On Nov. 6, 2025, BRZ Anbima reported they will conduct simulations of long-term repurchase agreement auctions between participating institutions and BRZ CB.
The tests will be conducted on Nov. 13, 18, 27, and will be open to Selic institutions.
In order to facilitate adaptation to Pre-matching, will be implemented on Dec. 1, 2025.
On Oct. 1, BRZ Anbima reported mandatory pre-matching as of Dec.
BRZ Anbima reported mandatory pre-matching for repo transactions as of December.
Anbima advised that institutions participating in Brazil’s Selic system must begin registering certain repurchase agreement operations on the pre-matching platform.
Highlights
New requirements will be implemented in two phases: Dec. 2025 and Mar. 2026.
As of Dec. 1, institutions must register repurchase agreements with BRZ CB, certain market operations re different clearing agents, command transmitters (code 1054).
As of Mar. 2, 2026, codes 1044, 1047, 1057 will need matching, testing as of Feb. 9.
Term operations, non-resident investor agrmt., automated securities lending exempt.
Multi-liquidator fields will not be used to verify distinct clearing agents, only standard.
Transmission unchanged via RSFN, IOS, and Pre-matching entries not sent to Selic.
Oct. 2025 BRZ Anbima Mandatory Pre-Matching Starts December
On Oct. 28, 2025, BRZ Anbima reported that last Oct. 27, the pre-matching platform entered its testing phase ahead of mandatory implementation on Dec. 1, 2025.
The requirement covers repos with the Central Bank (codes 1044, 1047, 1054, 1057) and market deals using code 1054 between institutions with different clearing agents.
Exempt transactions include repo types 2–4, non-resident clients, term repos, spot repos for unsettled forwards, and Central Bank operations involving securities lending.
In addition, the second phase will begin in 2026, with testing on Feb. 9 and full implementation on Mar. 2, expanding coverage to additional repo operation codes.
Nov. 2025 BRZ Anbima Mandatory Tests
On Nov. 6, 2025, BRZ Anbima reported they will conduct simulations of long-term repurchase agreement auctions between participating institutions and BRZ CB.
The tests will be conducted on Nov. 13, 18, 27, and will be open to Selic institutions.
In order to facilitate adaptation to Pre-matching, will be implemented on Dec. 1, 2025.
