Brazil’s Special System for Settlement and Custody (Selic), the infrastructure at the core of the country’s federal government securities market, handled an average R$7 trillion in transactions per day in 2025.

The figure highlights the scale of Brazil’s fixed-income market and the infrastructure supporting trading, custody and settlement of government bonds. At the end of 2025, Selic held R$12.1 trillion in securities in custody and processed an average of nearly 43,000 transactions per day. 

Selic is administered by the Central Bank of Brazil, with its services and complementary modules operated in partnership with Anbima (Brazilian Financial and Capital Markets Association) under an operational cooperation agreement. It serves as the central securities depository for federal government bonds and handles the registration and settlement of transactions involving these securities. 

Investor base

The system had 592 participating institutions at the end of 2025, up from 565 a year earlier. Banks represented the largest group, followed by credit unions and securities dealers and brokers. 

The number of clients also continued to expand. Selic added 115,400 clients in 2025, a 15.9% increase from the end of 2024, driven largely by individual investors. The number of individual clients rose to more than 746,000. 

Foreign investors also increased their exposure to securities held through the system. Assets in custody belonging to non-resident clients reached R$796.8 billion at the end of 2025, up 26.4% from R$630.4 billion a year earlier. Non-residents accounted for 15.8% of securities held in client accounts. 

Market activity

Activity in the outright government bond market increased during the year. Average daily trading value rose 16.6% to R$111.4 billion, while the average number of transactions increased 11.4% to 6,966 per day. 

National Treasury securities auctions averaged R$143.9 billion per month in 2025, 26.6% more than in the previous year. Selic processed 1,207 Treasury securities, repurchase agreement and foreign-exchange swap auctions during the year. 

The infrastructure also plays a central role in Brazil’s monetary policy framework. The benchmark Selic rate is calculated from one-business-day repurchase agreements backed by federal government securities. In 2025, an average of 856 transactions worth R$1.3 trillion were considered each day in the rate calculation. 

Selic maintained an availability rate of 99.94% in December 2025, above the 99.80% minimum required for systemically important settlement systems. 

The figures are included in the 2025 Selic Administration Report, prepared by the Central Bank’s Open Market Operations Department with support from Anbima. The full report is available in English.