Selic is the central depository for federal government securities issued by the National Treasury (TN).

The stock of federal government securities (TPF) registered in Selic corresponds to almost the total Domestic Federal Debt (DPMFi)⁶ held by market institutions, in addition to the BCB portfolio and the securities held in treasury by the TN.

The following chart shows the evolution of the volume of maturities registered for each type of security (LFT, LTN, NTN-B, NTN-B1, NTN-C, NTN-F, NTN-I, and Others).

At the end of 2025, the total number of maturities registered in Selic reached 387, a number higher than that verified in December 2024, when there were 382. The securities with the most registered maturities are the NTN-B, with 155, and the NTN-I, with 143. This predominance happens because the NTN-I subsidize the Export Financing Program (Proex) and the NTN-B, longer-term securities, allow the stripping of interest coupons. The Renda+ and Educa+ (NTN-B1) securities presented 26 registered maturities.

The total value of securities held in custody in Selic reached R$12.1 trillion at the end of 2025. Of this amount, R$5.4 trillion was allocated to LFT, R$2.0 trillion to LTN, R$2.8 trillion to NTN-B, and R$934 billion to NTN-F. During the year, the share of NTN-B securities decreased from 25.3% in December 2024 to 23.7% in December 2025, while the share of NTN-F securities fell from 9.0% to 7.8%. LFT securities increased their share from 44.0% to 44.7% over the same period. Renda+ and Educa+ securities (NTN-B1) reached a financial amount of R$824 billion (6.8%) at the end of 2025.

Selic participants⁹ are, in general, financial institutions. Institutions eligible to participate in Selic must request registration so they can hold their own securities and their clients’ securities in custody.

The chart below shows the evolution in the number of participants, broken down by the types of participants in the system.

The number of institutions participating in Selic rose from 565 in December 2024 to 592 at the end of 2025. Banks continued to account for the largest share, with 171 participants, or 28.9% of the total. Credit unions remained in second place, with 82 institutions, or 13.9%, followed by securities dealers and brokers (DTVM), with 81 representatives, or 13.7%.

Institutions not eligible for direct participation in Selic and individuals who intend to hold federal government securities (TPF) in Selic must hire a participant¹¹ to register them as a client.

The following chart shows the evolution of the number of clients according to the types of clients existing in the system.

In 2025, Selic had 115,400 new clients registered, representing a 15.9% increase from December 2024. This change is explained mainly by growth in the individual client segment, which rose from 641,756 to 746,215 clients.

The chart below shows the financial amounts in custody held by resident and non-resident investors. Non-resident investors are individuals or legal entities with residence, headquarters, or domicile abroad. Investments by non-resident investors in Brazil’s financial and capital markets must comply with the legislation in force. To trade TPF deposited in Selic, these investors must be clients of a financial institution participating in Selic.

Resident clients account for the largest share (84.2% of the total), while non-residents represent 15.8%. The financial amount in custody held by resident clients rose from R$3.72 trillion to R$4.25 trillion, an increase of 14.3%. The financial amount in custody held by non-resident clients went from R$630.4 billion to R$796.8 billion, up 26.4%.

Federal government securities are held in accounts registered by participants¹⁵ for the custody of their own securities or of their clients’ securities.

The chart below shows the evolution in the number of accounts, broken down by the types of accounts in Selic.

The number of accounts registered in Selic went from 829,853 in December 2024 to 965,006 at the end of 2025, an increase of 16.3% or 135,153. The largest gain in the year was in the free transaction normal custody accounts, which reached 792,053 in December 2025, compared to 676,547 in the previous year. It is worth noting that in 2021 there was a reduction in the number of accounts registered in Selic, which can be explained by the exclusion of a high number of individual clients who, since registration in the system, had never performed any security transaction.

To access the Selic portal on RTM, participants must register users in Logon, the system that authenticates and controls access to Selic and its complementary modules.

The chart below shows the evolution in the number of registered users over the last five years.

In 2025, the number of users registered in the Logon system increased by 11.1%, rising from 7,440 in 2024 to 8,268 at the end of the year. The user type with the largest increase was operators, up 12.1%. Administrators and access managers increased by 8.7% and 8.8%, respectively.

The most essential means of access to Selic is the sending and receiving of messages through the RSFN. This communication is regulated by BCB Circular No. 3,970, of November 28, 2019, and is intended for integration between Selic and participants’ systems.

The chart below shows the evolution in the total number of messages sent and received by Selic through the RSFN on each business day.

In 2025, the daily average number of messages sent by Selic rose 9.4%, from 146,658 to 160,456, while the daily average number of messages received was 93,732, up 8.1% from the average of 86,703 registered in the previous year. The number of messages sent by Selic remained at approximately twice the number received. This can be explained by the dual-command concept: the seller and the buyer of the securities enter the information, while the system sends messages to each of the parties, on both the buy and sell sides. In December, there is usually a reduction in the number of messages received and sent, since on December 24, when it is a business day, and on the last business day of each year, Selic’s closing time is brought forward to 1 p.m.

The next chart shows the distribution of the daily average number of messages received and sent through the RSFN by time of day in 2025, divided into 15-minute intervals during Selic’s regular operating hours, from 6:30 a.m. to 8:30 p.m.

In 2025, the time windows that presented the highest message flows were:

• From 6:30 a.m. to 6:45 a.m., due to operations for which participants schedule the transmission of commands in their systems for the opening of Selic. Repurchase and resale operations, or the return of repurchase agreements, accounted for 96.4% of messages transmitted during this time window.
• From 6:45 a.m. to 7 a.m., also due to messages related to the return of repurchase agreements, which accounted for 89.7% of message traffic during this period.
• From 9:30 a.m. to 9:45 a.m., due to messages related to the automatic settlement of forward operations.
• From 5:30 p.m. to 6 p.m., due to repurchase agreements, operation code 1054, which accounted for about 50.3% of activity during this time window.
• From 6:45 p.m. to 7:30 p.m., also due to messages related to repurchase agreements, which represented 80.6% of the total traffic during the window.

As a general rule, operations in Selic require a dual command, one from the seller of the securities and one from the buyer. Selic itself settles the transfer of custody of the securities, and financial settlement occurs in the Reserves Transfer System (STR) when the buyer and seller use different Bank Reserves or Settlement Accounts. When the buyer and seller use the same financial account for settlement, the operation does not need to go through the STR, and Selic is responsible for confirming that settlement has been authorized by the settlement participant²⁵.

The chart below shows the evolution of the financial value corresponding to all operations with financial settlement in Selic, showing the amount settled in the STR.

In 2025, the average daily financial turnover in operations registered in Selic reached R$7.0 trillion, down 7.3% from R$7.5 trillion in 2024. During 2025, there was an increase in the number of repurchase agreements with maturities longer than one business day, or term repurchase agreements, which explains this decline from 2024.

Operations settled in the STR also fell 12.8% from the previous year, from R$4.3 trillion per day to R$3.8 trillion. The highest financial value in 2025 was reached on January 13, when about R$7.9 trillion was moved. The dates with the lowest volumes generally correspond to the last business day of each year, when Selic closes at 1 p.m. This year, the amount on December 31 was R$5.4 trillion.

Participants can transmit commands to Selic through messages over the RSFN²⁸ and through the Selic portal on RTM. In addition, there are operations generated automatically by Selic itself, such as operations related to interest payments and redemptions.

The chart below shows the evolution in the average daily volume of operations registered in Selic over the last five years, broken down by the means used to transmit commands.

The average daily volume of operations in Selic in 2025 was 42,953, up 9.9% from 39,078 in 2024. Operations generated automatically by Selic had the largest growth rate, 16.9%, rising from a daily average of 5,717 in 2024 to 6,682 in 2025.

Repurchase agreements are defined as the purchase and sale of securities with a resale commitment assumed by the buyer and a repurchase commitment assumed by the seller, and are represented by operation codes 1044, 1047, 1054, and 1057.

The chart below shows the evolution in the average daily financial value of repurchase agreements, showing the volume settled in the STR.

In 2025, the average daily financial value of repurchase agreements was approximately R$3.0 trillion, down 9.4% from the previous year. The BCB’s decision to lengthen the maturity of its operations helped drive this reduction, with six-month operations introduced in July and other operations scheduled to mature on the business day after the next Copom meeting. Operations settled in the STR posted a negative change of 18.8%, reaching a daily financial amount of R$1.4 trillion.

The chart below shows the evolution in the total number of repurchase agreements, as well as the number of repurchase agreements settled in the STR, over the last five years.

The average daily volume of repurchase agreements reached 10,460, an increase of 7.8% in 2025. Operations settled in the STR remained stable, moving from 1,559 transactions in 2024 to an average of 1,558 in 2025.

The charts below show the evolution of repurchase agreements’ financial value, broken down into overnight and intraday operations, as well as operations with a return maturity longer than one day.

In 2025, the average daily financial value of one-day (overnight) repurchase agreements declined from the previous year, representing 99.5% of the amount of all repurchase agreements, or about R$2.9 trillion, compared with R$3.2 trillion (99.7%) in 2024. Repurchase agreements with maturity longer than one day moved R$15.6 billion, or 0.5% of the total, above the R$9.1 billion (0.3% of the total) recorded in 2024. Intraday operations had a financial value of R$0.5 billion.

The charts below show the evolution in the number of repurchase agreements, broken down into overnight and intraday operations, as well as operations with a return maturity longer than one day.

The share of overnight repurchase agreements carried out in 2025 represented 98.3% of the total, down from the previous year, while the number registered rose from a daily average of 9,582 to 10,279. Repurchase agreements with a maturity longer than one day rose from 115 operations per day in 2024 to 180 in 2025, representing 1.7% of the total. Intraday operations fell from an average of five operations per day in 2024 to one in 2025.

Outright operations (code 1052) are defined as purchases and sales of securities without the assumption of commitments.

The chart below shows the evolution in the average daily financial value of outright operations, showing the financial amount settled in the STR.

In 2025, there was an increase in the average daily financial value of outright operations, which rose from R$95.5 billion in 2024 to R$111.4 billion, a change of 16.6%. Operations settled in the STR also grew, reaching an amount 17.7% higher than in the previous year, corresponding to a total of R$98.2 billion.

The chart below shows the average daily volume of all outright operations, showing the volume of operations settled in the STR.

The daily number of outright operations in 2025 reached an average of 6,966, an increase of 11.4% from the average of 6,251 in the previous year. The share of operations settled in the STR grew at a faster pace, rising 15.7% and reaching an average daily number of 4,401.

The chart below shows the evolution in the total financial value of operations registered in Selic related to the redemption of federal government securities held in custody, and the payment of interest on securities issued with this feature by the National Treasury (TN), such as National Treasury Notes (NTN).

In 2025, the average financial value of redemptions increased 2.6%, from R$136.4 billion to R$140.0 billion. The amount of operations related to interest increased 3%, from R$20.9 billion in 2024 to R$21.5 billion.

The linking of operations allows settlement to be carried out on the basis of netted results. It is a mechanism designed to meet participants⁴² liquidity needs. Operations involving the same security may be linked, provided that, as a group, there is only one main operation and all other operations are ancillary. Ancillary operations support the settlement of the main operation, meaning that they are funding operations, such as an intraday repurchase agreement or an intraday rediscount operation.

The chart below shows the evolution in the daily average financial amount and volume of linked operations.

In 2025, the financial amount of linked operations increased 7.3%, reaching an average of R$524.2 billion moved per day. The volume of operations rose 8.1%, corresponding to a daily average of 3,630. In the previous year, the average financial value was R$488.4 billion, representing 3,357 operations per day.

Brokerage operations are purchases and sales of securities, either outright operations or repurchase agreements, carried out with the presence of one or two broker institutions.

The chart below shows the evolution in the daily averages for the financial value and volume of brokerage operations.

The average daily financial value related to brokerage operations fell 24.4%, from R$68.4 billion in 2024 to R$51.7 billion in 2025. Over the same period, the average daily volume of these operations posted a negative change of 4.7%, corresponding to 768 per day.

The BCB carries out, exclusively with dealer institutions⁴⁷, securities sale operations with a repurchase commitment matched with securities purchase operations with a resale commitment. The operations are settled on the basis of netted results and are intended to reduce any distortions caused by a temporary shortage of securities for trading in the secondary market.

The chart below shows the evolution in the daily averages for the financial value and volume of securities lending operations between dealer institutions and the BCB.

In 2025, the average financial value of combined repurchase agreements carried out by the BCB with dealer institutions fell 20.6% from the previous year, reaching R$578.5 million. The average volume remained at one operation per day.

Intraday rediscount in the STR is a repurchase agreement intended to meet participants’ liquidity needs during the day. An institution that needs funds and holds securities may sell them to the BCB with a commitment to repurchase them on the same day as the transaction, at the same price, until the STR closes.

Rediscount in the Instant Payment System (SPI), which began in November 2020, is a repurchase agreement intended to meet the liquidity needs of SPI participants outside regular STR operating hours. An institution that needs funds and holds securities may sell them to the BCB with a commitment to repurchase them on the following day, subject to a fee, until the STR closes. For more information on rediscount operations in the SPI, see BCB Resolution No. 175, of December 15, 2021, and BCB Normative Instruction No. 234, of February 15, 2022.

The chart below shows the evolution in the daily average financial value and volume of intraday rediscount operations in the STR.

In 2025, the average daily financial value of intraday rediscount operations fell 5.1%, from R$303.8 billion in 2024 to R$288.3 billion. The number of operations grew 2.2%, from 1,459 operations per day to an average of 1,491. In this type of operation, all are settled in the STR.

The chart below shows the evolution in the daily average financial value and volume of rediscount operations in the SPI.

In operations settled in the SPI through the STR, the average daily financial value of rediscount operations rose from R$11.3 million in 2024 to R$58.5 million. The average number was 0.4 operation per day.

The opening and closing times, established in the Selic Regulation and further specified in BCB Normative Instruction No. 506, of August 29, 2024, are 6:30 a.m. and 6:30 p.m., respectively, except for the registration of purchase and sale operations, whether outright or repurchase agreements, spot or forward; repurchase and resale operations that do not involve financial settlement through the STR; and purchase or sale promises, for which commands may be transmitted until 8:30 p.m.; and rediscount operations for liquidity in the SPI, for which commands may be transmitted, in addition to regular hours, between the STR closing time and 7 p.m.

The chart below shows the percentage of the average daily financial value of operations within their respective schedules.

In 2025, the average daily financial value of operations registered between 6:31 p.m. and 8:30 p.m. declined from R$567.7 billion in the previous year to R$526.3 billion, a reduction of 7.3%. The share of the average daily financial value of operations registered between 6:30 a.m. and 6:30 p.m. represents 92.6%, while those registered between 6:31 p.m. and 8:30 p.m. account for 7.4%.

In January 2021, Selic introduced a platform designed to automate the transaction matching process conducted between financial institutions (Pre-matching) prior to their registration in Selic.

The platform can be accessed in two ways: via an Application Programming Interface (API), developed to enable integration between financial market systems and the platform, and via a web-based application available on RTM⁵⁵.

The chart below shows the evolution in the daily average financial value and volume of trades concluded on the Pre-matching platform and updated in Selic.

The average number of trades carried out rose from 4,306 per day in 2024 to 5,080 in 2025, up 18.0%. The financial value fell from R$1.4 trillion to R$1.1 trillion over the same period, a decrease of 17.7%. The increase in operations submitted to the Pre-matching platform followed the implementation of mandatory requirements during 2025.

The chart below shows the financial value of the operations most affected by the mandatory entry requirements in Pre-matching.

The average daily financial amount of outright operations (code 1052) rose from R$24.9 billion in 2024 to R$29.5 billion in 2025 (18.3%). Forward operations (code 4052) rose from R$67.0 billion to R$79.3 billion (18.5%).

The average daily number of operations with codes 1052 and 4052 submitted to Pre-matching before registration in Selic rose from 1,645 and 2,456 in 2024 to 1,712 and 3,011 in 2025, respectively, as shown in the chart. This growth also reflects the impact of the mandatory requirements.

Selic’s complementary modules are responsible for processing securities auctions for the TN and repurchase agreement and swap⁶⁰ contract auctions for the BCB.

The chart below shows the evolution in the number of auctions of each type over the last five years.

In 2025, the total number of auctions declined by 24.0% compared to 2024, falling from 1,588 to 1,207. This decline was driven by the changes in the conduct of swap auctions, which, as of June 2, 2025, have been conducted by the International Reserves Department (Depin), rather than by the Open Market Operations Department (Demab). Securities auctions also declined by 4.7%, from 579 to 552. Repurchase agreement auctions rose 1.2%, from 503 in 2024 to 509 in 2025. There is no clear trend in the number of auctions, as the operating strategies of the TN and the BCB vary depending on prevailing economic and financial conditions.

BCB repurchase agreements are carried out to manage the availability of bank reserves, in order to maintain the economy’s benchmark interest rate, the Selic rate, at levels compatible with the guidelines established by Copom for the conduct of monetary policy. The BCB may hold repurchase agreement auctions restricted to dealer institutions⁶² or open to all financial institutions. Operations restricted to dealer institutions are intended to manage short-term bank liquidity and mature no later than the business day following the end of the next Copom meeting.

To manage liquidity over a broader time horizon, the BCB conducts repurchase agreement auctions with different maturities, which are open to all financial institutions participating in Selic.

The chart below shows the evolution in the financial value of repurchase agreement auctions over the last five years.

The average monthly financial value of repurchase agreement auctions carried out by the BCB fell 27.9%, from R$26 trillion in 2024 to R$18.7 trillion in 2025. This decline resulted from operational changes in the management of liquidity in the bank reserves market.

The National Treasury (TN) holds public securities auctions open to all institutions participating in Selic, including the BCB. Other legal entities and individuals may participate in public offerings through these participants. Traditional sale auctions include a second stage, characterized by a non-competitive offer directed at TN dealer institutions. The TN also holds exchange and purchase auctions to better manage its liabilities and provide price references to investors at times of market dysfunction.

The chart below shows the evolution in the financial value of securities auctions over the last five years.

The average monthly financial amount of securities auctions rose 26.6%, from R$113.7 billion in 2024 to R$143.9 billion in 2025, in line with the guidelines established by the TN in its Annual Financing Plan (PAF).

The BCB uses foreign exchange swaps as an instrument to support the regular functioning of the foreign exchange market and provide hedging for economic agents. The purchase of contracts by the BCB is known as a “traditional foreign exchange swap” and corresponds to assuming a passive position in exchange rate variation and an active position in the Selic rate. Conversely, the sale of contracts corresponds to assuming an active position in exchange rate variation and a passive position in the Selic rate, and is known as a “reverse swap.”

The chart below shows the evolution in the financial value of foreign exchange swap contract auctions over the last five years.

As of June 2, 2025, swap auctions began to be conducted by the International Reserves Department (Depin). As a result, the data shown in the chart refer only to the period during which these auctions were still conducted in Selic, through May 2025. During this interval, the average monthly financial value of traditional foreign exchange swap contract auctions carried out by the BCB increased 4.1%, from US$14.1 billion in 2024 to US$14.7 billion in 2025.

Starting in October 2021, the BCB began accepting term voluntary deposits for monetary policy purposes. Deposits are made and released through operations (codes 5002, 5006, and 5012) carried out within Selic. The instrument is intended to manage excess bank reserves, helps control short-term interest rates, and supports the BCB’s alignment with international best practices.

The chart below shows the evolution in the daily average financial value and volume of voluntary deposit⁶⁶ investments.

The average daily financial value of voluntary deposit operations increased 28.7%, from R$140.9 billion in 2024 to R$181.4 billion in 2025. The average volume of operations rose from 73 to 92 in the same comparison.

Selic, as the central depository for federal government securities issued by the TN, made available in 2019 a feature that allows the registration of liens and encumbrances on these securities, in compliance with regulatory provisions.

Regarding the custody position of the securities, the chart below shows the evolution in the financial amount in relation to the number of “liens and encumbrances” accounts opened.

The financial value in custody in “liens and encumbrances” accounts rose from R$30.7 billion in December 2024 to R$45.4 billion in December 2025, an increase of 48%. Over the same period, the number of accounts rose from 2,949 to 3,781, an increase of 28.2%. The month with the highest financial value in custody was December, at R$45.4 billion.

The registration of liens and encumbrances may be carried out in two ways: universal, when there is no prior specification of a security or group of securities; and individualized, when it applies to a specific security or group of securities.

The chart below shows the financial distribution between liens and encumbrances in individualized and universal form.

In December 2025, the financial value held in custody in universal form reached R$35.4 billion, compared with R$21.1 billion in December 2024. The individualized form represented R$9.9 billion at the end of the year, 4% higher than the R$9.6 billion held in custody in December 2024.

The share of liens and encumbrances held in custody in universal form reached 78.1% in December 2025, up from 68.8% in the same month of the previous year. The share of the individualized form declined from 31.2% to 21.9%.

The Selic rate is the benchmark interest rate for the Brazilian economy and influences other interest rates in the country. Setting a target for the Selic rate is the main monetary policy instrument used by the BCB to control inflation. It represents the volume-weighted average of interest rates charged in one-business-day repurchase agreements collateralized by federal government securities held in custody in Selic. The BCB carries out repurchase agreements so that the effective Selic rate remains in line with the Selic rate target, which is set by the Monetary Policy Committee (Copom)⁷⁰.

The chart below shows the evolution in the financial value and number of operations considered in the calculation of the Selic rate in 2025.

In 2025, the daily calculation of the Selic rate considered an average of 856 operations, with an average total financial value of R$1.3 trillion. The highest financial amount reached R$1.8 trillion and the lowest was R$771.8 billion. The days with the lowest trading volume were December 23, with 551 operations, and December 31, with 559. It should be noted that, even on those days, there was no need to use fallback for the calculation of the Selic rate.

The indicator is established in BCB Resolution No. 304, of March 20, 2023, and is calculated as the ratio between the number of minutes of effective operation of message processing through the RSFN⁷² over the last 12 months and the number of minutes during which this service should have been available during online processing, from 6:30 a.m. to 6:30 p.m., excluding any extensions to operating hours. The regulation establishes a minimum availability target of 99.80% for systemically important settlement systems, as is the case of Selic.

The chart below shows the evolution of the indicator over the last five years.

The IDS remained above the regulatory target, reaching 99.94% in December 2025. Over the last five years, the indicator exceeded the target every month, ranging from a low of 99.82% in April 2023 to a high of 99.99% reached in January and February 2021, May and June 2022, and between April and July 2025.

The indicator is intended to measure the quality of the auction processing service. The auction service is characterized by a sequence of well-defined stages that are available for relatively short time intervals, which is why the adoption of a conventional availability indicator is not considered effective. The IDO is calculated as the ratio between the number of bids processed without relevant incidents and the total number of bids over the last 12 months. Relevant incidents are those that prevent or significantly impair auction processing. The target established for this indicator is 99.00%.

The chart below shows the monthly evolution of the indicator over the last five years.

In December 2025, the IDO reached 100.00%. Over the last five years, the indicator ranged from a low of 98.84%, in July 2021, to a high of 100.00%, observed from April to December 2025.

To expand the use of Pre-matching by participating institutions, promoting greater standardization in the processes for checking trades involving government securities before registration in Selic, the BCB has made the submission of several repurchase agreements mandatory. In 2026, the requirement to match repurchase agreements between market participants will come into force for operations with different settlement agents and different command transmitters, with a defined unit price (PU) and free movement, and with an open unit price and free movement, identified in Selic by codes 1044 and 1047, respectively. The entry of operations with an open return price (code 1057) will also be required.

Another improvement under way is the integration of Pre-matching with trading platforms. The goal is to enable the receipt of information on trades carried out between market institutions, thereby reducing the number of steps required for the registration of operations. Currently, the trade is executed on the platform, and institutions input the specifications there. Once the Selic commands are defined, participants use a Pre-matching function to input a previously specified trade. After integration, the trade will continue to be executed under the current process, but the platform itself will transmit the specified trade to Pre-matching.

Selic will begin accepting voluntary deposits from non-settlement financial institutions in the Ofpub/Ofdealers module. With this change, the deposit creation function has been modified to adapt to the conditions of the new feature. The change is expected to be implemented in 2026.

The Selic client statement available on the BCB’s website will begin displaying custody and financial value information for investors in the Tesouro Direto program.

The parallel processing phase of Selic is under way. This action is part of a program aimed at modernizing the programming language and database structure, with the goal of migrating the system to a more modern environment. Selic currently operates on mainframe computers, a type of processing unit that in recent years has been replaced by other solutions that offer greater possibilities for technological innovation.

At the current stage of the project, Selic is being processed in parallel on both the mainframe and the modernized environment, in order to verify that all processes in the current system behaves in the same way on the new platform. This routine will continue to be tested until implementation can be carried out with full assurance.