B3 is in negotiations with authorities to maintain operations during São Paulo holidays

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SÃO PAULO – In a statement to the market, B3 informed that, in view of the approval of a bill by the São Paulo City Council authorizing the anticipation of holidays in the municipality, it is in dialogue with the authorities – directly and through market entities – , seeking to minimize
the possible negative impacts of legislation on the financial and capital markets. Thus, the exchange seeks to maintain operations during the early holiday.

“We believe that, through the remote work that reaches 95% of our employees today and the operational contingency measures that we have already been adopting in the last 60 days, it is possible to fulfill our critical infrastructure and essential service function in a safe way”, highlights the B3 in note.

The company also informed that, until the present moment, there is no determination that the settlements foreseen for next Wednesday (20), of the deals carried out at B3 this Monday (18), will be changed. “We await the decision of the municipal and state governments and we will keep everyone informed about the next steps,” he said.

The City Council of the City of São Paulo approved on Monday (18) the law that allows the anticipation of Corpus Christi holidays, which passes to Wednesday, and the one of Consciência Negra, which passes to Thursday (21). Friday (22) will be optional.

The goal is to increase social isolation rates in the capital and decrease contagion with the new coronavirus. But the definition of two new holidays in such a short time took the financial market by surprise – and there is still uncertainty about the functioning of banks, brokers and B3, the Brazilian Stock Exchange, these days.

Read more: What works in the financial market during the “new holiday” in SP? Nobody knows (yet)



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