading sessions in the calculation base period .

Minimum lot definitions for large lot trading

To define the shares and securities representing shares that can be traded through operations with large lots, the following table will be used:

Range Median of daily traded volume Minimum lot for trading in a specific segment or through specific procedures Number of tickers in the track
1 Greater than BRL 1.5 billion BRL 8,500,000.00 two
two Between BRL 800,000,000.01 and BRL 1,500,000,000.00 BRL 7,000,000.00 two
3 Between 300,000,000.01 and BRL 800,000,000.00 BRL 6,000,000.00 15
4 Between BRL 150,000,000.01 and BRL 300,000,000.00 BRL 4,000,000.00 21
5 Between 80,000,000.01 and BRL 150,000,000.00 BRL 3,000,000.00 36
6 Between BRL 20,000,000.01 and BRL 80,000,000 BRL 2,000,000.00 61
7 Between BRL 500,000.01 and BRL 20,000,000.00 BRL 1,000,000.00 65
8 BRL 500,000.00 or less BRL 500,000.00 225

“The preparation of this table was based on the characteristics of the Brazilian market in terms of asset liquidity, concentration of large-volume business, investor performance in the formation or dissolution of directional positions and availability of counterparty for operations” , explained Francisco Bastos. 

Frequency of disclosure 

The CVM will disclose, at first, every four months , through SMI’s Circular Letter, the shares and securities representing shares that can be traded in large lots and their respective minimum lots. In this sense, there will be an occasional change in Resolution 135, which initially provided for annual disclosure.  

“Integrity. Efficiency. Investor protection. When making the appropriate definitions on the large lots, the CVM was based on these three aspects”, commented João Pedro Nascimento, president of the CVM. “The Municipality believes that this is an important, modern step that adheres to international market practices, and that it is in line with the environment of democratization of the capital market, the so-called Open Capital Markets” , concluded João Pedro Nascimento. 

More information 

Access the Technical Area Manifestation – Internal Official Letter 21/2022/CVM/SMI. 

Access the extract of the minutes of the decision of the Collegiate. 

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Regulator Information

Abbreviation: CVM
Jurisdiction: Brazil

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