By Brazil Stock Guide – B3 SA (B3SA3.SA), Brazil’s stock exchange operator, released its operating highlights for September 2025 in a market filing on Tuesday. The results showed a mixed picture: derivatives volumes contracted sharply, cash equities remained stable, and fixed income activity continued to expand.
According to the exchange, average daily derivatives volumes fell 12.6% from a year earlier. The steepest decline came from crypto futures, which plunged 46.5% year-on-year. Interest rate futures in reais dropped 13.4%, and currency contracts slipped 13.9%. Equity index derivatives were the exception, rising 1.9%.
Despite weaker volumes, average revenue per contract increased 5% to 1.34 reais, supported by higher returns in real-denominated interest rate futures and crypto futures. Over-the-counter derivatives issuance surged 20.8% year-on-year, reaching 1.63 trillion reais.
In cash equities, average daily trading volume was 22 billion reais, broadly unchanged from September 2024. Spot trading edged down 0.3%, while options advanced 5.2%. Equity forwards and futures plunged 24.7%. Market capitalization averaged 4.48 trillion reais, a 3.7% decline compared to a year earlier.
Fixed income and credit markets posted stronger results. New issuances totaled 1.79 trillion reais, up 12.6% year-on-year. Treasury bond program Tesouro Direto rose 34.7% to 184 billion reais, while securities lending contracts jumped 34.8% to 183 billion reais.
The number of individual investors on B3’s depository platform climbed to 5.39 million, an increase of 3.3% from the prior year. In its data analytics segment, financed vehicle contracts advanced 8.6%.