After a 12-month gestation period, A5X, a company created by former XP partners and Nilson Monteiro, president of the brokerage firm Ideal, is launching its operations with the promise of opening an exchange focused on derivatives and futures starting in 2026. A5X starts with a capital of R$200 million, raised from investors in two rounds of fundraising, which are kept confidential.

“It’s enough capital to develop the infrastructure and technology internally and through partnerships, as well as hire and even operate in the stock exchange’s first year,” says Karel Luketic, former partner and former CEO of XP.

In addition to the experience that executives have in the areas of derivatives and futures, the reading is that there is an unmet demand, for example, in the foreign exchange options market. According to executives, there is a concentration in three contracts (interest, dollar and Bovespa index) and a gap in other segments. “Demand is being exported,” says Monteiro, from Ideal, who entered the business as an individual.

A5X joins the list of companies positioning themselves to compete directly or in B3’s business segments. The other companies are ATG, owned by Abu Dhabi-based asset manager Mubadala; the registrar CSD, which has Santander, BTG Pactual, and the Chicago Board of Trade (CBOE) as investors; and Núclea, the registrar for large banks with a 90% share of the card market.
Carlos Ferreira, who was a controlling partner at XP, says that technological advancements have been one of the main pillars for developing strategies to enter the stock market and compete with an incumbent, B3. “If this same idea had come up ten years ago, we might have been frustrated,” he says. He also says that Resolution 135 of the Brazilian Securities and Exchange Commission (CVM), which regulates the functioning of regulated markets, contributed to this effervescence in the Brazilian stock market.

“Over the past 20 years, we’ve seen a lot of evolution in the competitive environment of the financial market, with the exception of the Stock Exchange, which has actually consolidated itself with the merger of BM&F, Bovespa, and Cetip,” says Ferreira. He points out that B3 has a large infrastructure, which is no longer a reflection of what happens abroad, where many operate in a lighter and leaner manner. “Our intention is to be one of those lean companies,” said Ferreira.

For Ferreira, the biggest competition from new entrants is in relation to B3. Between them, according to the businessman, opportunities open up. “Everyone is looking for a segment, and there’s a market for everyone; it’s an opportunity for partnership in the future,” he adds.