Base Exchange | Services: Trading

About trading

Base's trading environment was built for participants who depend on performance, predictability, and operational efficiency. The infrastructure uses proprietary technology for order entry, market data, and drop copy, with low-latency binary protocols and FIX support aligned with the standards already used in the Brazilian market. This simplifies integration for OMSs, algos, and platforms certified in the existing ecosystem.

Base also supports features widely adopted in international markets, including post-only orders, single-share lot sizes, and pre-trade risk validation. An environment suited to automated strategies, market making, and latency-sensitive operations.

How it works

Understand how trading works on Base

Trading on Base offers a simple, fast, and transparent experience. Explore the details below to get started.

Trading Flow

FIX:

Communication protocol for receiving order and trade messages.

ALO/FIX:

Order entry protocols used by Base.

ALI

Base's proprietary protocol for market data distribution.

Base Clearing

Clearinghouse responsible for post trade.

Gateway

Entry point for orders into Base's trading environment.

Matching Engine

Core trading component responsible for processing and executing orders.

Base's infrastructure is modular, with separate components for order entry, validation, matching, and Market data distribution. This architecture supports scalability, operational resilience, and straightforward participant integration. The services and components are described below.

Odd lot

Native support for odd lot trading, with order entry and execution at finer granularity.

New feature

Order routing

ALO Binary and FIX 4.4, with straightforward integration for participants, OMSs, and vendors already connected to the Brazilian market.

Gateways

Resilient architecture with support for redundant order entry across multiple gateways. Only the first message received is accepted for execution.

New feature

PRE-TRADE

An additional layer of risk and operational control: validates limits and risk parameters before the order reaches the book.

MATCHING ENGINE

The core trading component, processes orders, manages the order book, and matches trades.

MARKET DATA

Incremental dissemination of order book events, trades, and instrument status via the ALI binary protocol. Historical data is also available.

DROP COPY

A dedicated FIX session for real-time monitoring and reconciliation of executions, with customization options.

BASE MATCHING ENGINE

The core of trading

The Matching Engine is the core of the trading platform, responsible for receiving, validating, sequencing,
and executing orders sent by participants.

Architecture Overview

Built on proprietary technology, the engine matches buy and sell orders according to the trading rules defined for each instrument type, price-time priority, permitted order types, execution conditions, and market event handling.

The architecture delivers high availability, low latency, and deterministic message sequencing, ensuring predictable order processing and order book integrity.

RAFT

Consensus protocol that keeps the engine instances in sync and handles automatic failover.

View the complete flow

order types

Base order types

Base provides various order types and characteristics to support different trading strategies, ensuring flexibility, control, and efficiency in the trading process.

The table below shows the main order types supported by Base and their availability by protocol.

Parameter

Order Characteristics

FIX

Binary ALO

Side

Buy or Sell

✓

Type

Market: Executed immediately at the best available price.

✓

Limit: Executed at the limit price or better.

✓

Cross Order: Executed at a single price by the same participant representing both the buyer and the seller.

✓

Validity

Day: Valid until the end of the current trading session.

✓

GTC: Good Till Cancelled (valid until cancelled or fully executed, up to a maximum of 1 year).

✓

GTD: Good Till Date (valid until the specified date, inclusive).

✓

IOC: Immediate or Cancel (full or partial execution, with the remainder cancelled).

✓

FOK: Executes in full immediately, or is canceled if there is insufficient liquidity.

✓

MOC: Executed at the closing price in the Listing Market.

✓

New

Post-Only: An order that can only add liquidity to the book. If it would execute immediately against a resting order, it is canceled.

✓

KEY FEATURES

Adds liquidity only, never removes it

Always rests passively in the book

Canceled if it would execute on entry

Predictable execution behavior

MAIN USE CASES

Market making;

High-frequency trading (HFT) strategies;

Liquidity provision strategies;

Strategies focused on execution control and reducing market impact.

INSTRUMENT STATUS

Real-time instrument status

Tradable instruments on Base carry a status disseminated in real time via market data, indicating current trading conditions for each asset. The status determines which actions are permitted: order entry, modification, cancellation, and execution, so that participants and their systems always act on the same information.

Halted

A halt is a temporary suspension of trading for an instrument, triggered by operational or regulatory conditions. While an instrument is halted, no orders are executed and only cancellations are accepted. The status is disseminated via market data, following decisions by the listing market or operational conditions at Base.

Trading

Trading is the regular session, when the market is open and processing orders. The opening is signaled via market data. During this period, order entry, modification, and cancellation are all permitted.

Tunnels and Volatility Control Mechanism

Volatility under control, without pausing the market

The Volatility Control Mechanism (VCM) limits sharp price movements without interrupting continuous trading. Base sets a volatility percentage and a reference price for each asset or group of assets, creating a dynamic price band. Orders that would result in a trade outside the band are rejected and trigger a five-minute stabilization period, during which the limits are frozen. Throughout stabilization, order entry, modification, and cancellation remain available, and trades execute normally within the band.

Trading hours

Check the trading hours

All times in BRT (UTC-3)

View as:

Connectivity test

6:30 AM - 8:30 AM

Continuous Trading

10:00 AM - 4:55 PM

Order cancellation

9:30 AM - 5:30 PM

MOC Order Execution

4:50 PM - ~5:00 PM

Activity

Time

Connectivity test

6:30 - 8:30

Continuous Trading

10:00 - 4:55

Order cancellation

09:30 - 5:30

MOC Order Execution

10:00 - ~5:00

Common calendar

Same calendar and holidays as the listing market

Aligned hours

Same opening and closing times as the listing market

Instrument status

Instrument states will be updated in the event of an auction or suspension on the listing market