The National Securities Commission (CNV) arranged this monday changes in the operation of the financial dollar (Counted with Liquidation), when defining new periods of permanence (parking) related to the conclusion of operations with negotiable securities with settlement in foreign currency and jurisdictionestablishing differences according to the law under which they have been issued.
In a statement, the CNV stated that “Starting tomorrow, Tuesday, April 11, and within the framework of Necessity and Urgency Decree No. 164/2023, it is established that the minimum period of stay in the portfolio will be one day for negotiable securities issued under Argentine law, and three days in the case of negotiable securities issued under foreign law”.
The measure was adopted through the approval of the Board of Directors of RG 957, which will be published this Tuesday in the Official Gazette.
The normative modifies the terms in force up to now, by increasing by one day (from 2 days today to 3 days from tomorrow -GD30C)holdings for global bonds issued under foreign jurisdiction.
while decreases in one day (from 2 days today to 1 day from tomorrow -AL30C), the holdings for securities issued under local legislation.
The CNV resolution clarified that These minimum holding periods shall not apply when dealing with purchases of negotiable securities with settlement in foreign currency and in a foreign jurisdiction.
It is worth noting that for MEP dollar operations, the permanence terms related to the conclusion of operations with negotiable securities with settlement in foreign currency (for example AL30D) remain one day.
“The idea is that dollarization comes from the side of national legislation bonds where the Treasury could intervene with the sale of titles held by different departments that are obliged to sell according to the regulations issued weeks ago,” Financial analyst Christian Buteler commented on the move.
Let’s remember that last month, the Through a decree, the Government ordered public bodies to dispose of their holdings of bonds in dollars to contain the pressures on financial dollars and absorb pesos.
Source: Ambito
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