Translated by Clara Araujo da Costa
Occasionally, especially in assets with a lot of movement and volatility, we may notice a slight change between the price at the moment the order was sent and the price at which it was in fact executed (that is, the asset price may be exhibiting a value of X, but the execution occurs at the value of Y, a little above or below negotiations).
This happens because of B3’s Adjustment System, which acts directly on market orders. This adjustment makes it so that the order is primarily sent within a 30 tick margin (BM&F example) from the market's current price. Then, this same order will scan the Market Depth and search for the best available offer, executing immediately at the best identified spot, close to the current price (that is, striking the market).
The margin for this adjustment can vary according to the stock exchange at which we are negotiating. Because of B3’s specific calculations, these prices will be different for BM&F and BOVESPA.
Check out the list of calculations below:
- Buy at Market order: base price + 30% minimum increment;
- Sell at Market order: base price - 30% minimum increment;
- Buy at Market order: order price = base price + 15% of the established base price;
- Sell at Market order: order price = base price - 15% of the established base price;
- Generally, market orders on BM&F assets can present a variation of up to 30 ticks from the initial price;
- BOVESPA orders can vary up to 15% compared to the base price (or equivalent to the base price x 1,15);
- Market buy order of the asset MGLU3 at 24,94. BOVESPA-type asset. The adjustment of +15% on the base price will be applied.
- 24,94 x 1,15 = 28,68 (maximum price in which the order can be executed).
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