B3 S A Brasil Bolsa Balcão : 006-2020-VPC-Circular Letter
July 23, 2020 at 07:00 pm IST
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July 23, 2020 006/2020-VPC
C I R C U L A R L E T T E R
To: B3's Market Participants - BM&FBOVESPA Segment
Re: New Methodology for the Unsponsored Level I BDR Reference Price.
Seeking to meet asset managers' demands to facilitate mark-to-market processes, B3 hereby informs you that as of July 27, 2020, the reference price calculation methodology will change for Unsponsored Level I BDRs.
The B3 system will calculate reference prices per Unsponsored BDR at the end of each regular trading session, complying with the rules below.
If transactions are registered with Unsponsored BDRs during the closing call1 at B3, the reference price will correspond to the last trade executed in that period at B3.
If there are no trades at B3 during the closing call, assessment will be based on (i) the last Unsponsored BDR transaction executed at B3; or (ii) the price of
1 From 4:55 p.m. to the end of the closing call, subject to change when in a period of daylight saving time in Brazil or abroad.
1
INFORMAÇÃO PÚBLICA - PUBLIC INFORMATION
006/2020-VPC
the last transaction executed with the underlying asset on the exchange where it is traded up until 4:55 p.m., whichever is the later. The price of the underlying asset will be divided by the Unsponsored BDR's parity and converted into Brazilian Reals by the B3 Reference Rate.
If there have been no transactions with the Unsponsored BDR or the underlying asset during the day, the reference price will be the last reference price calculated and published by B3.
For Unsponsored BDRs with ADRs as underlying, the reference price calculation will consider the prices of the ADRs in question and not the prices of the ADRs' underlying assets.
The reference price is published daily after the close of trading, in the BVBG.087 file at the UP2DATA Equities channel.
This Circular Letter revokes the methodology announced in External Communications 009/2011-DT dated April 27, 2011, and 026/2012-DN, dated October 5, 2012.
Further information is available from Equities by telephone on +55 11 2565- 7738/4042.
B3 SA - – Brasil, Bolsa, Balcão published this content on 23 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2020 13:30:14 UTC
B3 SA Brasil Bolsa Balcao, formerly BM&F Bovespa SA Bolsa de Valores Mercadorias e Futuros, is a Brazil-based financial market infrastructure provider. The Company's service offerings range from exchange trading, clearing and other post-trading services to registration of over-the-counter (OTC) transactions. The Company also provides a listing service and acts as central securities depository (CSD). It develops software solutions and offers index licensing services. Its business is divided into four segments: Bovespa, which covers trading, clearing and settlement of equities and equity derivatives; BM&F, which covers trading, clearing and settlement of financial and commodities derivatives; Cetip Securities (Cetip UTVM), covering registration, clearing, settlement and custody systems for fixed-income securities and OTC derivatives, and Cetip Financing (Cetip UFIN), which provides an integrated private electronic system for registration of vehicle and real estate loans.
B3 S.A. - BRASIL, BOLSA, BALCÃO 
