The rule repeals general resolutions 907/2011 and 901/2011, which set a weekly quota of 50,000 nominal for the operations of the Settlement and Compensation Agencies (ALyC), mainly arranged with AL30 bonds.
In turn, “the agreement and liquidation of sovereign debt securities denominated in dollars under local legislation in foreign currency will not imply restrictions on other operations in regulated markets,” explained the CNV.
The body chaired by Adrián Cosentino indicated that the repealed resolutions “had been issued in response to exceptional circumstances and on a temporary basis, in order to avoid elusive operations, reduce the volatility of financial variables and contain the impact of fluctuations in financial flows on the real economy”.
In this regard, the financial analyst Christian Buteler explained to Télam that the measure was taken at the time to limit the participation of private parties in a context in which “the Central Bank was trying to spend fewer dollars in its intervention” in the market.
“As the Central Bank no longer intervenes, it would be kind of silly to continue with that measure,” he said, and indicated that “any way out of the restrictions is positive.”
For his part, Diego Martínez Burzaco, head of Research & Strategy at Inviu, argued that “the dissolution of this regulation (due to the repealed resolutions) is going in the right direction.”
Both specialists agreed that the new regulation “is in line with the agreement with the IMF (International Monetary Fund)” as it is “a step” to “disarm all regulations in the capital market.”
The restrictions on operations with financial dollars gave rise to an increase in transactions between individuals without a reference price, in the so-called Bilateral Trading Segment (Senebi).
The operation of the stock dollar or MEP consists of buying a bond in pesos and then selling it in its dollar version, while an account abroad is required for the CCL.
Source: Ambito
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