A5X, which is building a Brazilian derivatives exchange and clearing house for financial-market participants, announced a R$360 million Series D on September 14. The company plans to launch in the first half of 2027, bringing trading and the processing of resulting obligations into one platform.
Its planned contracts cover futures and options linked to shares, stock indexes, currencies and Brazilian interest rates, alongside cryptocurrency futures. These instruments give investors ways to trade exposure to movements in the underlying markets. A5X says its products will settle financially, and its options will use European-style exercise at expiration, with automatic exercise on that date.
Connecting a participant’s trading systems is another part of the offering. A5X lists encrypted network connections, direct links between networks, physical connections inside Equinix’s SP3 data center and access through Amazon Web Services. Those routes give firms different ways to connect their existing infrastructure to the exchange, including direct connections designed for trading that requires fast responses.
A5X describes its business as devoted exclusively to derivatives. Its stated aim is to simplify participation and reduce complexity and costs for participants and investors. The company’s positioning combines technology supplied through its London Stock Exchange Group partnership with knowledge of the Brazilian market. Those are intended advantages as it builds the service, rather than demonstrated operating results.
Morgan Stanley, Goldman Sachs and Kaszek led the financing at a R$2.7 billion post-money valuation. A5X says the proceeds cover launch, regulatory capital and operations through break-even. The raise equals approximately $70 million using Wise’s September 14 reading of R$5.14375 per dollar; the announced amount is denominated in reais.
A5X says existing strategic backers are helping develop its platform and products and will help provide liquidity after launch. The business test is whether that involvement produces enough continuing buy and sell interest for participants to execute trades reliably across the planned contract range.