Value Chain Definition on the Financial System Infrastructure in Brazil.¶

The Financial System Infrastructure (FSI) in Brazil is a complex and interconnected ecosystem vital for the smooth functioning of the national economy. It encompasses the systems, institutions, rules, and procedures that facilitate financial transactions, enable capital formation, manage risk, and ensure the stability of the financial markets. Unlike a linear manufacturing process, the FSI's value chain is a network of interdependent activities that collectively create value by reducing costs, mitigating risks, and increasing efficiency and transparency in financial operations.

Value Chain outline¶

The value chain of the Financial System Infrastructure in Brazil can be delineated into several key stages, reflecting the lifecycle of financial transactions and the essential support functions that underpin them. These stages, while presented sequentially, often involve continuous interaction and feedback loops among participants:

Origination and Structuring of Financial Instruments: The initial creation and design of financial assets and products.
Trading and Execution: The platforms and mechanisms where financial instruments are exchanged between buyers and sellers.
Clearing: The process of confirming, matching, and netting financial transactions prior to settlement.
Settlement: The final and irrevocable transfer of assets and funds between parties to a transaction.
Custody and Asset Servicing: The holding and administration of financial assets on behalf of owners.
Registry: The official recording of the existence, ownership, and characteristics of financial assets.
Payments Processing: The infrastructure and systems facilitating the movement of funds.
Risk Management: The identification, measurement, monitoring, and mitigation of financial and operational risks within the system.
Regulation and Supervision: The establishment and enforcement of rules and oversight to ensure stability, integrity, and fairness.
Technology and Innovation: The development and application of technological solutions to enhance efficiency, security, and introduce new services.

Identification and description of each step in the value chain.¶

1. Origination and Structuring of Financial Instruments:

Identification and description of segments: This initial step involves the creation of financial assets to meet funding needs or provide investment opportunities.
- Issuance of Debt and Equity: Companies and governments issuing bonds, stocks, and other securities.
- Creation of Derivatives and Structured Products: Designing complex financial instruments based on underlying assets.
- Securitization of Assets: Pooling and transforming illiquid assets (like receivables) into marketable securities.
List of types of players: Corporations, National Treasury, Development Banks (e.g., BNDES), Financial Institutions (Banks, Brokerage Firms), Securitization Companies, Funds.
Detailed description of the main activities within each segment:
- Issuance: Determining funding needs, structuring the terms of the financial instrument, preparing legal documentation, obtaining necessary approvals (e.g., from CVM for public offerings).
- Structuring: Designing the features and payoff profiles of complex instruments, often involving financial engineering expertise.
- Securitization: Acquiring pools of assets, structuring the securities backed by these assets, obtaining credit ratings, and arranging for their sale.
List examples of key players with detailed profiles:
- Large Corporations: Embraer (issuance of corporate bonds), Petrobras (issuance of equity and debt).
- National Treasury: Responsible for issuing federal government debt (e.g., Tesouro Direto program for retail investors).
- BNDES (Banco Nacional de Desenvolvimento Econômico e Social): A key player in financing infrastructure projects, often involved in structuring complex financing arrangements.
- Major Banks (e.g., Itaú BBA, Bradesco BBI, BTG Pactual): Provide investment banking services, assisting clients in the issuance and structuring of financial instruments.

2. Trading and Execution:

Identification and description of segments: This step is where the buying and selling of financial instruments occurs.
- Organized Markets (Exchanges): Centralized platforms with standardized rules and order matching.
- Over-the-Counter (OTC) Markets: Decentralized trading directly between counterparties.
List of types of players: Stock Exchanges, Futures and Commodities Exchanges, Brokerage Firms, Dealers, High-Frequency Trading Firms, Institutional and Retail Investors.
Detailed description of the main activities within each segment:
- Organized Markets: Providing electronic trading platforms, receiving and displaying orders, executing trades based on predefined rules, disseminating real-time market data.
- OTC Markets: Negotiating terms of bilateral transactions, executing trades via electronic platforms, phone, or messaging.
List examples of key players with detailed profiles:
- B3 (Brasil, Bolsa, Balcão): Operates the only stock, futures, commodities, and OTC fixed income and derivatives markets in Brazil. Provides trading platforms for various asset classes.
- Brokerage Firms and Dealers: Act as intermediaries for clients trading on exchanges and in OTC markets, providing liquidity and execution services. Examples include XP Investimentos, BTG Pactual digital, Guide Investimentos, banks with dealing desks.

3. Clearing:

Identification and description of segments: This step takes place after a trade is executed and involves the process of confirming the details of the transaction and preparing it for settlement.
- Transaction Confirmation and Matching: Verifying that the buyer and seller agree on the terms of the trade.
- Risk Management (Margining): Calculating and collecting collateral (margins) from participants to cover potential losses in case of default, especially for derivatives and securities.
- Netting: Consolidating multiple transactions between parties into a single net obligation, reducing the number and value of transfers required for settlement.
List of types of players: Clearing Houses (often operating as Central Counterparties - CCPs).
Detailed description of the main activities within each segment: Acting as a central counterparty (CCP) by becoming the buyer to every seller and the seller to every buyer, thereby guaranteeing the trade; managing the risks associated with participant defaults through margining and default funds; facilitating the multilateral netting of obligations.
List examples of key players with detailed profiles:
- B3 (as a Clearing House): Operates clearing services for the markets it hosts (equities, derivatives, fixed income). It acts as a CCP for many of these transactions.
- Nuclea (formerly CIP): Provides clearing services primarily for electronic payments and card transactions.
- Selic: While primarily a settlement and custody system, its operations involve processes akin to clearing for government securities.

4. Settlement:

Identification and description of segments: This is the final stage where the ownership of assets and the corresponding funds are transferred between the transacting parties.
- Securities Settlement Systems (SSS): Systems that facilitate the transfer of securities.
- Fund Settlement Systems (Payment Systems): Systems that facilitate the transfer of the monetary value of the transaction.
- Delivery Versus Payment (DVP): Mechanisms that ensure the simultaneous transfer of securities and funds, eliminating principal risk.
List of types of players: Central Securities Depositories (operating SSS), Central Banks (operating large-value payment systems), Clearing Houses (often integrating clearing and settlement).
Detailed description of the main activities within each segment: Receiving settlement instructions from clearing houses or participants; debiting and crediting securities accounts and cash accounts; ensuring the finality and irrevocability of transfers, often in real-time (Gross Settlement Systems) or through multilateral netting (Net Settlement Systems).
List examples of key players with detailed profiles:
- Selic: The primary system for the settlement of federal government securities, operating on a real-time gross settlement (RTGS) basis with DVP.
- B3 (as a Settlement System Operator): Operates settlement systems for equities, derivatives, and other assets traded on its platforms, typically on a net settlement basis with DVP.
- STR (Sistema de Transferência de Reservas): Operated by the BCB, this is the Brazilian RTGS system for interbank fund transfers, crucial for the cash leg of securities settlement.
- Nuclea (formerly CIP): Provides settlement services for electronic payments, including the netting and settlement of transactions originating from payment arrangements like cards.

5. Custody and Asset Servicing:

Identification and description of segments: This step involves the safekeeping and administration of financial assets.
- Centralized Custody (CSDs): Holding dematerialized securities in a central location.
- Sub-custody: Local institutions holding assets on behalf of foreign custodians.
- Asset Servicing: Managing corporate actions, collecting income, and providing tax services related to held assets.
List of types of players: Central Securities Depositories, Banks (acting as custodians and sub-custodians), Brokerage Firms.
Detailed description of the main activities within each segment: Holding financial instruments securely; maintaining records of ownership; processing corporate events (dividend payments, bonus issues, rights offerings); facilitating proxy voting; providing reporting to beneficial owners; handling tax obligations related to assets.
List examples of key players with detailed profiles:
- B3 (as a Central Depository): Provides central depository services for equities, corporate bonds, and other fixed income securities traded on its markets.
- Selic: Acts as the central depository for federal government securities.
- Major Banks (e.g., Bradesco, Banco do Brasil, Itaú-Unibanco, Citibank, JP Morgan, BNP Paribas): Are major custodians and sub-custodians in Brazil, holding assets for both domestic and international investors.
- Laqus: An authorized central depository competing with B3.

6. Registry:

Identification and description of segments: This step involves the formal recording of financial assets and associated information in electronic systems.
- Registration of Specific Asset Classes: Maintaining electronic records for various types of financial assets, including those not held in central depositories.
- Recording of Liens and Encumbrances: Registering collateral and other burdens on financial assets.
List of types of players: Entities authorized by the BCB or CVM to operate electronic registration systems (Registradoras - TRs).
Detailed description of the main activities within each segment: Creating and maintaining electronic records of financial assets; recording key information such as issuer, owner, value, and maturity; registering and managing information about liens, pledges, and other encumbrances on registered assets; providing access to authorized parties for consultation and updates.
List examples of key players with detailed profiles:
- Nuclea (formerly CIP): A major player in the registration of financial assets, including electronic receivables (e.g., from cards and boletos) and other credit rights. Handles 100% of boleto registration.
- CERC (Central de Recebíveis): An authorized registrar specializing in the registration of receivables, crucial for the functioning of the credit market based on these assets.
- TAG: Another authorized entity for the registration of receivables.
- CRDC (Central de Registro de Direitos Creditórios): An authorized registrar for credit rights.
- SPC Grafeno: An authorized registrar that entered the market recently.

7. Payments Processing:

Identification and description of segments: This step focuses on the systems and networks that enable the transfer of funds and the completion of payment obligations.
- Large-Value Payment Systems: Systems for transferring large sums between financial institutions, typically for interbank settlement and high-value corporate payments.
- Retail Payment Systems: Systems for processing a high volume of low-value payments for consumers and businesses.
- Payment Gateways and Processors: Technology providers and institutions that facilitate online and point-of-sale payments.
- Payment Schemes/Arrangements: The rules, standards, and infrastructure for specific payment methods (e.g., credit cards, debit cards, Pix).
List of types of players: Central Banks (operating core payment systems), Commercial Banks, Payment Institutions (Acquirers, Issuers, Payment Facilitators), Card Schemes, Fintechs.
Detailed description of the main activities within each segment: Processing payment instructions, transferring funds between accounts, providing connectivity between payment participants, ensuring security and finality of payments, managing fraud prevention.
List examples of key players with detailed profiles:
- Banco Central do Brasil (BCB): Operates the STR (large-value) and SPI (Pix - instant payments) systems, which are central to the Brazilian payment infrastructure.
- Nuclea (formerly CIP): Provides infrastructure and processing services for various electronic payments, including boleto, TED, DOC, and card transactions.
- Commercial Banks: Participate directly in payment systems and offer a wide range of payment services to their customers.
- Payment Institutions (e.g., Acquirers, Issuers, Fintechs): Companies like Cielo, Rede, Getnet, Stone, PagSeguro, Nubank, Mercado Pago, and various payment facilitators and digital wallets that process payments and offer payment solutions.
- Card Schemes (e.g., Visa, Mastercard, Elo): Define the rules and operate the networks for card-based payments.

8. Risk Management:

Identification and description of segments: This critical function permeates all steps of the value chain, focusing on identifying, assessing, and mitigating potential risks.
- Credit Risk Management: Assessing the likelihood of borrowers or counterparties defaulting on their obligations.
- Market Risk Management: Managing potential losses due to adverse movements in market prices (interest rates, exchange rates, equity prices).
- Liquidity Risk Management: Ensuring institutions have sufficient liquid assets to meet their obligations.
- Operational Risk Management: Identifying and mitigating risks arising from internal processes, people, and systems.
- Cybersecurity and Fraud Prevention: Protecting against cyber threats and fraudulent activities.
List of types of players: All Financial Institutions, IMFs, Regulatory Bodies, Credit Rating Agencies, Consulting Firms, Technology Providers (specialized in risk solutions).
Detailed description of the main activities within each segment: Developing risk policies and frameworks; implementing risk measurement models (e.g., VaR); setting risk limits; conducting stress tests; monitoring risk exposures in real-time; developing and executing mitigation strategies; ensuring regulatory compliance for risk management; implementing robust cybersecurity measures and fraud detection systems.
List examples of key players with detailed profiles:
- Banco Central do Brasil (BCB): Sets prudential regulations for risk management by financial institutions and IMFs, and monitors systemic risk.
- IMFs (B3, Nuclea, Selic): Implement sophisticated risk management systems, including margining, collateral management, and default procedures, essential for maintaining market stability.
- Financial Institutions: Maintain dedicated risk management departments and invest in risk systems to manage their exposures.
- Credit Rating Agencies (e.g., Moody's, Standard & Poor's, Fitch): Provide assessments of creditworthiness for issuers and financial instruments.
- Technology Providers: Offer specialized software and solutions for risk management, fraud detection, and cybersecurity.

9. Regulation and Supervision:

Identification and description of segments: This foundational step involves the governmental and regulatory bodies that establish the legal and operational framework for the FSI and oversee its participants.
- Normative Bodies: Responsible for setting high-level policies and guidelines.
- Regulatory and Supervisory Bodies: Develop detailed regulations, authorize institutions, and monitor compliance.
List of types of players: Monetary Authority, Securities Regulator, Superintendencies (Insurance, Pension Funds), National Congress.
Detailed description of the main activities within each segment: Creating and updating laws and regulations governing financial markets, institutions, and instruments; authorizing financial institutions and IMFs to operate; conducting inspections and audits; enforcing compliance with rules; intervening in distressed institutions; promoting financial stability and consumer protection; aligning domestic regulations with international standards.
List examples of key players with detailed profiles:
- Banco Central do Brasil (BCB): The primary regulator and supervisor of banks, payment institutions, and core payment systems. Responsible for monetary policy and financial stability.
- Comissão de Valores Mobiliários (CVM): Regulates and supervises the Brazilian securities market and its participants, including exchanges, brokerage firms, asset managers, and public offerings.
- Conselho Monetário Nacional (CMN): Defines the overarching policies for the SFN.
- National Congress: Approves relevant legislation impacting the financial system, such as the legal framework for payment arrangements.

10. Technology and Innovation:

Identification and description of segments: This step encompasses the technological infrastructure and the ongoing drive for innovation within the FSI.
- Financial Technology (Fintech) Providers: Companies developing and offering technology solutions for financial services.
- Data and Connectivity Providers: Companies providing data services, network connectivity, and infrastructure (e.g., cloud computing) to the financial sector.
- Research and Development: Activities focused on exploring and implementing new technologies like AI, blockchain, and quantum computing in finance.
List of types of players: Fintechs, Technology Companies (software, hardware, cloud), Telecom Companies, Financial Institutions (investing in technology), Universities and Research Centers.
Detailed description of the main activities within each segment: Developing and maintaining core financial systems; creating innovative platforms for payments (Pix), lending, investments, and wealth management; providing secure and reliable network infrastructure; developing and implementing cybersecurity solutions; utilizing data analytics and artificial intelligence to improve services and risk management; exploring and adopting emerging technologies like blockchain and distributed ledger technology (DLT) (e.g., DREX).
List examples of key players with detailed profiles:
- Fintechs: A broad range of companies disrupting traditional financial services and developing new infrastructure components. Examples include Nubank, Stone, PagSeguro, Mercado Pago, QI Tech, Grafeno, Destrava Aí, Ebanx.
- Technology Companies: Providers of core banking software, payment processing platforms, cloud infrastructure, and cybersecurity solutions. Examples include TOTVS, Matera, large global technology firms.
- Financial Institutions: Increasingly investing in and developing their own technology capabilities and partnering with fintechs.
- B3 and Nuclea: Significant investors and developers of technology for market infrastructure and payments.

Show estimates of volumes and sizes of each step in the value chain.¶

While precise volume and size data for each distinct step of this granular value chain is not uniformly available across all segments and the most recent periods in the provided sources, the following information offers insights into the scale of activities within the Brazilian Financial System Infrastructure:

Payments Processing (Step 7): This is the area with the most readily available recent volume data.
- Total digital payment transactions (excluding cash) reached 138.2 billion in 2024, totaling R$ 116.8 trillion in financial volume.
- In the first half of 2024, digital payment transactions were 64.9 billion, with a volume of R$ 54.4 trillion.
- Pix has seen explosive growth, accounting for 39% of transaction quantity in 2023 and growing by 75% compared to 2022. Pix moved over R$ 26.4 trillion in 2024, a 52% increase from R$ 17 trillion in 2023.
- Card transactions (credit, debit, pre-paid) represented 41% of the quantity of digital transactions in 2023.
- TED transfers held the largest share of financial volume in the first half of 2024 (37.3%), with a high average value per transaction (R$ 49,914).
- Nuclea, a key payment infrastructure provider, processed over 29 billion operations with a volume exceeding R$ 18 trillion in 2023.
Custody and Asset Servicing (Step 5):
- Assets under custody in Brazil amounted to R$ 9 trillion in the first half of 2022.
Trading and Execution (Step 2):
- The average daily trading volume on B3 was R$ 23.4 billion in 2024 (as of Nov 29).
- Trading of federal government securities on B3's Trademate platform saw a volume of R$ 2.7 trillion in 2023 and nearly R$ 4 trillion since August 2023 until February 2025.
Origination and Structuring (Step 1):
- The issuance volume of incentivized debentures reached R$ 111.9 billion in 2024 (as of Nov 27), significantly higher than the R$ 67.8 billion issued in 2023.
Technology and Innovation (Step 10):
- The banking sector's annual IT investment reached R$ 39 billion in 2023.
- Open Finance had over 50 million integrated accounts as of January 2025.

Precise market share data for specific players within each segment (e.g., market share of individual clearing houses by volume cleared, market share of registrars by volume registered for specific asset classes) is not consistently provided in the search results with recent figures, beyond the general dominance of B3 in exchange trading and Selic in government securities, and Nuclea in boleto registration and card liquidation.

Value Chain Summary Table¶

Value Chain Step	Key Segments	Types of Players	Main Activities	Estimated Volumes/Sizes (Most Recent)
1. Origination and Structuring	Issuance of Debt and Equity, Creation of Derivatives, Securitization of Assets	Corporations, Governments, Development Banks, Financial Institutions, Securitization Companies, Funds	Structuring and issuing financial instruments, preparing documentation, obtaining approvals.	Incentivized debentures issued: R$ 111.9 billion (2024, as of Nov 27), R$ 67.8 billion (2023).
2. Trading and Execution	Organized Markets (Exchanges), Over-the-Counter (OTC) Markets	Stock Exchanges, Futures/Commodities Exchanges, Brokerage Firms, Dealers, Investors	Providing trading platforms, receiving and executing orders, disseminating market data.	B3 Avg. Daily Volume: R$ 23.4 billion (2024, as of Nov 29). Trademate (Public Securities) Volume: ~R$ 4 trillion (Aug 2023-Feb 2025), R$ 2.7 trillion (2023).
3. Clearing	Transaction Confirmation/Matching, Risk Management (Margining), Netting	Clearing Houses (CCPs)	Confirming trade details, managing counterparty risk via margining, netting obligations.	Part of IMFs' overall transaction processing; specific clearing volumes per institution not consistently detailed. Nuclea processed >29 billion operations (2023).
4. Settlement	Securities Settlement Systems (SSS), Fund Settlement Systems (Payment Systems), DVP	Central Securities Depositories, Central Banks, Clearing Houses	Final transfer of assets and funds, ensuring finality and irrevocability.	Selic (Government Securities), STR (Large-Value Funds), SPI (Pix Funds), B3 (Securities on Exchange), Nuclea (Electronic Payments). Total digital payments volume: R$ 116.8 trillion (2024).
5. Custody and Asset Servicing	Centralized Custody (CSDs), Sub-custody, Asset Servicing	Central Securities Depositories, Banks (Custodians/Sub-custodians), Brokerage Firms	Safekeeping of assets, maintaining records, managing corporate actions, providing reporting.	Assets under custody: R$ 9 trillion (H1 2022).
6. Registry	Registration of Assets, Recording of Liens/Encumbrances	Entities authorized by BCB/CVM (Registradoras - TRs)	Recording asset information, ownership, and burdens in electronic systems.	Nuclea handles 100% of boleto registration and 90% of card receivables liquidation (2023). Specific volumes for other registrars not detailed.
7. Payments Processing	Large-Value/Retail Payment Systems, Gateways/Processors, Payment Schemes	Central Banks, Commercial Banks, Payment Institutions (Acquirers, Issuers, Fintechs), Card Schemes	Enabling fund transfers, processing payment instructions, managing payment networks.	Total digital payments: 138.2 billion transactions, R$ 116.8 trillion (2024). Pix volume: >R$ 26.4 trillion (2024). Nuclea transaction volume: >R$ 18 trillion (2023).
8. Risk Management	Credit, Market, Liquidity, Operational Risk, Cybersecurity	All Financial Institutions, IMFs, Regulatory Bodies, Credit Rating Agencies, Consulting Firms, Technology Providers	Identifying, measuring, monitoring, and mitigating risks across the FSI.	N/A (Function/Process)
9. Regulation and Supervision	Normative Bodies, Regulatory/Supervisory Bodies	Monetary Authority, Securities Regulator, Superintendencies, National Congress	Establishing legal/operational framework, authorizing institutions, overseeing compliance, ensuring stability.	N/A (Governmental/Regulatory function)
10. Technology and Innovation	Fintech Providers, Data/Connectivity Providers, R&D	Fintechs, Technology Companies, Telecom Companies, Financial Institutions, Universities	Developing and implementing technological solutions, driving innovation (Pix, Open Finance, DREX, AI, Blockchain).	Bank IT investment: R$ 39 billion (2023). Open Finance: >50 million integrated accounts (Jan 2025).

Examples of Main Players¶

B3 (Brasil, Bolsa, Balcão): B3 is the central hub for capital markets infrastructure in Brazil, resulting from the merger of key market entities. It operates as an exchange, a central counterparty for clearing, a central securities depository for custody, and provides settlement systems for a wide range of financial instruments including equities, derivatives, fixed income, and commodities. B3 is also a significant technology provider for the Brazilian financial market.

Nuclea (formerly CIP - Câmara Interbancária de Pagamentos): Nuclea is a crucial infrastructure provider in the Brazilian payments and financial data ecosystem. It offers clearing and settlement services, particularly for electronic payments, and is the dominant player in the registration of financial receivables like those from card transactions and boletos. Nuclea's infrastructure is fundamental for the functioning of a large portion of retail and corporate payments in Brazil.

Selic (Sistema Especial de Liquidação e de Custódia): Managed and operated by the Banco Central do Brasil, the Selic is the central system for the custody and settlement of federal government securities. It provides a secure and efficient environment for the trading and settlement of public debt, operating on a real-time gross settlement basis, which is critical for monetary policy implementation and financial stability.

CERC (Central de Recebíveis): CERC is a key authorized financial asset registrar in Brazil, focusing on the registration of receivables. Its role is essential for enabling the use of receivables as collateral for credit operations, bringing transparency and reducing risk in this segment of the financial market.

Major Banks (e.g., Itaú Unibanco, Bradesco, Banco do Brasil, Santander): These large financial conglomerates are ubiquitous players across the financial system infrastructure. They are direct participants in payment and settlement systems, major providers of custody and asset servicing, active in the origination, trading, and distribution of financial instruments, and maintain extensive internal risk management and technology infrastructures. They also play a significant role in the Open Finance ecosystem.

Payment Institutions and Fintechs (e.g., Cielo, Rede, Stone, PagSeguro, Nubank): This diverse group of players, encompassing acquirers, issuers, payment facilitators, and digital banks, is a major force in the Payments Processing step and increasingly in other areas like Origination (lending) and Custody (digital accounts). They leverage technology to offer innovative payment solutions (including Pix and digital wallets) and financial services, challenging traditional models and driving financial inclusion.

Volumes and Sizes¶

Estimates of volumes and sizes based on available recent data include:

Total Digital Payments (2024): 138.2 billion transactions, R$ 116.8 trillion volume.
Pix Volume (2024): >R$ 26.4 trillion.
Nuclea Volume (2023): >R$ 18 trillion (financial volume), >29 billion operations.
B3 Average Daily Trading Volume (2024): R$ 23.4 billion (equities, as of Nov 29).
Trademate (Public Securities) Volume (2023): R$ 2.7 trillion.
Assets Under Custody (H1 2022): R$ 9 trillion.
Incentivized Debentures Issued (2024, as of Nov 27): R$ 111.9 billion.
Bank IT Investment (2023): R$ 39 billion.
Open Finance (Jan 2025): >50 million integrated accounts.

Market share data is limited, but notable figures include the concentration of assets among the top 4 custodians (68.4% in H1 2022) and Nuclea's significant market share in specific registration and liquidation activities. The acquiring market saw the combined market share of Cielo and Rede decrease to below 50% by the end of 2021.

References¶

Banco Central do Brasil: Infraestruturas do mercado financeiro. https://www.bcb.gov.br/estabilidadefinanceira/infraestruturasmercado
Banco Central do Brasil: Sistema de Pagamentos Brasileiro (SPB). https://www.bcb.gov.br/estabilidadefinanceira/sistemadepagamentosbrasileiro
Banco Central do Brasil: Supervisão do Sistema Financeiro. https://www.bcb.gov.br/estabilidadefinanceira/supervisao
Banco Central do Brasil: Sistema Especial de Liquidação e de Custódia (Selic). https://www.bcb.gov.br/estabilidadefinanceira/selic
Nuclea RI: Núclea, antiga CIP, entra para associação da criptoeconomia. https://ri.nuclea.com.br/noticias/nuclea-antiga-cip-entra-para-associacao-da-criptoeconomia/
TAG IMF: Infraestrutura do Mercado Financeiro: entenda a importância das IMFs. https://taginfraestrutura.com.br/infraestrutura-do-mercado-financeiro-entenda-a-importancia-das-imfs/
CERC: Infraestruturas do Mercado Financeiro (IMF). https://cerc.inf.br/sobre-imf/
Destrava Aí YouTube: Conheça as registradoras de recebíveis autorizadas pelo BACEN - CERC, B3, CRDC, Nuclea e Tag. https://www.youtube.com/watch?v=y2s_FqgW0eE
ANBIMA: Brasil tem R$ 9 trilhões em ativos custodiados. https://www.anbima.com.br/pt_br/noticias/brasil-tem-r-9-trilhoes-em-ativos-custodiados.html
Revista Investidor Institucional: Ativos sob custódia superam o PIB brasileiro. https://ii.com.br/ativo-sob-custodia-superam-o-pib-brasileiro/
TopInvest: Clearing: o que é, qual a importância e como funciona. https://www.maisretorno.com/blog/termos/c/clearing-house
Empiricus: CETIP: saiba como funciona a principal custodiante do mercado. https://www.empiricus.com.br/exponencial/o-que-e-cetip/
CRDC: Registradoras de Recebíveis – O Que São e Como Impactam Seu Negócio. https://crdc.com.br/blog/registradoras-de-recebiveis-o-que-sao-e-como-impactam-seu-negocio/
InfinitePay: O que são as Registradoras de Recebíveis?. https://ajuda.infinitepay.io/pt-br/articles/6517177-o-que-sao-as-registradoras-de-recebiveis
Destrava Aí: Conheça 5 registradoras de recebíveis autorizadas pelo Banco Central. https://blog.destrava.ai/registradoras-de-recebiveis/
Finsiders Brasil: BC aprova nova registradora SPC Grafeno; Adyen e Zapay são autorizadas como IP. https://www.finsiders.com.br/noticias/regulacao/bc-aprova-nova-registradora-spc-grafeno-adyen-e-zapay-sao-autorizadas-como-ip/
BCB: BC passa a disponibilizar as Estatísticas de Pagamentos de Varejo e de Cartões no Brasil em seu Portal de Dados Abertos. https://www.bcb.gov.br/detalhenoticia/13233/TextoFCom
Finsiders Brasil: Quantidade de pagamentos digitais cresce 31% no primeiro semestre. https://www.finsiders.com.br/noticias/pagamentos/quantidade-de-pagamentos-digitais-cresce-31-no-primeiro-semestre-do-ano/
Instituto Propague: Pix eleva movimentação via iniciação de pagamento a nível recorde. https://institutopropague.org/noticias/pix-eleva-movimentacao-via-iniciacao-de-pagamento-a-nivel-recorde/
FEBRABAN Notícias: Pix é o meio de pagamento mais usado no Brasil em 2023; TED lidera em valores transacionados. https://quantoplan.febraban.org.br/noticias/pix-e-o-meio-de-pagamento-mais-usado-no-brasil-em-2023-ted-lidera-em-valores-transacionados
Money Times: B3 (B3SA3): Volume financeiro médio diário cresce 4,1% em abril, para R$ 25,6 bilhões. https://www.moneytimes.com.br/b3-b3sa3-volume-financeiro-medio-diario-cresce-41-em-abril-para-r-256-bilhoes/
Mais Retorno: Tesouro escolhe Trademate, da B3, como plataforma para negociação de títulos públicos. https://conteudos.maisretorno.com.br/noticias/tesouro-escolhe-trademate-da-b3-como-plataforma-para-negociacao-de-titulos-publicos
ANBIMA Data: Volume emitido de incentivadas supera em 65% o total de 2023. https://data.anbima.com.br/debentures/volume-emitido-debentures-incentivadas-supera-2023
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Estudo market share de bancos: em 5 anos, bancos tradicionais têm queda de 57%. https://materiais.idwall.com/market-share-bancos
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