ANBIMA’s latest report shows this scale underpins the fixed-income market’s strength. The Selic handles settlement and custody of federal bonds.
Daily operations averaged 28,512 in 2025. Year-end custody hit R$10.8 trillion, up from prior levels. This total includes Central Bank holdings and treasury bonds.
LFT bonds led with R$4.2 trillion. LTN followed at R$1.5 trillion. NTN-B totalled R$2.1 trillion. NTN-F reached R$1.2 trillion. These figures highlight deep liquidity in short- and long-term debt.
ANBIMA released the RAS 2025 report on 24 April 2026. The document details system administration by Banco Central’s Demab unit. ANBIMA provides support. Selmo Bresolin, head of DEMAB (Selic administration), commented on its importance, calling it key infrastructure for financial markets.
Participation and Institutions Grow
Participant institutions rose to 578 by end-2025, up from 552 in December 2024. Banks dominate with 162 members (28%). Credit cooperatives rank second at 75 (13%).
The Selic effective rate used 452 daily operations on average, carrying R$812 billion in value. Demab conducts repo operations to align the rate with Copom targets.
The report covers five-year trends in operations, custody, liens, and performance. It includes auction data from Banco Central. Users can download full details and customise graphs.
Liquidity Signals Market Depth
High Selic daily volume reflects robust trading amid elevated rates. This depth aids risk pricing and government funding. It positions Brazil’s bond market as a regional anchor.
Investors gain from transparent data on client types and accounts. The system’s 45-year history ensures reliability.
Watch Copom meetings and custody shifts as they will shape fixed-income yields and funding costs in 2026.
