The National Securities Commission reported yesterday that it preemptively suspended a Stock Exchange or Liquidation and Clearing Agent (ALyC) after detecting that it carried out illegal activities with dollarized assets during several days last month, prior to the Primary elections (PASO). The sanction is given within the framework of the controls activated by the Government regarding speculative movements in the financial dollar market.
This is the company Integral Cucchiara y Cia. SA, where irregular operating activity was detected in relation to the daily compensation and settlement term established in RG 965. According to the CNV, irregularities were recorded in the operations of purchase and sale of bonds in dollars made by Cucchiara y Cia. on the Stock Market between August 03 and 30 of this year.
The brokerage firm in question sold more notes with settlement in foreign currency compared to those it bought in the same settlement currency. “Purchases and sales are only compensated if SISTACO’s operations are considered, which does not have the character of a trading system and there is no concurrency of offers,” the text of the sanction maintains.
According to the regulations, “for all these negotiable securities, the number of nominal securities sold with settlement in US dollars and in local jurisdiction may not exceed the number of nominal securities purchased with settlement in said currency and jurisdiction, in the same settlement day and for each transaction settlement period, for each principal sub-account”.
This sanction occurs within the framework of a series of actions that the Ministry of Economy decided to implement against some stock companies that carried out speculative operations related to the MEP dollar, with the apparent intention of artificially increasing the value of the prices prior to I PASS them. Now, the official intention is to prevent these movements from being repeated in the run-up to the general elections.
Source: Ambito
