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  "documentTitle": "dLocal (DLO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2022-11-16 00:00:00",
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      "text": "Thus we think that the real FX spread for large volume contracts should be under 1.2%.",
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      "text": "FX spread: 1.2%",
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      "text": "An investment bank research survey from 2021 corroborates these accounts, explaining that its research found pricing for DLO was competitive in all conversations with some mentioning DLO being slightly more expensive, and one mention that Adyen was more expensive.60 This bank research cited a Brazil Central Bank study of FX, which found the average FX fees and spreads for non-export contracts in Brazil, DLO's largest market, approximated 1.2% from 2005-2018. The study also found that the larger the contracts, the smaller the spreads. The report explains that average spreads from operations with broker intermediation were about ~0.6% lower, as the broker charges the client for the service.61 Thus we think that the real FX spread for large volume contracts should be under 1.2%.",
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      "text": "Source E: Ebanx was always cheaper than Dlocal. Uh, but I would say that you mean local for local or cross border? MW: Both. Source E: Both. Okay. So domestically... But in Brazil specifically, they do, they did a lot of local for local because they, they had, they had, they had a big part of their market was full of small and middle size accounts. We were not covering that market at that time. So I will say that a typical commission was 0.5% over the, the payment method. Uh, and, uh, FX, on the case of cross border, Ebanx maybe was around 2%, 2.5 maybe. This was for them, we were always like, domestically, we were like between 0.2 and 0.5% more. And, FX, maybe we were not more expensive. MW: What? Source E: But I think we were more efficient, uh, because of the balance that we had between pays and payouts, that they were just starting with payouts. I think, uh, Ebanx started with payouts 2021, they were not doing payouts.",
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      "text": "Source E: But I think we were more efficient, uh, because of the balance that we had between pays and payouts, that they were just starting with payouts. I think, uh, Ebanx started with payouts 2021, they were not doing payouts. — Source E (Competitor)",
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      "text": "60 Investment bank research report dated June 2021.\n61 https://www.bcb.gov.br/conteudo/relatorioinflacao/EstudosEspeciais/EE048_Spread_no_mercado_de_cambio.pdf",
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