‍N5X Summit 2026

📅 Date: September 17, 2026, starting at 8:00 AM
📍 Location: Villa Vérico (R. Santa Justina, 329 - Vila Olímpia, São Paulo - SP)

Morning schedule

8:00 AM – Welcome coffee and check-in

9:20 AM – [Talk] Opening of the event 

N5X Co-CEOs, Camila Pantera and Guilherme Netto, will welcome attendees and present the main topics of the day. This will be a moment to greet guests, share the goals of the N5X Summit, and highlight the importance of the discussions taking place throughout the event.

9:30 AM – [Talk] Keynote Opening with Luis Masagão

In the keynote opening of N5X Summit 2026, Luiz Masagão (Vice President of Products and Clients at B3 and Observer Board Member at N5X) shares B3's view on the transformation underway in Brazil's energy market, connecting the capital markets experience to the arrival of the central counterparty in the power sector.

‍10:00 AM – [Interview] International Case: Japan's experience implementing a market with clearing

Camila Maia (Journalist at MegaWhat) will conduct an interview with Bob Takai (CEO at EEX Japan) and Steffen Riediger (Director Business Development at EEX) to share Japan's experience in evolving toward a trading model with a central counterparty.

The conversation will address the challenges faced during the transition, the market's initial resistance, and the impacts observed after implementation, offering a practical view of how clearing helped strengthen liquidity, governance, and the participation of new agents.

• Context of the Japanese market before clearing
• Main resistances and challenges in the transition
• Institutional and regulatory structure adopted
• Impact of clearing on liquidity and price formation
• Entry of new participants and investors
• Lessons applicable to the Brazilian context

11:00 AM – [Roundtable] Liquidity, Security, and Market Evolution: The Role of Institutions in the New Sector Design

In this panel, Alessandro Cantarino (Vice President at ABRACEEL), Felipe Calabria (Deputy Superintendent of Regulation at ANEEL), Eduardo Rossi (Market Security Director at CCEE), and Camila Pantera (Co-CEO at N5X) will discuss the structural challenges of the Brazilian energy market, covering liquidity, trading security, and the evolution of market design, moderated by Camila Maia (Journalist at MegaWhat).

• Structural challenges of the energy market: liquidity, credit, and security
• Impacts of regulatory predictability and legal uncertainty on market confidence
• The role of institutions in building a more robust environment
• Projects and regulatory discussions shaping the future of the sector
• Paths to expand liquidity and attract new participants

12:00 PM – Morning session closing and lunch (12:05 PM)

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Afternoon schedule

1:40 PM – [Roundtable] Price Formation and Liquidity in the Energy Market: Practical Challenges and Paths for Evolution

Gustavo Ayala (CEO of Bolt Group), Leonardo Morais (Head of Trading at Eneva), Ricardo Brunet (Sales Manager at Renergisa) and Thiago Ferraz (Head of Operations at N5X) will dive into the practical impacts of the market's structural challenges on price formation and liquidity, discussing price references, the forward curve, and risk management, moderated by Leandro Stamato (Head of Clients at N5X).

• How the market's structural challenges affect price formation
• Barriers to developing long-term price references
• Differences between bilateral and organized environments in price formation
• Monitoring abusive practices and preserving market integrity
• The role of initiatives such as liquidity windows in price formation

2:30 PM – [Roundtable] Clearing Members: Connecting the Energy Market to Global Financial Capital

In this roundtable, David Fuertes (Executive Director, Head of Americas Sales – Exchange Traded Derivatives & OTC Clearing at Santander), Rutger Schellens (CEO at ABN AMRO Clearing) and Omar Oliver (Head of Commodity Futures Americas do BNP) will discuss the role of clearing members in markets with a central counterparty and how this structure connects the energy market to global financial capital, moderated by Guilherme Netto (Co-CEO at N5X).

• The role of clearing members in cleared markets
• Requirements for operating in markets with a central counterparty
• What a participant needs in order to trade in a cleared environment
• Impact on liquidity, depth, and market efficiency

3:30 PM – Coffee Break

4:15 PM – [Roundtable] Default, Collateral, and Systemic Protection: How Clearing Transforms Risk Management

Alexandre Zucarato (Planning Director at ONS), Demetri Karousos (CEO of Nodal Clear, President and COO of Nodal Exchange), Edgar Silva (Head of Power Trading Brazil at Hydro), and Marcelo Carvalho (Chief Risk Officer at B3) will discuss how a central counterparty model transforms risk management, collateral, and default events in the energy market, moderated by Helvio Bastos (Head of Risk and Strategic Analysis at N5X).

• Key risk, liquidity, and credit challenges in today's market
• Limitations of the bilateral model under stress and default events
• The role of safeguard structures in mitigating systemic losses
• How the central counterparty acts in default scenarios
• A real international case: activation, impact, and management of a crisis event

5:15 PM – [Talk] Next Steps in Consolidating Clearing in Brazil‍

In the closing talk, N5X Co-CEOs Guilherme Netto and Camila Pantera will present the regulatory milestones achieved and the market readiness plan for launching clearing operations.

5:30 PM – Happy Hour and Networking

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👉 Click here to register for the N5X Summit 2026!