Nasdaq and B3 partner on new clearing platform for Brazilian stock exchange

The new system is set to be rolled-out in gradual phases to avoid negatively impacting the market according to the businesses.

Brazilian stock exchange group B3 and Nasdaq are set to jointly develop a new clearing platform for the Brazilian stock exchange in a bid to innovate operations as the market continues to expand.

The new system will be responsible for the clearing, settlement, and the management of counterparty risk.

Speaking to the need for infrastructure operators to embrace technological innovation, Roland Chai, executive vice president and head of marketplace technology at Nasdaq, highlighted ‘unprecedented’ volumes, new asset classes and major disruptive events as key factors.

“Incorporating Nasdaq’s clearing technology has the power to bring substantial benefits to B3 and support the rapid growth of the Brazilian market. We also welcome the opportunity to enhance our own post trade products and solutions by collaborating with innovative market infrastructure groups like B3,” added Chai.

The multi-year work schedule will see engineering teams from both sides collaborate on the development, aiming to roll-out the platform gradually.

Rodrigo Nardoni, chief technology officer at B3, said: “Through a phased migration process, B3 will gradually transform its clearinghouse solution onto a new platform, reinforcing our strategic commitment to technological innovation and capturing direct benefits for our clients.”

Earlier this year, Bolsa Electrónica de Chile (BEC) announced its intention to upgrade its current on-premise Nasdaq technology to Nasdaq’s SaaS-based Marketplace Services Platform as part of its bid to move its operations to the cloud by the end of 2024.

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