Summary of Aula 45 - Sistema de Pagamentos Brasileiro (SPB) e Sistemas de Liquidação e Custódia (SELIC e B3)

00:00:00 - 00:15:00

In the YouTube video "Aula 45 - Sistema de Pagamentos Brasileiro (SPB) e Sistemas de Liquidação e Custódia (SELIC e B3)," the speaker discusses the Brazilian System of Payments (SPB) and its role in processing and liquidating various financial transactions, including the Central Bank's administration and regulation of the system. The speaker also introduces the Special System of Liquidation and Custody (SELIC) and the Clearing House systems, SELIC and CELIC, which facilitate the settlement and custody of financial instruments. The evolution of the Brazilian financial market and the roles of various institutions, such as BMF, Bovespa, CETIP, B3, and CELIC, are also discussed. The speaker emphasizes the importance of these systems in reducing systematic risks in the financial market and handling the liquidation of securities, including the transfer of reserves system in the SPB.

• 00:00:00 In this section of the YouTube video titled "Aula 45 - Sistema de Pagamentos Brasileiro (SPB) e Sistemas de Liquidação e Custódia (SELIC e B3)", the speaker explains how the Brazilian System of Payments (SPB) is used for processing and liquidating various financial transactions, including transfers of funds, foreign currency, and financial assets. The speaker also introduces the Special System of Liquidation and Custody (SELIC), which is responsible for the liquidation and custody of specific assets. The SPB is described as the overarching system that handles all processing and liquidation of related transactions, making it essential for understanding the entities, systems, and procedures involved. The speaker clarifies the concept of liquidação, which refers to the conversion of an asset into cash, and distinguishes it from liquidez, which is the availability of cash in an economy. The speaker uses the example of selling a car to illustrate the concept of liquidação and emphasizes the importance of trust and certainty in completing a financial transaction.
• 00:05:00 In this section of the YouTube video titled "Aula 45 - Sistema de Pagamentos Brasileiro (SPB) e Sistemas de Liquidação e Custódia (SELIC e B3)", the speaker discusses the role of the Central Bank of Brazil in relation to the SPB. The Central Bank acts as the administrator of the Brazilian payment system, ensuring its normal, secure, and efficient operation. It also regulates and supervises the compensation and liquidation systems, such as SELIC and B3. The SPB integrates various financial market infrastructures, including the compensation and liquidation of debits and credits, securities, real estate markets, and futures markets. The Central Bank's role includes authorization, supervision, regulation, and management of these infrastructures to ensure they align with public interest and reduce systemic risk. Systemic risk refers to risks that affect the entire financial system, unlike non-systemic risks that are specific to individual companies. The speaker uses the example of the COVID-19 pandemic to illustrate systemic risk, as it affected all assets and the entire economy.
• 00:10:00 In this section of the YouTube video titled "Aula 45 - Sistema de Pagamentos Brasileiro (SPB) e Sistemas de Liquidação e Custódia (SELIC e B3)", the speaker discusses the importance of systems like SELIC and B3 in reducing systematic risks in the financial market. These risks include unpredictable events such as presidential elections and natural disasters. The Banco Central, under the guidance of the Conselho Monetário, regulates the market and establishes rules for its operation. The speaker then introduces the Clearing House systems, SELIC and CELIC, which facilitate the settlement and custody of financial instruments. SELIC handles the settlement of government securities on the same day, while CELIC manages the settlement of other securities through the B3, which also acts as the custodian for these assets. Both systems process transactions in real-time, ensuring financial liquidity for investors. The speaker also mentions the Open Market and Repo markets, which are types of monetary policy administered by the Banco Central and CELIC, respectively. The video continues to discuss the role of B3 in the liquidation of securities, specifically in the case of equities, which takes two business days to settle.
• 00:15:00 In this section of the YouTube video titled "Aula 45 - Sistema de Pagamentos Brasileiro (SPB) and Sistemas de Liquidação e Custódia (SELIC and B3)", the speaker explains the evolution of the Brazilian financial market and the role of different institutions such as BMF, Bovespa, CETIP, B3, and CELIC. BMF and Bovespa used to be separate entities, with BMF handling the liquidation of derivatives and Bovespa being the stock exchange. CETIP was responsible for the liquidation and custody of private securities. In 2017, these entities merged, and now B3 and CETIP exist as part of the larger B3 organization. The speaker emphasizes that it is essential to know that B3 handles the liquidation of all securities except for public titles, which are handled by CELIC. The speaker also discusses the transfer of reserves system in the SPB, which is the heart of the SPB where the final liquidation of financial obligations involving cash takes place. The speaker explains that if a transfer is made with insufficient funds, it is considered a "discovered" transaction, meaning the transfer cannot be reversed unless the receiving party returns the money. The video concludes by summarizing the information covered in this section of the SPB and the systems of liquidation and custody.