B3 (B3SA3.SA): Anti-trust regulator recommends fine for alleged anti-competitive conduct

Research evidence excerpt

B3 (B3SA3.SA): Anti-trust regulator recommends fine for alleged anti-competitive conduct

Equity Research

25 June 2026 | 10:25AM EDT

B3 (B3SA3.SA): Anti-trust regulator recommends fine for alleged

anti-competitive conduct

CADE issues technical note recommending fine and certain restrictions Tito Labarta

+1(212)357-6760 | tito.labarta@gs.com

On June 24, B3 disclosed that the General Superintendence of the Administrative Goldman Sachs & Co. LLC

Council for Economic Defense (SG/CADE) issued a Technical Note (link) Tiago Binsfeld, CFA

recommending to CADE’s Administrative Tribunal the fine of ~R$100mn along with +55(11)3371-4574tiago.binsfeld@gs.com|

certain restrictive measures for B3 related to alleged anti-competitive practices. The Goldman Sachs do Brasil CTVM S.A.

Juliana Oharaproceeding relates to the markets of registration and deposit of financial assets and +55(11)3372-0202 |

securities, as well as the market of registration of insurance and operations juliana.ohara@gs.comGoldman Sachs do Brasil CTVM S.A.

supervised by SUSEP. We note that the statement is not the final judgment and will

be submitted to CADE’s court, the body responsible for the final judgment and

decision on the matter. While the proposed fine represents <2% of 2026 GSe

earnings and 0.1% of market cap for B3, the structural remedies, particularly around

bundling, exclusivity and interoperability, could have more meaningful implications

for B3’s competitive positioning; we take no view on the outcome of a potential fine.

Recommended penalties: ~R$100 million fine and restrictive measures

The decision recommends the application of a fine of approximately R$100mn

alongside restrictive measures, including: i) the prohibition of exclusionary bundling