Dealers are financial institutions accredited by the National Treasury with the objective of promoting development of primary and secondary public bonds market. Dealers participate actively in primary issuances of federal public bonds and in its negotiation on the secondary market. Currently, the dealer system is composed by 12 institutions, of which 9 are banks and 3 are brokerage or distribution companies.
Performances of every institution are assessed every six months and those with the worse performances are substituted. Selection is carried out through an assessment based, most of all, in participation in primary issuances and in secondary market of public bonds.
Rules and criteria of the dealer system are defined in the Ordinance n. 534/2019, which establishes their rights and obligations.
The current 9 financial institutions accredited as dealers by the National Treasury, their selected bonds for negotiation and the 3 brokers accredited as dealers are listed below: