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.<\/p>\n\n
“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.<\/p>\n\n
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. \u201cDemand is being exported,\u201d says Monteiro, from Ideal, who entered the business as an individual.<\/p>\n\n
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 CSD registrar, which has Santander, BTG Pactual and the Chicago Board of Trade (CBOE) as investors; and N\u00faclea, the registrar for large banks with 90% of the card market.<\/p>\n\n
Carlos Ferreira, who was XP’s controlling partner, says that technological evolution has been one of the main pillars for building strategies to enter the stock market and compete with an incumbent, B3. \u201cIf this same idea had come up ten years ago, we might have been frustrated,\u201d 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.<\/p>\n\n
“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. \u201cOur intention is to be one of those lean companies,\u201d said Ferreira.<\/p>\n\n
For Ferreira, the biggest competition from new entrants is in relation to B3. Between them, according to the businessman, opportunities open up. \u201cEveryone is looking for a segment, and there’s a market for everyone; it’s an opportunity for partnership in the future,\u201d he adds.<\/p>\n","protected":false},"excerpt":{"rendered":"
The new derivatives exchange, founded by former XP partners and Nilson Monteiro (Ideal), will debut in 2026 with R$200 million raised. A5X aims to fill gaps in the Brazilian market \u2014 such as foreign exchange options \u2014 and promises to operate in a leaner, more technologically advanced manner, targeting a space currently dominated by B3.<\/p>\n","protected":false},"author":2,"featured_media":1402,"comment_status":"open","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[39],"class_list":["post-1612","imprensa","type-imprensa","status-publish","has-post-thumbnail","hentry","category-inthemedia"],"yoast_head":"\n