B3 2Q26 Operational Data - Volumes Slowing Down, But Already Expected

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B3 2Q26 Operational Data - Volumes Slowing Down, But Already Expected

J P M O R G A N Latin America Equity Research

15 July 2026

B3 Neutral

B3SA3.SA, B3SA3 BZ

2Q26 Operational Data - Volumes Slowing Down, But Price (15 Jul 26):R$15.69

Already Expected

Latin American Financials

B3 reported operating figures for June and 2Q26. Overall, the numbers confirm a Yuri R Fernandes AC

deceleration in market activity versus a strong 1Q26, although equities ADTV was (1-212) 622-3400

in line with JPMe recently revised 2Q26 figures, while derivatives look slightly yuri.r.fernandes@jpmorgan.com

better. Notably, equities ADTV ended at R$33bn in 2Q26 (vs. R$37bn in 1Q26), J.P. Morgan Securities LLC

although June alone, at R$30bn, shows a downward trend over the quarter. We Kenneth B. Worthington, CFA

expect a further decline in July, following the seasonal pattern (10-year average: (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

-15% M-o-M), before an eventual recovery in late 3Q26 as a result of potential J.P. Morgan Securities LLC

election-related volatility in Brazil. As for derivatives, after a soft April–May, Guilherme Grespan

ADV recovered somewhat in June, with contracts reaching 11.8mn, led by interest (55-11) 4950-3058

rates (in BRL and USD) and crypto. For the quarter, we see contract ADV at 11.1mn guilherme.grespan@jpmorgan.com

and RPC at R$1.18, driving listed derivatives revenues to R$799mn (+3% vs. Banco J.P. Morgan S.A.

JPMe). Lastly, OTC figures improved in June, but not enough to prevent a soft Fernanda Sayao

2Q26 in registrations (+4% Y-o-Y), while custody grew 15% Y-o-Y. We continue (55-11) 4950-6588

to see foreign interest in B3, while locals are more skeptical given the domestic fernanda.sayao@jpmchase.com

Banco J.P. Morgan S.A.

market outlook.