CADE recommends conviction of B3 for anticompetitive practices in asset market

The Office of the Superintendent General at CADE (SG) recommended the conviction of B3 S.A. (Brasil, Bolsa, Balcão) for antitrust violation in a proceeding that investigated anticompetitive practices related to the provision of assets registration and deposit services in the financial and capital markets.

The investigation was launched in November 2022, after a complaint filed by CSD BR (Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A.), alleging conducts capable of hindering the entry and expansion of competitors in markets in which B3 holds a dominant position.

During the evidentiary phase, the SG analysed documents, contracts, statements from market players, and information provided by regulatory agencies, covering markets of financial assets registration, securities registration, insurance transaction registration, and related central securities depository services.

According to the Expert Opinion, the evidence indicates that B3 holds a dominant position in important segments of the financial market, and certain commercial and operational practices adopted by the company produced market foreclosure effects, affecting the performance of competitors.

The conducts include commercial policies that linked the granting of discounts and financial benefits to the concentration of registration and deposit volumes in the same infrastructure, thereby encouraging the concentration of operations at B3, increasing the costs of migration to competing infrastructures, in addition to customer loyalty strategies and obstacles to the implementation of interoperability solutions among competitors.

According to the SG, such conducts reinforced barriers to entry and expansion of rivals, reducing the ability to compete in markets that are essential to the functioning of the national financial system.

Based on the body of evidence, the SG recommended the conviction of the company, the implementation of fines and other applicable penalties, as well as the adoption of behavioural remedies to mitigate possible anticompetitive effects and promote more favourable conditions for competition, in accordance with Law 12529/2011.

Such recommendations are not final, and the records are to be forwarded to the Tribunal of CADE to be concluded.

Access Case No. 08700.000478/2024-30 and Expert Opinion No. 48/2026/CGAA11/SGA1/SG/CADE