Plataformas de Investimento no Brasil: estrutura de mercado e precificação

Alex Caetité and Renato Gomes

No 641, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: This study assesses the effects of a sequence of acquisitions in the investment platform market on charged commissions and investor returns. The results reveal that platform commissions increase approximately 100 days after the concentration event, remaining on average 0.33 pp higher for platforms involved in acquisitions (treatment) compared with those not involved (control). As commissions increase, issuers subsequently reduce the yield on the securities. The incidence on issuers and investors is, however, asymmetric, with issuers absorbing around 85% of the additional distribution cost. This impact is mitigated by greater issuer concentration: the higher the intraplatform concentration, the smaller the reduction in investor returns resulting from the increase in commissions.

Date: 2025-12
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