The Financial Espresso "XP's stake in A5X; BB; Credit growth in May; BMG;..."

Research evidence excerpt

The Financial Espresso "XP's stake in A5X; BB; Credit growth in May; BMG;..."

Global Research

29 June 2026ab

The Financial Espresso Equities

Latin AmericaXP's stake in A5X; BB; Credit growth in May;

BMG; SME financing in Argentina Financial

Kaio Prato

Analyst

kaio.prato@ubs.com

XP acquires minority stake in A5X +55-11-3513 6573

According to O Globo, XP has acquired a minority stake in A5X, the new exchange Thiago Batista, CFA

focused on derivatives and futures trading. The investment provides additional Analyst

funding for A5X’s pre-operational phase while bringing the endorsement of one of thiago.batista@ubs.com

the country’s largest brokerage platforms, potentially strengthening its ability to +55-11-3513 6518

attract market participants and liquidity ahead of launch. Founded by former XP Camila Azevedo

executives, A5X is backed by a consortium of local and international financial Associate Analyst

players, including Ideal, ABN AMRO Clearing, IMC Trading and XTX Markets. The camila.azevedo@ubs.com

exchange plans to offer derivatives linked to equities, interest rates, FX and digital +55-11-2767 6881

assets, while also building its own clearing and post-trade infrastructure rather than Bruno Kenji

relying on B3’s ecosystem. Our take: A5X is set to be the first contender to Associate Analyst

commence operations, introducing a new derivatives exchange this year. Moreover, bruno.kenji@ubs.com

CSD has obtained authorization from the Central Bank to operate a depository and a +55-11-2767 6056

clearinghouse starting in 2024. Consequently, the only remaining approval required Beatriz Shinye

for it to operate an exchange is the central counterparty (CCP) license, which has Associate Analyst

already been requested, with the process expected to be completed by 2027.