A5X, a new derivatives and futures-focused exchange set to launch in 2026, is preparing to submit its documentation to regulators by the end of 2024, said Karel Luketic, CFO and one of the founders. The platform should be ready for testing at the end of 2025 and ready to operate – with products that already exist in Brazil and also new ones – in 2026.
“We are in the process of preparing the materials to file with both the CVM and the Central Bank by the end of the year,” said Luketic, emphasizing that the firm will include a clearing structure. “And in the phase of validating technology vendors, detailing demand and costs.”
There is still no definition of the exact moment when the platform will be launched. “Everything will be ready for the testing phase between the third or fourth quarter of 2025 and the first quarter of 2026. Operations will begin as soon as we receive authorization,” he commented.
The new exchange benefits from the experience that the founders and executives bring from XP, where two of the founders come from, comments Luketic. “We set up several token and crypto exchanges at XP in six months. Of course, there are now some additional complexities,” he said. “But nothing to scare us. The secret is execution. We’re working with a dream team.”
The new exchange was founded by Carlos Ferreira, former controlling partner of XP and now CEO and controlling partner of A5X; Nilson Monteiro, president of the brokerage Ideal – which was acquired by Itaú Unibanco (ITUB4) in 2022 -; lawyer Julian Chediak; and Luketic, former partner and former executive director of XP. The board of directors is composed of Chediak, Monteiro and André Monteiro, former CRO (Chief Risk Officer) at B3 and XP and current CRO at Stone.
The team’s construction is the firm’s main news after the first round of fundraising, which, according to data from the São Paulo Commercial Board, was led by brokerage Ideal and another investor, whose name was not revealed. Together with the second round, which is currently closing, the volume raised will reach R$200 million.
To form the C-level, together with Carlos Ferreira and Luketic, the new exchange hired two B3 alumni: Paulo D’Angelo, who was managing director of Middle Market and Back Office Solutions and is COO (Chief Operating Officer) at the new exchange; and Tarcísio Morelli, who was managing director of Data Analytics, IT products, Innovation and Pricing and joins A5X as Director of Regulatory Affairs. Still at the C-level, Ulysses Maia, who was a portfolio manager at Credit Suisse, arrives as CRO.
The company will rely on a tripod, said Luketic, citing, first and foremost, efficiency. “Be as efficient as possible to be as competitive as possible,” he said, without detailing the prices the exchange will charge.
The second point is technology. “We have a huge advantage; we’re starting from scratch. The maturity of the technologies we can contract or develop today is light years ahead of what currently exists,” he stated.
The third topic concerns products. “We can bring things that are very beneficial to Brazilian investors. We can be very quick and agile in bringing products that the market is looking for, both institutionally and retail,” he said, without elaborating.
“You can do a lot of cool things with things that already exist, making some adjustments that make everything more efficient, in terms of pricing or technical details of products,” he commented, adding that the firm will be able to offer a complete menu, including products that are not available in Brazil. “There are many things that don’t happen because the ecosystem is slow.”
Regarding competition from the new Rio de Janeiro stock exchange, operated by ATG, which in phase two is expected to operate with derivatives, Luketic said: “Competition is good, healthy. We’ve always had that mindset at XP, and we’re bringing it here.” There will be overlaps between the exchanges, he said, and this will be positive, in the same way that the advent of digital banks has expanded the investment market.
The company name has a “5” in it because it’s Carlos Ferreira’s lucky number, says Luketic. “He’s used it in other situations and it’s brought him luck. It’s a prime number, indivisible, and strong,” the executive comments. The vowel “A” brings a solid base, with the power of the pyramid shape. And the “X” stands for exchange, he explains. “The name was simple, direct and beautiful.”
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