BTG turns to Cade against XP in the case of autonomous agents – 23/01/2019 – Market

BTG Pactual filed an appeal with the Administrative Council for Economic Defense (Cade) against XP, the largest independent broker in the country, in a dispute over independent investment agents.

The bank alleges that when it comes to limiting the migration of independent agents to other brokerage firms, the courts do not respect the agreement with the company's defense organization. for sale from the company in Itaú.

The transaction received final regulatory approval last August, more than a year after the announcement.

The concentration control agreement signed by the broker and regulator defines that XP must guarantee competition in the market by facilitating the exit of autonomous agents wishing to provide services to other brokerage firms .

According to BTG, 80% of the registered autonomous agents are related to XP.

Independent Investment Agents (BTGs) are natural persons or intermediary companies in the distribution of financial products related to brokerage firms. By establishing links with the customer, they have access to personal and financial data and take steps (such as applications, buybacks, purchases and sales of shares) on behalf of investors.

In the action that Folha had access to, BTG baderts that XP has established contracts with autonomous agents that impede competition, setting lengths of stay and difficult rules for Other brokers. "

" XP adopts a series of strategies to ensure the de facto exclusivity of AAI [agentes autônomos] from contractual constraints to prosecution, "BTG's lawyers write in the newspaper.The text is signed by Grinberg Cordovil [19659009]. Among the charges is the loan of money to expand the office, without the amount can be paid in advance.Cade and says the charges are unfounded.According to the broker, the call to Cade is an attempt to create facts for the defense in court XP also said that he already works in his defense.

The use of autonomous agents has been the basis of the development of XP , founded in 2001 in Porto Alegre, inspired by the American broker Charles Schwab, based on innumerable interviews granted by Guilherme Benchimol, one of the founders and president of XP.