B3 Block Trade in Brazil

B3 — Brasil, Bolsa, Balcão is the principal cash-equity venue of Brazil. Founded in 2017 (merger; predecessor BM&FBovespa from 2008; founding exchanges from the 19th century), it operates under the oversight of Comissão de Valores Mobiliários (CVM), and its leading benchmarks are Ibovespa, IBrX 50. Listing standards are set out in the Regulamento do Listamento da B3; Novo Mercado standards.

B3 at a glance:

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.

On B3, block trades run through the special trading procedures the exchange sets under its CVM-approved rulebook, separate from the continuous order book. Only shares the CVM designates as eligible can be blocked, each with a defined minimum lot, and the trade must clear where price formation is protected. How much size the market absorbs tracks the name’s turnover — Ibovespa and IBrX 50 constituents take large lines; Bovespa Mais names do not. Where Black Haven takes the position onto its book, the seller’s exit is priced and certain, and the post-trade disclosure is sequenced around the print. Settlement is T+2.

The principal regulatory reference on B3 is CVM Resolution 80. How it applies to any single transaction — reporting levels, step thresholds — turns on the underlying rules and national-law overlays, which we map against your contemplated transaction at the structuring stage alongside the counsel you appoint.

The citations above are public regulatory references, given for orientation only and not as legal advice. Take independent legal advice in the relevant jurisdiction for any specific transaction.

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