The dollars obtained through bonds cannot be used for 15 days to buy other dollarized assets, such as Cedear, ON and Letras.
The National Securities Commission (CNV) announced yesterday a new restriction that impacts the purchase of financial dollars. The new regulations provide that the currencies resulting from operations with bonds cannot be used for 15 days to buy other dollarized assets, such as Cedear, Negotiable Obligations and other sovereign titles.
CNV sources explained to Ámbito that the measure, made official by general resolution 962, seeks to reduce the volatility of financial dollars. But it specifically points to financial maneuvers (“rollers” in market jargon) carried out by some specialized operators to take advantage of the price gap between the bonds used by the Government to intervene in the market (AL30 and GD30) and the rest of the instruments.
Although these currencies cannot be used to buy other assets, they can be transferred to dispose of the money.
In this regard, Salvador Vitelli, head of research Romano Group explained: “If you buy MEP or CCL via AL30/GD30 by PPT (the Price-Time Priority segment that is traded on the screen), for 15 days you cannot sell those dollars via another asset. In addition, you cannot sell another asset in dollars (also for 15 days) against pesos (it would be selling MEP, due to arbitration)”.
And he expanded: “In short, if one only buys MEP via global/sovereign, it does not change much. You can continue buying without limit and without waiting 15 days (only the existing car park up to now). But if you want to sell them, you have to sell them via AL30/GD30 (you could not arbitrate if there is a difference in TC with another asset). The question is to avoid arbitrage between MEP spreads between sovereign bonds and LEDs, to give an example”.
A market operator explained to Ámbito that one of the financial curlers that had become popular is the so-called “Letes curl”. To give an example: cable dollars were bought with AL30 at $470, they were sent abroad and re-entered the country in bills at $490, and the operation was repeated infinite times to thus obtain a significant profit.