The Financial Espresso "B3's sanction; New rules for PIX Tap-to-Pay; Bz ..."

Research evidence excerpt

The Financial Espresso "B3's sanction; New rules for PIX Tap-to-Pay; Bz ..."

Global Research

18 June 2026ab

The Financial Espresso Equities

Latin AmericaB3's sanction; New rules for PIX Tap-to-Pay; Bz

credit cards; Bradesco; Revolut's Click to Pay; Financial

Argentina KaioAnalystPrato

kaio.prato@ubs.com

+55-11-3513 6573

CADE appears inclined to sanction B3 in case with CSD due to alleged Thiago Batista, CFA

Analystanticompetitive practices

thiago.batista@ubs.com

According to Valor, CADE is nearing a decision to recommend the condemnation of +55-11-3513 6518

B3 for allegedly abusing its dominant position to obstruct CSD. The agency

Camila Azevedo

concluded the investigative phase last week and notified B3 to submit final

Associate Analyst

arguments within five business days, after which Cade is expected to publish its camila.azevedo@ubs.com

definitive findings (anticipated as early as next week, as per Valor). The case +55-11-2767 6881

originated in 2022 from a complaint by CSD BR, which alleged that B3 was leveraging

Bruno Kenji

its monopoly across trading, clearing, settlement, and asset custody markets to

artificially entrench its position in adjacent markets (registration segment), by bruno.kenji@ubs.com

raising rivals’ costs, erecting entry barriers, and creating lock-in mechanisms that +55-11-2767 6056

limit client choice. B3 responded that the administrative proceeding is limited in

Beatriz Shinye

scope to the registration market and reaffirmed its commitment to competition law

compliance; CSD did not comment by press time. Our take: Negative for B3. As the beatriz.shinye@ubs.com

article mentions, if upheld, the technical opinion goes to the Tribunal, which may +55-11-2767 6569

diverge. Potential sanctions includes fines and a mandatory cessation of the