B3 Week – EN – Content B3

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About the event

Aiming to connect non-resident investors with the Brazilian financial market, B3 Week 2025 will take place from September 8th to 11th in São Paulo. The event will offer a comprehensive immersion into Brazil’s capital market, fostering an agenda that brings these investors closer to the local landscape. Throughout the week, representatives from various institutions will have the opportunity to engage with key players in the Brazilian market, as well as exchange experiences between the international market and the local industry.

Please note that September 10th and 11th are exclusive for Sponsors and Proprietary Trading Groups

VISA
Brazil adopts a policy of reciprocity regarding visas. This means that nationals of countries that require visas for Brazilian citizens will need a visa to travel to Brazil. According to the Brazilian law, Brazil must agree, on a reciprocal basis, to offer visa waiver to nationals of another country, except for the hypotheses established in the Decree 9.731 / 2019. Brazil has signed visa exemption agreements with about 90 countries.

Read the Entry Visas to Brazil (QGRV) to find out if you need a visa to travel to Brazil.

2025 Agenda

September 8

Welcome Cocktail

September 9

Opening Remarks

Gilson Finkelsztain (CEO of B3)
Otto Lobo (President of CVM)
Keynote speaker: Marcos Pinto (Secretary of Economic Reforms of the Ministry of Finance)

Trading Strategies: What Are the Trends for the Brazilian and International Markets?

This panel will explore how potential volatility movements and monetary policy shifts, influenced by the Trump agenda and the upcoming Brazilian elections in 2026, may impact financial market strategies. Panelists will discuss allocation trends, the use of financial products both in Brazil and internationally, and what needs to be developed to make the local financial market more attractive.

Moderator: Luiz Masagão (B3)
Ricardo Nuno (Itaú)
Felipe Guerra (Legacy)
Leandro Marinho (Optiver)

Fireside Chat Sponsored by XP: Brazilian Political Landscape: Implications for the Financial Market

In this panel, the XP Head of Political Analysis and the XP Macro Strategist will address the current state of the 2026 presidential race and the importance of the election calendar in determining market reactions. They will discuss the formation of the slate of candidates, the theme of this election, voters’ demands, the likely outcome of the congressional race, and what to expect in terms of market volatility.

Speakers:

Paulo Gama (XP)
Victor Scalet (XP)

New Approaches to Trade Fixed Income in the Brazilian Market

This panel aims to discuss the pros and cons of the current fixed income market structure (both public and private), examining the opportunities and challenges present. The conversation will extend to the challenges of electronification in Brazil, exploring the benefits it may bring and how international experiences with electronic fixed income markets can inform the Brazilian context.

Moderator: Claudia Bortoletto (B3)
Ricardo Eleutério (BRAM)
Sean Ballard (Jump Trading)
Rafael Andrade (Santander)

Fireside Chat Sponsored by Tooq: The shape of electronic trading technology in the AI era

Speakers:

Alan Bondesan de Maria (Tooq)
Ítalo Dias (XP)

Topics:

Performance-driven trading infrastructure: When and where latency matters? What are the core architecture and observability tools for an effective stack. What part of stacks gives the most leverage by optimizing performance?
AI in Electronic Trading: Can AI help in pre/post trade risk, execution, routing logic? Where do AI tools make their way into the current workflows? What are the risks and opportunities?- The future: what is overhyped vs. underrated in tech for trading? What do the next two years look like with LLMs-based trading agents? Advice for buy-sides entering the region.

Empowered Customer Journey in Retail Trading: Product Innovation, Distribution and Behavior

This panel will explore the dynamic landscape of retail trading, focusing on key factors influencing investor behavior. Panelists will share their insights on current trends in innovative products. The discussion will address the appeal of these products, the challenges faced by retail investors, and how these elements shape their trading decisions. Specific topics will include behavior on decision-making and its impact on investment strategies, the relevance of product innovations to retail investors, and the barriers that retail investors encounter in the trading environment. This conversation aims to provide a comprehensive overview of the retail trading landscape and its future direction.

Moderator: Felipe Paiva (B3)
Paula Englert (BOX1824)
Judith Casasampere (Interactive Brokers)
Felipe Miranda (Empiricus)
Jonathan Zaionz (Citadel)

Closing Remarks

Sergio Gullo (B3)

September 10

Masterclasses

Opening Remarks

Fixed Income

Speakers:

Fernando Bianchini (B3)
Ana Luisa Rodela Blanco (BRAM)
Fayga Delbem (Itaú)
Vivian Lee

Topics:

Showcasing TradeMate – Eletronic Trading
General Overview of the Fixed Income Market
Importance of Market Makers
Operational Costs
Impact of having a better Diversity of Players in the Market
Products and Portfolio Management
Post Trade

Equity Derivatives

Speakers:

Pietro Amado (B3)
Renato Munhoz (B3)

Topics:

Introduction: General Overview of the Options Market
Order Book Liquidity: Main Statistics
Focus on Retail Investors (weekly vs. monthly)

Interest Rates

Speaker:

Thiago Marinheiro (Goldman Sachs)

Topics:

DAP onshore – brief overview – tenors/liquidity/volume/how it works (b3 to send slide)
Offshore inflation swaps
Difference between onshore and offshore contracts
Breakeven inflation
Local Corporate Bonds

Crypto

Speaker:

Samir Kerbage (Hashdex)

Topics:

The evolution of Crypto ETFs at B3
Growth data
CVM Norm 175
B3’s Pipeline
Addressable Market
Opportunities

Brazilian Macroeconomic Outlook – What to expect in 2026?

Speaker:

Luiz Cherman (Itaú)

Topics:

Activity: starting to slow down this year, but with an upward bias for 2026.
Inflation: still under pressure from a tight job market.
Monetary Policy: restrictive levels for ‘quite a long’ period. Are there conditions for a cut later this year?

Ps.: Optional Data Center visit after B3 Week Lunch

Only for Proprietary Trading Groups and sponsors.

September 11

Masterclasses

Opening Remarks

Cash Equities

Speaker:

Rodrigo Cardoso (Clube FII)
Bianca Maria Cezar Silva (B3)

Topics:

Introduction: Overview of the REIT Market
Market Liquidity and Statistics Focus on Retail Investors
Focus on Retail Investors

Strategic Market Insight with Unique Data

Speaker:

Gonzalo Martinez (Neoway)

Topics:

Data intelligence as a market strategy
B3 Market Data
How historical market data helps you validate your investment strategy
Learn about B3’s Historical Market Data (MDH)

Commodities

Speaker:

Ricardo Bamberg (B3)

Topics

Overview and highlight of commodities
The new gold derivatives
Market Maker Program

New Trading Network and Co-location B3

Speaker:

Eduardo Kashiwakura (B3)
Adeílson Rateiro (B3)

Topics

Project Overview
Key Deliverables Completed
Summary Timeline
Expected Benefits for HFT Clients
Closing and Invitation

Only for Proprietary Trading Groups and sponsors.

Speakers

Meet the confirmed names at B3 Week 2025

Gilson Finkelsztain

CEO of B3
Gilson Finkelsztain is the CEO of B3 since May 2017. From August 2013 to April 2017 he was CEO of Cetip S/A (Brazilian Central Securities Depository) and served as member of the Board of Directors of Cetip from 2011 to 2013, while working at Santander. Gilson has more than 20 years of experience in the financial and capital markets, always in global institutions such as Citigroup, J.P. Morgan, Bank of America Merrill Lynch and Santander, where he held different management positions related to Foreign Exchange, Fixed Income, Equities and Commodities. Gilson holds a Bachelor’s Degree in Civil and Production Engineering from Pontíficia Universidade Católica – PUC Rio de Janeiro (1994) with an extension in Advanced Management at INSEAD (2011).

Alan de Maria

CTO of Tooq Technology
Alan De Maria is the Chief Technology Officer and co-founder of Tooq Technology. He brings over a decade of experience in financial technology and software engineering. He was a Tech Lead at Itau Unibanco SA before joining Credit Suisse as a Software Engineer. He then served as Senior Software Engineer at LayerOne, a NY based company which was later acquired by JP Morgan. Drawing from his extensive experience in capital markets technology, he co-founded Tooq Technology to drive innovation in the sector. He holds a Bachelor's degree in Mechanical Engineering from UNICAMP and is currently pursuing a Master's in Applied Mathematics.

Ana Rodela

CFA at Bradesco Asset Management
Ana Rodela holds a degree in Business Administration from Mackenzie Presbyterian University and has been a CFA charterholder since 2017. She began her career as a credit analyst at Banco Santander Brazil. With over 19 years of experience in the market, she worked at Itaú Unibanco Asset and BRZ Investimentos in capital markets credit. She joined the credit analysis team at Bradesco Asset Management in 2013 and is currently the Director responsible for the management and analysis teams. Additionally, she participates in the Bloomberg Women's Buy-Side Network (BWBN), which aims to encourage female presence in asset management, and she is a director of the Association of Investors in the Capital Market (AMEC).

Claudia Bortoletto

Fixed Income Director at B3
She holds a postgraduate degree in Finance and has a degree in Business Administration. She worked for 20 years at the Santander group, with 15 years in the bank focusing on Derivatives and structured Treasury operations alongside Credit Markets, and in the last 5 years, she led Ebury, a Santander Spain investment specializing in international payments. She also worked at Citi for 10 years in Derivatives and Fixed Income Investments.

Fayga Czerniakowski Delbem

CFA
Partner and superintendent responsible for the Core Private Credit desk at Itaú Asset, managing R$ 500 billion across different strategies and credit risk mandates (from High Grade to High Yield). With over 15 years of experience in the market, she has been working at Itaú Asset since 2017, where she initially joined the team managing resources for the group's Insurance Company and Foundation, focusing on Private Credit investments. Previously, she was a credit manager at BRAM – Bradesco Asset and had a stint at Safra Bank's Asset Management. Fayga holds a degree in Business Administration from EAESP-FGV, a master's in Economics from EESP-FGV, and possesses CFA and CGA certifications. She has been a director of the Association of Capital Markets Investors (AMEC) since September 2024.

Felipe Paiva

Managing Director of B3
Felipe Paiva has a bachelor degrees in Business and a MBA in Finance from IBMEC São Paulo. Has atended Columbia University in the Advanced Management Program - AMP. Starts’ his career at BankBoston in 96' and joined B3 (former known as Bovespa) in 98'. In 2008 was designate as the Manager Director of B3 Central Securities Depositary and in 2012 the Relationship with Brokers and Market Data. Currently is the Managing Director responsible for Clients Relationship Management and Retail Investors and Financial Education Programs

Ítalo Dias

Head of Strats at XP
Currently serving as the Head of Strats at XP since December 2024. With a strong background in financial technology, held various leadership roles within the company in the last 5 years, including Head of Financial Tech and Head of AlgoTrading, where focused on risk systems, market data, order routing, and algorithmic trading. Leading XP to one of the largests Market Makers in Brazil, competing equaly with Virtu, IMC, Morgan and Optiver. Prior to his tenure at XP Inc., Italo was the Head of Crypto Tech Development at Dunamis Trading Group from January 2018 to September 2020, where he developed automated low-latency trading strategies for crypto assets across multiple exchanges. He also gained valuable experience as an Electronic Trading Specialist at Bradesco, where he developed solutions to connect clients to the Brazilian market, and as an Algorithm Developer at HSBC, where he automated low-latency strategies for both Brazilian and US markets.

Judith Casasampere

Global Institutional Sales at IBKR
I have been at IBKR for almost 25 years from IB-UK from 2001-2010 covering South European countries mainly and up to present, at IB-LLC in the USA from Greenwich Headquarters and from our Florida office mainly focused in growing Latin American clients, servicing fund managers and advisors as well as brokerage entities that look for advanced trading technology and competitive access to global markets’. Economist and Business Administration Degree from University of Barcelona, with also European Financial Analyst and European Financial Advisor Certificates. Enjoy mentoring, travelling but specially running and reading. It would be worth for you to see my profile at Linkedin

Leandro Marinho

Sales Trader at Optiver
Leandro Marinho is the institutional sales trader for Brazil at Optiver, based in Amsterdam. Since joining the firm in 2022, he has been the primary point of contact for Brazilian counterparties in single-stock and index options, actively pricing and facilitating trades across the market. He plays a key role in pricing macroeconomic and stock-specific events, leveraging market structure expertise to navigate volatility and support liquidity provision. Leandro has led multiple initiatives to expand Optiver’s footprint in Brazil, from broadening coverage and adding new instruments to improving internal processes that enhance responsiveness and execution quality. He collaborated closely with B3 on the introduction of weekly options, trading them from the first day of launch, and has contributed to a sustained increase in Optiver’s participation in Brazil’s block options market over the past three years. Before joining Optiver, Leandro spent a decade at Bradesco BBI in institutional sales trading, business development, and electronic client solutions. He is a member of B3’s Equity Chamber and is a consistent advocate for the development, liquidity, and global competitiveness of Brazil’s capital markets.

Luiz Masagão

Chief Product and Client Officer at B3
Luiz Masagão serves as the Chief Product and Client Officer at B3, the Brazilian stock exchange. He holds a bachelor's degree in Business Administration from Fundação Getúlio Vargas (FGV), specializing in derivatives, corporate finance, and capital markets. Masagão has extensive experience in finance and treasury, having held various responsible positions at companies such as Citibank, ING Bank, Morgan Stanley, and Santander Brasil. At Santander, he led the Treasury business in Latin America and later became the Global Head for Commodities. Prior to that, he managed the Treasury business at Santander Brazil, overseeing trading and sales activities across all segments of the bank. He also directed the sales and product departments within the Markets area, overseeing specialized teams and serving as part of the GB&M Executive Committee. Additionally, he led the desk for derivatives and deposits sales for Global Banking clients.

Marcos Pinto

Secretary of Economic Reforms of the Ministry of Finance
Holds a Doctorate in Law from the University of São Paulo (USP), a Master's in Law from Yale University, and a Master's in Economics and Finance from the Getúlio Vargas Foundation (FGV), where he also served as a professor of Corporate Law. He was a partner at Trindade Law Firm and Gávea Investimentos. He served on the Board of Directors of companies such as Hering, ALL, Unidas, Energisa, and BR Malls, among others, and was also a consultant for the Inter-American Development Bank (IDB). In public service, he was a director of the Securities and Exchange Commission (CVM) and chief of staff to the president of the National Bank for Economic and Social Development (BNDES). He has numerous publications in the fields of Corporate Governance, Law, and Public-Private Partnerships.

Otto Lobo

Chairman CVM
Otto holds a Bachelor of Laws from the Pontifical Catholic University of Rio de Janeiro, a Master of Laws (LL.M.) from the University of Miami, USA, and recently a PhD in Business Law at the University of São Paulo-USP. Mr. Lobo was a Member of the National Financial System Appeals Council (2015-2018). Otto is a Professor of Corporate Law and Capital Markets, teaching undergraduate and graduate courses (2009-2019) at FGV Rio. He is a Professor at EMERJ (Education of the Magistrates of the Court of Justice of the State of Rio de Janeiro), and Professor of Corporate Law at the Pontifical Catholic University of Rio de Janeiro since 2020. Mr. Lobo has practiced law, served as arbitrator, and expert witness on Corporate Law, Capital Markets, and Insolvency matters. Otto has authored books and articles on Corporate Law, Capital Markets, and Insolvency, and has spoken at conferences in Brazil and abroad.

Paula Englert

CEO of Box1824
Paula Englert is the CEO of Box1824, a strategic consultancy focused on mapping futures and translating insights into actionable business strategies for clients like Google, Nike, Netflix, AB InBev, and TikTok. With over 25 years of experience in national and international markets, she is passionate about understanding human behavior, business dynamics, and future trends. Paula holds a degree in Social Communication, a postgraduate degree in Group Psychology, and specializations in Sociology and Leadership from Harvard Business School. She was a columnist for Fast Company/Brazil and has spoken at prominent events such as SXSW and Web Summit Lisbon/Rio.

Ricardo Eleutério

Director of Bradesco Asset Management
With almost 30 years of experience in the financial industry, Ricardo began his career in 1993 at Banco Bradesco. He later held key positions at Citigroup and Western Asset Management. In 2011, he joined HSBC in the fiduciary segment, and by 2013, became part of HSBC Global Asset Management, where he served as Superintendent of Products, overseeing both local and offshore investment structures. Currently, Ricardo is the Director of Bradesco Asset Management. He holds a Bachelor's degree in Economics from São Judas University, a postgraduate degree from FIA/SP, and an MBA in Finance from IBMEC/SP.

Vivian Lee

Board of Directors of BWBN
Vivian Lee has more than 24 years in the Brazilian credit market. She was a partner, portfolio manager and co-CIO at Ibiuna Investimentos from 2020 to 2025. From 2013 to 2020, she was a research analyst and co-portfolio manager of credit funds at Itau Asset Management. Between 2007 and 2013, Vivian worked at Itaú BBA, in the Credit Department of Itaú’s investment bank. From 2002 to 2007, she worked at Banco Santander’s products department. Vivian started her career at BankBoston in 2000 in the Credit and Capital Markets area. She holds a Business Administration degree from FGV, a Graduate degree in Banking from Fundação Dom Cabral, a Master’s degree in Finance from Insper and the CFA and CGA certifications. Vivian is a member of the Board of Directors of BWBN (Bloomberg Women's Buy-side Network) and of the Investment and Credit Committee at Yunus Social Business Brazil. She is a student at OPM course at Harvard Business School.