Two former partners at XP Inc, a lawyer, and the co-founder of brokerage Ideal are seeking to launch a company operating in the Brazilian stock market by the end of 2026, with an initial focus on derivatives and futures.

The group announced on Tuesday a Series A round to financial investments in team and technology for the operational launch of A5X, which will have trading and post-trading solutions for the financial and capital markets.

The founders are Carlos Ferreira, former controlling partner of XP; Julian Chediak, capital markets lawyer, professor, partner at Chediak Advogados and former chairman of the Cetip Self-Regulation Council; Karel Luketic, former senior partner and director at XP; and Nilson Monteiro, CEO and co-founder of Ideal.

Strategic institutional minority partners participating in the market also joined A5X with the completion of the Series A, details of which will be announced soon.

“With recent regulatory changes, numerous technological innovations impacting the sector, and a turbulent global landscape, A5X was created to improve the experience of all investors in Brazil,” said Ferreira, CEO of A5X, in a statement.