Passwords are among the most persistent inventions of the digital era. Created as a simple authentication mechanism, they have survived for more than six decades as the main access key to digital systems.

Block trading emerged in Brazil from the need for institutional investors to conduct high-volume trades with lower market impact, greater privacy, and under conditions that would not necessarily be absorbed by the central spot trading book. The purpose of this report is to evaluate these trades, their usage, and the profile of this market in Brazil since its launch.

Stock exchanges are fundamental to the global economy, acting as platforms that connect individual investors, financial institutions, and companies. They not only enable the buying...