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Value Chain Analysis of the Financial System Infrastructure in Brazil.

Commercial Relationships

The Financial System Infrastructure (FSI) in Brazil is characterized by a complex web of commercial relationships spanning its various interconnected stages. These relationships are fundamental to the flow of financial transactions, information, and value across the ecosystem. At the core, these interactions involve the exchange of services for fees, the management of risk through collateral and guarantees, and the establishment of contractual agreements that define roles, responsibilities, and commercial terms.

In the Origination and Structuring of Financial Instruments phase, the primary commercial relationship exists between issuers (corporations, governments, development banks) and financial institutions (investment banks, brokerage firms). Issuers contract these financial institutions to advise on the type and structure of financial instruments, assist with legal and regulatory documentation, underwrite the issuance (committing to buy unsold portions), and distribute the securities to investors. The business model here is largely fee-based, with financial institutions charging fees for advisory services, underwriting, and placement of securities. Development banks like BNDES often establish long-term financing relationships with corporations for specific projects, which may involve structured debt or equity participation. Funds and large investors engage with issuers or their representatives to participate in primary market offerings, transferring capital in exchange for the newly issued securities.

Trading and Execution involves interactions between investors (institutional and retail), brokerage firms/dealers, and exchange/OTC market operators (like B3). Investors place buy or sell orders through brokerage firms, who act as intermediaries. Brokerage firms connect to the trading platforms provided by exchanges or execute trades directly with other dealers in the OTC market. Commercial relationships here are primarily transactional. Brokerage firms charge commissions or fees to investors for executing trades. Exchanges charge fees to brokerage firms and participants for access to their platforms, data services, and execution facilities, often based on trading volume. Dealers in the OTC market profit from the spread between buying and selling prices or through fees for customized transactions.

Clearing is dominated by the relationship between clearing houses (CCPs like B3's clearing services and Nuclea) and their participants (typically financial institutions, brokerage firms, and large corporations). Participants are commercially bound by the rules and margining requirements of the clearing house. They pay fees for clearing services, which cover transaction processing, risk management, and default fund contributions. The clearing house's business model relies on these fees, investment income from collateral held, and potentially fees for data services. The relationship is highly regulated, with strict requirements on participant capital and operational capabilities. Clearing houses provide a critical service of counterparty risk mitigation, acting as the central buyer to every seller and seller to every buyer, thereby guaranteeing trade completion.

In the Settlement stage, the key relationships are between settlement system operators (Selic, B3, BCB's STR and SPI, Nuclea) and settlement participants (financial institutions, other IMFs). Participants send settlement instructions to the systems, which then facilitate the final transfer of assets and funds. Commercial terms involve fees charged by the settlement system operators for processing transactions, maintaining accounts (for securities or funds), and providing delivery-versus-payment (DVP) mechanisms. The BCB, operating STR and SPI, provides core payment infrastructure to financial institutions, who in turn provide payment services to their customers. Nuclea charges fees to participants for settling electronic payments, including interbank and card-based transactions.

Custody and Asset Servicing involves relationships between asset owners (investors, funds) and custodians (Central Securities Depositories like B3 and Selic, and custodian banks). Asset owners contract custodians to hold their securities, maintain records, and provide related services. Custodians charge safekeeping fees, often based on the value of assets held, and service fees for managing corporate actions (dividends, splits), proxy voting, and tax reporting. Sub-custodians, typically local banks, have commercial agreements with foreign custodians to hold and service assets on behalf of international investors, charging fees for their local services. Laqus, as a new central depository, competes with B3 for these services.

The Registry phase involves a direct commercial relationship between entities requiring formal registration of financial assets (e.g., originators of receivables, banks providing credit backed by receivables) and authorized registrars (Nuclea, CERC, TAG, CRDC, SPC Grafeno). These entities pay fees to the registrars for recording asset information, ownership, and any associated liens or encumbrances. The registrars' business model is based on charging these registration and maintenance fees, often per asset registered or based on volume. This service is crucial for providing legal certainty and enabling the securitization and negotiation of assets like electronic receivables.

Payments Processing involves a complex ecosystem of relationships: between the BCB and participating financial institutions (for STR and SPI); between financial institutions and payment schemes (Visa, Mastercard, Elo); between payment schemes and acquirers (Cielo, Rede, Stone); between acquirers and merchants; and between issuers (banks, payment institutions) and cardholders/account holders. Payment institutions (acquirers, issuers, payment facilitators) contract with Nuclea for clearing and settlement of certain payment streams (like cards and boletos). Commercial relationships are varied: banks pay fees to the BCB for access to core payment systems; acquirers pay fees to card schemes and issuers (interchange fees); merchants pay transaction fees to acquirers; issuers charge fees to cardholders (annual fees, transaction fees) and earn interchange fees; payment institutions pay fees to Nuclea for processing. Fintechs play a significant role, offering direct payment solutions to consumers and businesses and integrating with the broader payment infrastructure.

Risk Management is primarily an internal function within financial institutions and IMFs, but it also involves commercial relationships with external providers. Institutions purchase risk management software and services from technology companies, subscribe to data and analytics from providers, and engage consulting firms for risk modeling and strategy. Credit rating agencies are contracted by issuers to rate their securities, providing information crucial for investors and market pricing. Regulatory bodies (BCB, CVM) establish the framework but do not have direct commercial relationships with supervised entities for this function, although compliance costs are significant.

Regulation and Supervision involves the relationship between regulatory bodies (BCB, CVM, CMN) and regulated entities (banks, IMFs, brokerage firms, etc.). This is not a commercial relationship in the traditional sense, as regulators do not charge fees for supervision itself, but regulated entities incur significant compliance costs to adhere to regulations. Regulatory bodies have relationships with international standard-setting bodies, participating in discussions and aligning domestic regulations. The National Congress establishes the legal foundation.

Technology and Innovation sees diverse commercial interactions. Financial institutions, IMFs, and fintechs purchase hardware, software, cloud computing services, and cybersecurity solutions from technology companies. Fintechs partner with established financial institutions to offer new services (BaaS - Banking as a Service). Data and connectivity providers sell their services to various FSI participants. Research institutions may be contracted for specific R&D projects. The business models range from licensing fees for software, subscription fees for cloud services, usage-based fees for data and connectivity, to partnership revenue-sharing agreements between fintechs and banks.

In summary, the commercial relationships within the Brazilian FSI value chain are driven by the need for specialized services (underwriting, trading, clearing, settlement, custody, registry, payments processing, risk management, technology), data, and regulatory compliance. These relationships are formalized through contracts and underpinned by fee-based models, transaction-based pricing, and risk-sharing mechanisms like margining.

Products and Services Exchanged

Along each step of the Financial System Infrastructure value chain in Brazil, a specific set of products and services are exchanged between the participating players. These exchanges facilitate the movement, management, and transformation of financial assets and information.

In Origination and Structuring, the primary products are the newly created financial instruments themselves, such as corporate bonds, government securities (like Tesouro Direto), equities (stocks), derivatives, and structured products. The services exchanged by financial institutions to issuers include financial advisory (on market conditions, instrument choice, pricing), structuring services (designing the terms and features of the instrument), legal and regulatory assistance (preparing prospectuses, obtaining CVM approval), underwriting (committing to purchase the securities), and distribution (selling the securities to investors). For securitization, the service involves pooling illiquid assets (like receivables) and transforming them into marketable securities.

Trading and Execution involves the exchange of existing financial instruments. Investors exchange cash for securities when buying, and securities for cash when selling. The services provided by brokerage firms and dealers include order routing (transmitting buy/sell orders to the market), execution (matching buyers and sellers), market making (providing liquidity by quoting bid and ask prices), research and market data provision, and access to trading platforms. Exchanges and OTC platforms provide the infrastructure for these exchanges, offering services like order matching systems, trade reporting, and real-time market data feeds.

The key service exchanged in Clearing is the guarantee of trade completion and the mitigation of counterparty risk. Clearing houses (CCPs) step in as the central counterparty, becoming the buyer to every seller and the seller to every buyer. Participants exchange trade information with the clearing house for confirmation and matching. They also exchange collateral (margins) with the clearing house as a form of guarantee against potential default. The clearing house provides netting services, consolidating multiple transactions into a single net obligation for settlement, reducing the number of transfers required.

In Settlement, the core products exchanged are the financial assets (securities) and funds (money). Settlement systems facilitate the irrevocable transfer of ownership of securities from the seller's account to the buyer's account, and the simultaneous transfer of the corresponding funds from the buyer's cash account to the seller's cash account (Delivery Versus Payment - DVP). Services provided by settlement system operators include account maintenance (for securities and cash), processing of settlement instructions, ensuring the finality of transfers, and providing reporting on settled transactions. The BCB's STR system facilitates the exchange of large-value funds between financial institutions. Nuclea settles electronic payments, enabling the transfer of funds for card transactions, boletos, etc.

Custody and Asset Servicing involves the safekeeping of financial assets on behalf of their owners. Custodians provide services such as holding securities in electronic form (dematerialization), maintaining records of ownership, processing corporate actions (e.g., receiving dividends or interest payments, handling stock splits or bonus issues), facilitating proxy voting, providing tax information and services, and offering reporting on asset holdings and transactions.

In the Registry phase, the product being "exchanged" is essentially certified information about financial assets. Entities requiring registration (e.g., originators of receivables) provide information about the assets (issuer, owner, value, maturity, etc.) to the authorized registrars. The registrars, in turn, provide the service of officially recording this information in electronic systems, maintaining an accurate and verifiable record. They also provide the service of registering and managing information about liens, pledges, and other encumbrances on these assets, and providing access to authorized parties to consult this information, which is crucial for granting credit against these assets.

Payments Processing involves the exchange of payment instructions and the subsequent transfer of funds. Products include various payment methods like Pix, credit transfers (TED, DOC), boleto bancário, and card transactions (credit, debit, pre-paid). Services provided by participants include payment initiation (sending a payment order), payment processing (routing and authorizing transactions), fund transfer (moving money between accounts), reconciliation services, fraud monitoring and prevention, and providing payment infrastructure and connectivity. Payment gateways and processors offer services to merchants and businesses to accept various forms of electronic payments.

Risk Management involves the exchange of risk information and mitigation services. Financial institutions and IMFs exchange data internally and externally to assess credit, market, liquidity, and operational risks. They utilize risk management software and analytical tools. Credit rating agencies provide credit risk assessments (ratings) of issuers and securities. Consulting firms offer advisory services on risk modeling, stress testing, and regulatory compliance related to risk. Technology providers offer software and systems for risk measurement, monitoring, and reporting.

Regulation and Supervision involves the exchange of information and compliance efforts. Regulated entities provide reports, data, and documentation to regulatory bodies (BCB, CVM). Regulatory bodies provide regulations, guidelines, and instructions to regulated entities. While not a direct commercial exchange, there is an implicit exchange of compliance (by the regulated) for market stability and integrity (provided by the regulator).

Technology and Innovation involves the exchange of technological solutions, data, and expertise. Technology companies provide software, hardware, network infrastructure, and cloud services to FSI participants. Fintechs offer innovative platforms and applications for various financial services. Data providers sell financial data, market data, and analytical insights. Consultancy services related to technology implementation and digital transformation are also exchanged. The development and adoption of new technologies like Pix, Open Finance, and DREX represent the "product" of innovation being integrated into the FSI.

Overall, the products and services exchanged across the value chain are diverse, ranging from tangible financial instruments to intangible services like risk management, data provision, and the critical infrastructure that enables the entire system to function.

Business Models

The business models within the Brazilian Financial System Infrastructure value chain are varied, reflecting the different roles and activities of the participants. These models are designed to generate revenue while managing risks and providing essential services.

In Origination and Structuring, financial institutions primarily operate on a fee-based model. They charge issuers fees for their investment banking services, including advisory fees, underwriting fees (which can be a percentage of the issue size), and placement fees for distributing securities. For complex structured products or securitizations, fees are also charged for the design and arrangement of these instruments. Development banks like BNDES may operate with a mandate-driven model, providing financing at preferential rates for strategic projects, often recovering costs and generating a return over the long term through interest payments and potentially equity gains.

Trading and Execution utilizes several business models. Brokerage firms and dealers primarily employ a commission or fee-per-transaction model, charging clients for each trade executed. They may also generate revenue through spreads in OTC markets, buying at a lower price and selling at a higher price. Market makers employ a similar spread-based model while providing liquidity. High-frequency trading firms utilize sophisticated algorithms to profit from tiny price discrepancies and arbitrage opportunities, operating on a high-volume, low-margin algorithmic trading model. Exchanges like B3 operate on an access and transaction fee model, charging members for connectivity to their platforms, fees per trade executed (often based on volume and value), and fees for market data subscriptions.

Clearing houses (CCPs) primarily use a fee-for-service model. They charge clearing participants fees for each transaction cleared, fees for managing collateral (margining), and contributions to default funds. They also generate revenue from investing the collateral held. Their business model is heavily reliant on transaction volumes and the effective management of risk, as defaults can result in significant losses.

Settlement system operators, similar to clearing houses, operate on a fee-per-transaction or account maintenance fee model. Selic and B3 charge fees for settling securities transactions and maintaining securities accounts. The BCB charges fees to financial institutions for using the STR large-value payment system. Nuclea charges fees to participants (banks, payment institutions) for settling electronic payments. Their revenue is directly tied to the volume and value of transactions processed through their systems.

Custody and Asset Servicing primarily utilizes a fee-based model, often linked to asset value. Custodians charge safekeeping fees, typically calculated as a percentage of the value of assets under custody. They also charge service fees for specific activities like processing corporate actions, proxy voting, and reporting. This creates a recurring revenue stream based on the size of the asset base. Sub-custodians charge similar fees to the foreign custodians they serve.

The Registry function operates on a fee-for-service model. Authorized registrars charge entities fees for the registration of financial assets, such as receivables. These fees can be charged per asset registered, on a recurring basis for maintaining the registration, or based on the volume of assets registered. Their business model depends on the volume of assets requiring formal electronic registration, driven by regulatory requirements and market practices (e.g., using receivables as collateral).

Payments Processing involves a diverse range of business models. Central Banks (BCB) provide core infrastructure (STR, SPI) on a utility-like model, charging fees to participants to cover operational costs. Commercial banks and payment institutions have multiple models: interchange fees (earned by issuers from acquirers in card transactions), merchant discount rates (paid by merchants to acquirers), transaction fees (charged to customers for specific payment services), subscription fees (for payment platforms or services), and payment facilitation fees (charged by platforms that aggregate payment methods). Card schemes (Visa, Mastercard, Elo) operate on a network fee model, charging fees to both issuers and acquirers for using their payment network and brand. Fintechs often use variations of these models, including transaction fees, subscription fees, and freemium models to attract users.

Risk Management relies heavily on internal cost centers within financial institutions and IMFs, but external providers operate on commercial models. Technology companies providing risk management software use licensing or subscription models. Data providers use subscription fees for access to their data feeds and analytical platforms. Consulting firms charge project-based or hourly fees for their advisory services. Credit rating agencies charge fees to issuers for rating their securities.

Regulation and Supervision is primarily a public function and not a commercial business model for the regulators themselves. However, regulated entities operate within a framework that imposes significant compliance costs, which are built into their overall business models and pricing structures.

Technology and Innovation involves various commercial models. Technology companies use software licensing, subscription models (SaaS - Software as a Service), and infrastructure-as-a-service (IaaS) models for cloud computing. Fintechs often use transaction fees, subscription fees, or partner with existing institutions for revenue sharing (BaaS). Consultancies in this space charge project-based or retainer fees.

In summary, the business models in the Brazilian FSI value chain are a mix of fee-based services (advisory, custody, registry), transaction-based revenue (trading commissions, clearing and settlement fees, payment processing fees), network fees (card schemes), and subscription/licensing models (technology, data). These models are shaped by the regulatory environment, the need for efficiency and risk management, and the increasing influence of technology and fintechs.

Bottlenecks and Challenges

Despite significant advancements and the presence of robust infrastructure in the Brazilian Financial System Infrastructure, several bottlenecks and challenges persist, impacting efficiency, cost, competition, and the pace of innovation.

One major challenge is the concentration of infrastructure in certain segments, particularly in capital markets (B3) and specific areas of payments and registry (Nuclea). While competition has increased in areas like payments and registration (with new registrars like CERC, TAG, CRDC, SPC Grafeno entering the market), the historical dominance of a few players can still present challenges regarding pricing, access, and the speed of adopting new technologies or processes that could challenge established systems. The lack of a truly competitive landscape in all core infrastructure layers can potentially limit innovation and maintain higher costs for participants and end-users.

Interoperability and standardization across different systems and platforms remain crucial areas for improvement, although initiatives like Pix and Open Finance are directly addressing this in the payments and data sharing domains. However, ensuring seamless interoperability between legacy systems and new technologies, and standardizing data formats and communication protocols across all value chain steps (from origination to custody and registry), is an ongoing challenge. Lack of full interoperability can create silos, increase operational complexity, and hinder the development of integrated financial services.

The cost of accessing and utilizing infrastructure services can be a bottleneck, particularly for smaller institutions and fintechs. Fees charged by exchanges, clearing houses, settlement systems, and registrars can be substantial, creating a barrier to entry or expansion for new players and potentially increasing the overall cost of financial transactions in the economy (the "Custo Brasil"). While regulators are mindful of this, balancing the need for infrastructure providers to invest in robust and secure systems with the goal of promoting competition and affordability is a delicate act.

Regulatory complexity and the pace of regulatory change can also pose challenges. While regulation is essential for stability, navigating a complex and evolving regulatory landscape requires significant resources for financial institutions and infrastructure providers. Delays in regulatory approvals for new products, services, or technological implementations can slow down innovation. Ensuring regulatory frameworks keep pace with technological advancements (like DLT and digital assets) is a continuous challenge for the BCB and CVM.

Cybersecurity and the increasing sophistication of fraud are ever-present threats and a major challenge across the entire value chain. As financial systems become more interconnected and reliant on technology, the attack surface expands. Protecting critical infrastructure, sensitive financial data, and individual transactions from cyber threats and fraud requires continuous investment in advanced security measures, threat intelligence, and collaborative efforts between all participants and regulators.

Legacy technology infrastructure within some established institutions and infrastructure providers can be a bottleneck to adopting newer, more efficient technologies. Replacing or upgrading core systems is complex, costly, and carries execution risks. This can create a digital divide between institutions with modern tech stacks and those reliant on older systems, impacting efficiency and the ability to offer innovative services.

Data management and privacy are growing concerns. With the increase in data sharing (driven by Open Finance) and the sheer volume of financial data generated, effectively managing, securing, and utilizing this data while complying with privacy regulations (like the LGPD) is a significant challenge. Ensuring data quality, governance, and ethical use is paramount.

Finally, while talent in the fintech sector is growing, there can be a shortage of skilled professionals with expertise in both finance and cutting-edge technology (AI, blockchain, cybersecurity) within the broader FSI, including traditional institutions and infrastructure providers. This can impact the ability to develop, implement, and maintain advanced financial infrastructure and innovative services.

Addressing these bottlenecks requires ongoing collaboration between regulators, established financial institutions, fintechs, and infrastructure providers to promote competition, enhance interoperability, optimize costs, strengthen cybersecurity, and foster a supportive environment for technological adoption and innovation.

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