Pre-launch data
A market built on modern technology
The ARENA platform, developed by the BVB and operated on a SaaS basis, uses a remote-first model. Brokers connect securely from their own premises.
How it works
The operating model is distributed between the BVB, BIMx and brokers.
| Component | Role |
|---|---|
| BVB | Operates the platform (hosting, maintenance, know-how) |
| BIMx | Administers the market (rules, users, relations with the CNPF and DCU) |
| The broker | Distributes the market (clients, orders, connectivity) |
Advantages of the model
Fast access — GUI terminal from launch
Progressive automation — Gateway API in year 2, FIX in year 3
Real-time market data
T+2 settlement through the Central Securities Depository
Technology roadmap
| Phase | Components |
|---|---|
| Launch (2026) | GUI terminal, DCU integration, training |
| Year 2 | Gateway API, DataFeed |
| Year 3 | FIX Engine, CSD Realtime |
| Year 4+ | Scaling, new products |