SAO PAULO, Sept 16 (Reuters) - Brazil's A5X, a new

derivatives exchange, announced on Tuesday the completion of its

third investment round, bringing the total raised since its 2023

inception to 385 million reais ($72.6 million).

The funding, including the latest 200 million reais capital

injection, is set to cover all investment needs until the

company reaches break-even, which co-founder and CFO Karel

Luketic said is expected within six to 12 months of launch.

A5X is expected to begin operating around mid-2026,

following pre-operational tests by market regulators, which

could happen as early as late 2025 or early 2026, Luketic said.

Earlier this year, the exchange formalized a strategic

agreement with LSEG (London Stock Exchange Group ( LDNXF )) for

trading, clearing and market surveillance technology.

Sao Paulo-headquartered A5X and Rio de Janeiro-based Base

Exchange, both of which are in pre-operational phases, are

expected to end a more than decade-long monopoly on Brazil's

exchange market, currently held by Sao Paulo bourse B3

.

Competition is expected to foster innovation and technology

advancement, and lead to better pricing, Luketic said.

Although there are no current plans to seek additional

funds, Luketic said A5X is not closed off to strategic financing

opportunities. The focus, he said, has always been on "who we

choose to bring into our project," rather than merely fulfilling

an investment requirement.