Capital Market

It is the financial market that brings together buyers and sellers to trade securities, represented by financial instruments such as bonds (fixed income), stocks (equities), and currencies, among others. Its main participants are issuers of securities, investors, and financial intermediaries, and its objective is to provide financing for projects, which promotes investment and savings in the economy.

Fixed Income

Investment instruments that offer a known return at the time of investment. Issuers commit to returning the principal along with accrued interest over a specified period to those investors who acquired part of the instrument. Two types can be distinguished: financial intermediation (term less than 365 days) and bonds (term greater than 365 days).

Variable Income

Shares representing the ownership or equity of a company or enterprise. Those who acquire these securities become owners or shareholders and, therefore, participate in the company's results.

Credit Market

A financial space where credits are offered and demanded, including mortgage, commercial, and consumer loans. This market is influenced by factors such as interest rates, monetary policy, and global and local economic conditions.

Credit Providers

Banking and non-banking entities whose purpose is to provide financing to individuals or legal entities through loans, such as consumer, mortgage, or commercial credits.

Credit Users

It refers to natural or legal persons who take out loans or credit from the financial system.

Derivatives and Spot

Derivatives are financial instruments or contracts whose value is based on the price of an underlying asset—such as exchange rates, interest rates, inflation units, and bonds, among others. They are characterized by defining a future delivery or settlement date, which in some cases (options) may or may not be exercised. They can be traded in organized markets (exchanges) or over-the-counter (OTC) markets.

Spot transactions are buy/sell transactions in which two currencies are exchanged at a price agreed upon by the parties, with cash settlement typically occurring within up to two banking business days. In spot market statistics, the amounts exchanged upon maturity of derivatives with physical delivery, as well as those traded in FX Swap Spot/Forward contracts, are also considered.