The capital market regulator ordered new obstacles for the operation of the dollar Contado Con Liqui. What operations cannot be done when
The National Securities Commission (CNV) established, through RG 959/2023, new limits for financial dollar purchase and sale operations and established that, as of this Tuesday, they cannot be carried out if there is a debit bond, both in pesos and in dollars. Analyst Andrés Reschini details in dialogue with Ambit that “what you want to achieve with these restrictions is to reduce the volume of currency traded through publicly traded stock instruments so that the power of the Fire Government yields more when it comes to intervening.”
To this end, what was done was stop the leveraged purchase of the dollar stock market and cable. But what is the measure about? “In Creole, it was established that if an investor is borrowing money from the market via bonds or repos to buy a title (generally in pesos but also quoted in dollars), he can then ‘turn around’ and sell it against the dollar be it MEP or Cash With Liquidation (CCL)”, explains the Invecq economist, Juan Pablo Albornoz, more simply.
How is the operation that seeks to control the CNV
For those who do not know how the financial market works, the economist details that when an investor has pesos and buys MEP or CCL, first acquires a security in pesos, waits the days corresponding to the instrument used, and then sells that same security against dollars. Thus, as Albornoz indicates, “what stopped the NVC It is not the operation itself, but the possibility of doing it for those who have an active financing operation with sureties or passes”.
This responds, according to Marcelo Bastante, an expert in stock markets, to the fact that many investors took money on security and bought dollars. MEP or CCL. Thus, “they got into debt in pesos, delivering negotiable securities as collateral to go to the financiers,” he sums up.
And he details that with the operation of passive pass The mechanism was similar: the client sold the negotiable securities in immediate cash and repurchased them in the future. “So, with the cash proceeds from the sale, I bought MEP or CCL dollars,” says Bastante.
Will the norm be ‘compliant’?
From this standard, nothing more can be done. And Quite believes that compliance with the standard It will be easy for the ALyC (brokerage firms and brokers) to control if the client channels a borrower guarantee with the same company. In that case you will not be able to buy MEP or CCL dollars. However, he warns that it is more difficult to control if the client takes security in the ALyC and then wants to buy MEP or CCL dollars in another. There, the only instrument that there is is that the client must sign an affidavit.
Also, a key fact of this measure is that target the wholesale investor and it does not harm the retailer since, Albornoz clarifies that “not everyone can take precaution”. Generally, you must have a fairly high-valued principal account to access this type of investment. Some, for example, ask for more than US$20,000 to be able to take bail. In this way, what is sought is to cut off the significant money flows that made the parallel dollars rise.
It should be clarified that Stock market guarantees are a financial operation guaranteed with short-term marketable securities (ranging from 1 to 120 days). There are setters and takers. In the first type, the underwriter lends money to a borrower and earns interest in return. In those of the second, the latter borrows an amount and gives market-valued marketable securities as collateral. At maturity, he returns the principal and pays the interest to the other party.
As a market source points out, and most analysts agree with this view, with this measure “The Government is seeking to reduce the volume of the MEP and CCL operations”, but some voices in the City warn that these funds can be channeled in the coming days through other dollar markets and anticipate that, once again, as happened in 2021, the Bilateral Negotiation Segment (SENEBI) could begin to become relevant ), a free and wholesale market in which two parties agree on a currency exchange at a price agreed by both within the framework of that negotiation, since, with an intervened CCL, it could once again be a reference for financial prices.