{"id":348,"date":"2018-07-27T16:17:19","date_gmt":"2018-07-27T19:17:19","guid":{"rendered":"https:\/\/www.amarilfranklin.com.br\/?page_id=348"},"modified":"2020-05-13T18:05:15","modified_gmt":"2020-05-13T21:05:15","slug":"emprestimos-de-titulos","status":"publish","type":"page","link":"https:\/\/www.amarilfranklin.com.br\/index.php\/emprestimos-de-titulos\/","title":{"rendered":"Empr\u00e9stimos de T\u00edtulos"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;3.22&#8243; custom_padding=&#8221;||2px|||&#8221;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Texto&#8221; _builder_version=&#8221;4.4.6&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221;]<\/p>\n<h1 style=\"text-align: center;\">Empr\u00e9stimos e T\u00edtulos<\/h1>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_3,2_3&#8243; admin_label=&#8221;row&#8221; module_class=&#8221; et_pb_row_fullwidth&#8221; _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;94%&#8221; width_tablet=&#8221;80%&#8221; width_phone=&#8221;&#8221; width_last_edited=&#8221;on|desktop&#8221; max_width=&#8221;94%&#8221; max_width_tablet=&#8221;80%&#8221; max_width_phone=&#8221;&#8221; max_width_last_edited=&#8221;on|desktop&#8221; make_fullwidth=&#8221;on&#8221; use_custom_width=&#8221;off&#8221; width_unit=&#8221;on&#8221;][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Texto&#8221; _builder_version=&#8221;3.27.4&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221;]<\/p>\n<h3>O que \u00e9?<\/h3>\n<p style=\"text-align: justify;\">Banco de T\u00edtulos (BTC) \u00e9 um servi\u00e7o de empr\u00e9stimos de t\u00edtulos que atende tanto aos que querem emprestar, quanto aos que querem tomar emprestado um ativo financeiro mediante aporte de garantias. A Bolsa atua como contraparte e garante as opera\u00e7\u00f5es.<\/p>\n<p style=\"text-align: justify;\">O acesso ao servi\u00e7o se d\u00e1 por meio de um sistema eletr\u00f4nico. Para efetivar a opera\u00e7\u00e3o o tomador se compromete a pagar ao doador uma taxa livremente pactuada entre as partes e o emolumento cobrado pelo BTC. Todos os proventos declarados pelo emissor do t\u00edtulo durante a vig\u00eancia do contrato s\u00e3o reembolsados ao propriet\u00e1rio original, que empresta os t\u00edtulos. No final do prazo acordado o tomador deve devolver os t\u00edtulos emprestados ao propriet\u00e1rio.<\/p>\n<h3 style=\"text-align: justify;\">Quem pode utilizar?<\/h3>\n<p style=\"text-align: justify;\">Investidores em geral, pessoas f\u00edsicas e jur\u00eddicas, inclusive institui\u00e7\u00f5es financeiras, podem tanto emprestar como tomar papeis emprestados.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Texto&#8221; _builder_version=&#8221;4.4.6&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221;]<\/p>\n<h3 style=\"text-align: justify;\">Como funciona?<\/h3>\n<p style=\"text-align: justify;\">A opera\u00e7\u00e3o do empr\u00e9stimo consiste na transfer\u00eancia eletr\u00f4nica de t\u00edtulos da carteira do investidor doador para a do tomador, que tem necessidade tempor\u00e1ria dos t\u00edtulos para implantar sua estrat\u00e9gia ou honrar a entrega de pap\u00e9is na liquida\u00e7\u00e3o de opera\u00e7\u00f5es de venda j\u00e1 realizadas.<\/p>\n<p style=\"text-align: justify;\">Qualquer agente de cust\u00f3dia da B3 (corretoras, distribuidoras de valores e os bancos comerciais, m\u00faltiplos e de investimento) pode disponibilizar pap\u00e9is, sejam pr\u00f3prios ou de clientes que tenham expressamente autorizado o empr\u00e9stimo.<\/p>\n<p style=\"text-align: justify;\">J\u00e1 os tomadores atuam por meio de sociedades corretoras, sob a responsabilidade de um agente de compensa\u00e7\u00e3o (sociedades corretoras, bancos comerciais ou m\u00faltiplos, bancos de investimento, sociedades distribuidoras e outras institui\u00e7\u00f5es a crit\u00e9rio da B3).<\/p>\n<p style=\"text-align: justify;\">A B3, como contraparte de todos os contratos registrados de empr\u00e9stimos, s\u00f3 autoriza as opera\u00e7\u00f5es depois do dep\u00f3sito das garantias do tomador. A movimenta\u00e7\u00e3o das garantias \u00e9 de responsabilidade do participante de negocia\u00e7\u00e3o ou agente de compensa\u00e7\u00e3o, no caso de cliente qualificado. Os ativos que forem aceitos, como garantia s\u00e3o definidos e revisados periodicamente (alguns exemplos: moeda corrente nacional, t\u00edtulos p\u00fablicos, privados e negociados em mercados internacionais, a\u00e7\u00f5es pertencentes \u00e0 carteira do \u00cdndice Bovespa e outros).<\/p>\n<p style=\"text-align: justify;\">Assim como as opera\u00e7\u00f5es de empr\u00e9stimo registradas, as garantias depositadas s\u00e3o segregadas por investidor final e suas posi\u00e7\u00f5es s\u00e3o atualizadas em tempo real. O total exigido de garantias para uma opera\u00e7\u00e3o de empr\u00e9stimo \u00e9 de 100% do valor dos ativos mais um intervalo de margem espec\u00edfico para cada ativo. O intervalo de margem representa a oscila\u00e7\u00e3o poss\u00edvel desse ativo em dois dias \u00fateis consecutivos. As garantias depositadas na B3 permanecem em nome do investidor final, n\u00e3o sendo incorporadas ou vinculadas ao patrim\u00f4nio da B3.<\/p>\n<p style=\"text-align: justify;\">Ao custo do tomador s\u00e3o adicionados os emolumentos da B3. O doador recebe a remunera\u00e7\u00e3o pelo empr\u00e9stimo j\u00e1 deduzida do imposto de renda (cobrado nas mesmas bases das opera\u00e7\u00f5es de renda fixa).<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.4.6&#8243; background_color=&#8221;#e0e0e0&#8243;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; admin_label=&#8221;row&#8221; module_class=&#8221; et_pb_row_fullwidth&#8221; _builder_version=&#8221;4.4.6&#8243; background_enable_color=&#8221;off&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;94%&#8221; width_tablet=&#8221;80%&#8221; width_phone=&#8221;&#8221; width_last_edited=&#8221;on|desktop&#8221; max_width=&#8221;94%&#8221; max_width_tablet=&#8221;80%&#8221; max_width_phone=&#8221;&#8221; max_width_last_edited=&#8221;on|desktop&#8221; make_fullwidth=&#8221;on&#8221; use_custom_width=&#8221;off&#8221; width_unit=&#8221;on&#8221; custom_margin=&#8221;-40px|auto||auto||&#8221;][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Texto&#8221; _builder_version=&#8221;4.4.6&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221;]<\/p>\n<h3 style=\"text-align: justify;\">Ativos Elegiveis<\/h3>\n<p style=\"text-align: justify;\">S\u00e3o ativos eleg\u00edveis para as opera\u00e7\u00f5es de empr\u00e9stimo no BTC os valores mobili\u00e1rios emitidos por companhias abertas admitidas \u00e0 negocia\u00e7\u00e3o na B3.<\/p>\n<p style=\"text-align: justify;\">Os ativos-objeto do empr\u00e9stimo devem estar depositados na Central Deposit\u00e1ria de Ativos da B3, livres e desembara\u00e7ados de \u00f4nus que impe\u00e7am sua circula\u00e7\u00e3o.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Texto&#8221; _builder_version=&#8221;4.4.6&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; use_border_color=&#8221;off&#8221; border_color=&#8221;#ffffff&#8221; border_style=&#8221;solid&#8221;]<\/p>\n<h3 style=\"text-align: justify;\">Vantagens:<\/h3>\n<p style=\"text-align: justify;\">\u2022 A opera\u00e7\u00e3o de empr\u00e9stimo permite que o investidor de longo prazo se torne um doador dos t\u00edtulos e ganhe a remunera\u00e7\u00e3o adicional acertada no inicio do contrato.<\/p>\n<p style=\"text-align: justify;\">\u2022 A B3 concede aos emprestadores residentes no Brasil uma receita adicional l\u00edquida de 0,05% a.a. sobre o volume emprestado.<\/p>\n<p style=\"text-align: justify;\">\u2022 <strong>Importante<\/strong>: quem empresta seus t\u00edtulos n\u00e3o deixa de receber eventuais proventos concedidos pela companhia emissora. Portanto, recebe um reembolso dos dividendos, lucros ou qualquer provento que seus pap\u00e9is venham a registrar, mesmo que seus papeis estejam temporariamente nas m\u00e3os de terceiros.<\/p>\n<p style=\"text-align: justify;\">\u2022 Em outros pa\u00edses, os investidores doadores costumam ser fundos de pens\u00f5es e companhias de seguros. No Brasil, este mercado tem crescido pela forte presen\u00e7a de pessoas f\u00edsicas e investidores estrangeiros.<\/p>\n<p style=\"text-align: justify;\">\u2022 O tomador do empr\u00e9stimo pode satisfazer sua necessidade tempor\u00e1ria dos t\u00edtulos, seja para implantar suas estrat\u00e9gias de arbitragem, vendas descobertas (sem ter os ativos), honrar a entrega de pap\u00e9is na liquida\u00e7\u00e3o de opera\u00e7\u00f5es de venda j\u00e1 realizadas etc.<\/p>\n<p style=\"text-align: justify;\">Al\u00e9m disso, o empr\u00e9stimo de t\u00edtulos torna os mercados mais l\u00edquidos, aumentando sua efici\u00eancia e flexibilidade, beneficiando investidores com estrat\u00e9gias de curto e longo prazo.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Se\u00e7\u00e3o&#8221; _builder_version=&#8221;3.22&#8243; custom_margin=&#8221;-25px|||||&#8221; custom_padding=&#8221;0px|||||&#8221; transparent_background=&#8221;off&#8221; 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