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Americas Block Trades CVM BRL

Brazil Block Trade on B3

Block-trade financing and discreet execution for large lines of shares listed in Brazil — for sellers and acquirers who need to move size without disturbing the order book or the price.

01 · Process
How it works

From enquiry to print.

—StageWhat happensTiming
01Confidential enquiryThe line, the holding and the objective, shared through a secure channel.Day one
02Pricing the blockThe line is sized and a price set against it; any discount reflects size and liquidity.1–2 days
03Execution & printWorked off the order book or negotiated, then printed under the exchange’s block-trade rules.On the day
04Settlement & disclosureSettles on the standard cycle; any substantial-holding disclosure is sequenced around the print.T+1 / T+2
02 · The Market
Americas

Brazil equity markets.

A Brazilian block trade moves a large line of B3-listed stock in a single negotiated transaction — off the continuous order book, at an agreed price — so a holder can exit, or an acquirer build a position, without walking the screen. Black Haven can take the line onto its own book, giving the seller a clean, priced exit while the disclosure that follows a substantial transfer is managed around the print.

Block trading on B3 runs through defined special procedures rather than the open book. Under the CVM’s 2022 market reform, blocks are permitted only in eligible shares, with the regulator publishing the qualifying names and minimum lot sizes and B3 setting the mechanics in its rulebook — the trade must clear in an environment that supports proper price formation. Size is read against the name’s daily turnover: an Ibovespa constituent absorbs a large print more cleanly than a thin small-cap. A transfer that carries a holder through 5% of a class, or a further multiple, triggers notification to the issuer and the CVM, so the disclosure is planned around the trade. Settlement is T+2 through B3’s clearing house.

Brazil block trades at a glance:

Listed venueB3 — Brasil, Bolsa, Balcão (B3)
RegulatorComissão de Valores Mobiliários (CVM)
CurrencyBRL
SettlementT+2
Disclosure threshold5%
Principal indicesIbovespa, IBrX 50
StructureOff-market or negotiated-price

Regulatory references are published for general orientation and are not legal advice.

03 · Exchanges
One Venue

Each Brazil exchange, covered.

B3 · São Paulo

B3 — Brasil, Bolsa, Balcão

The principal Latin American equities venue. The Novo Mercado tier imposes one-share-one-vote and full free-float requirements that materially affect the eligibility of controlling-shareholder positions for collateralisation.

View B3 →
04 · FAQ
Brazil · Block Trades

What holders ask about Brazil.

01Does a block trade in Brazil have to be disclosed?
The trade itself clears through B3’s special procedures, but the disclosure attaches to the resulting holding. A buyer or seller who reaches, crosses or falls below 5% of a class — or a further 5% multiple — must notify the issuer, which reports to the market and the CVM. Black Haven structures and times the print so that the notification is orderly rather than a surprise to the market.
02How large a block can B3 absorb?
It depends on the name. Block trading is confined to shares the CVM designates as eligible, each with a minimum lot size, and the practical ceiling is set by daily turnover — an Ibovespa or IBrX 50 constituent takes a far larger line than a thinly traded small-cap. Where Black Haven takes the line onto its own book, the seller receives a priced exit regardless of that day’s screen liquidity.
03How do you execute a Brazil block trade?
We work the line off the order book, off-market or at a negotiated price, and the block is then printed to B3 — Brasil, Bolsa, Balcão (B3) under its block-trade rules. Black Haven Investments can take all or part of the risk on the line, so the seller achieves a clean exit at an agreed price.
04How large a block can you handle in Brazil?
It depends on the stock’s free float, daily traded volume and volatility. We assess each line on its merits and indicate a workable size and price range after reviewing the position.
05Does the block trade have to be disclosed?
Often, yes. A substantial transfer by a significant shareholder is generally disclosable under the relevant regime overseen by CVM. We manage the sequencing and wording of any required notification around the trade.
06Can you finance the buyer of the block?
Yes. A block can be paired with a stock loan to the acquirer, so the newly acquired Brazil-listed line serves immediately as collateral for the financing that funds it.
07What is the settlement cycle for a Brazil block trade?
The negotiated block is printed to B3 — Brasil, Bolsa, Balcão (B3) under its block-trade rules and then settles on the standard T+2 cycle. We coordinate the print, the settlement and any financing legs so the line moves cleanly.
08At what level must a block be disclosed in Brazil?
The principal threshold is 5%, under CVM Resolution 80 overseen by CVM. A crossing by a substantial holder is notifiable; we sequence the print and the notice.
09Can you execute a block for a foreign or offshore seller?
Yes. The line is held with a qualified custodian and the block printed to B3 — Brasil, Bolsa, Balcão (B3); we manage cross-border custody, settlement and the disclosure that attaches to a substantial transfer.
10How quickly can a Brazil block be executed?
It depends on the stock’s liquidity and the size of the line relative to daily volume. Once mandated, many blocks are worked and printed within days; thinner lines are paced to limit market impact.
05 · Adjacent Markets
Americas

Countries adjacent to Brazil.

United States · Canada · Mexico · Chile

All countries →

Guides

Related guides.

Block Trades

What Is a Block Trade, and How Does One Work?

A block trade is the off-market sale of a large line of listed shares at a negotiated price, executed bilaterally and printed under exchange rules to avoid moving the open market.

Read → Block Trades

How Do You Sell a Large Block of Shares Without Moving the Price?

A large block is sold without moving the price by taking it off the open order book — negotiating off-market at an agreed price, often with a liquidity provider taking the risk, and printing under exchange block rules.

Read → Disclosure

Do Block Trades Have to Be Disclosed?

Often yes. Once a significant shareholder crosses a market’s substantial-holding threshold, a block sale is generally notifiable to the regulator within a set window, with thresholds varying by jurisdiction.

Read →

A particular Brazil holding to talk through?

Send a confidential enquiry, and a senior principal will reply within one business day.

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