Types
Authorized Participants
They have access to Base systems and operate directly in trading and post-trading workflows according to their respective category.
They must have a contractual relationship and be approved in accordance with the access workflow established by Base in its regulations.
Clearing Member
Acts as the party responsible to Base for the settlement and provision of collateral for trades involving their own portfolio, their clients' portfolios, and those of Full Trading Participants and Settlement Participants linked to their chain of responsibility.
Full Trading Participant
Registers offers, executes and settles — through a Clearing Member — their own trades and those of their clients, and accesses the trading environment and/or the Clearinghouse directly.
Settlement Participant
Acts in the clearing and settlement process, receives trades executed by Full Trading Participants, and is responsible for the settlement — through a Clearing Member — of their own trades and those of their clients.
Trading Participant
Executes trades on its own behalf and for its clients, through and under the responsibility of one or more Full Trading Participants.
Custodian
Responsible to those to whom it provides services (Investor) and to the Central Depository for the custody and movement of deposited assets.
Types
Related Participants
They have indirect access to Base systems or perform ancillary roles and responsibilities within trading and post-trading workflows.
Depending on their category, they may have a contractual link with Base (e.g., Clearing Member) or be registered by an Authorized Participant (e.g., Investor).
Settlement Agent
Executes and receives payments related to the settlement process through STR/BACEN.
Guarantee Issuing Bank
Responsible for issuing assets on behalf of Investors that are eligible to be accepted as collateral by Base.
Trader
Acts on behalf of an Authorized Participant (PNP or PN) in the trading of assets under conditions defined by Base.
Investment Advisor
Handles the receipt, registration, and transmission of orders to Base's trading or registration system.
Market Maker
Acts to promote liquidity for the Assets for which they are authorized through a bond with the Issuer or a contractual relationship with Base.
Investor
The holder of operations carried out on their own behalf and settled through a Participant that uses the services of a Custodian authorized by a Central Securities Depository.
