CSD BR, a clearinghouse that acts as an infrastructure for the registration, deposit and settlement of financial assets, and which is seeking a license to operate as an exchange, already accounts for around a third (31%) of the Brazilian over-the-counter swaps market without collateral. In 2023, the company’s market share was 12%.
According to CSD BR, the growth is linked to operational changes that made it possible to make operations previously considered more complex or expensive, such as credit derivatives, viable. The company says that automating operations on its platform has led to an average reduction of around 75% in registration costs compared to traditional models, which tends to be reflected in products for the end investor, such as investment funds and corporate clients.
“CSD BR’s growth in the swaps market is directly linked to the removal of operational barriers that historically made certain operations in Brazil unfeasible, whether operationally or financially”, says Daniel Miranda, CFO of CSD BR. “When infrastructure reduces complexity, costs fall and the market responds with more efficiency and more operations happening.”
The company has also recently expanded its scope to offer derivatives settlement services.
The gain in participation in swaps follows the growth in the total volume processed by the clearinghouse. At the beginning of January 2026, the stock of operations registered at CSD BR reached R$13 trillion.
In August last year, CSD BR announced an investment of R$100 million led by Citi, Morgan Stanley and UBS, and declared that it intended to expand its operations to the three levels of market infrastructure.
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In addition, the American Trading Service (ATS), which is now called Base Exchange and intends to focus on the spot market for shares; and A5X, initially focused on derivatives, are others that have already announced plans to create new exchanges in the country.
