More stocks on the dollar: the keys to understanding the new controls

More stocks on the dollar: the keys to understanding the new controls

The National Securities Commission (CNV) tightened the rules to prevent currency flight through the stock market by limiting the ability of operators to buy MEP dollars and Cash with Settlement (CCL). The measure will be published this Tuesday in the Official Gazette through Resolution 959/2023.

The rules provided through CNV Resolution 959 aim to cut the capacity of Stockbrokers to take “guarantees or passes” (credits) and with that money later obtain MEP and CCL dollars, which increases the demand and favors the price rise. By performing this trade, traders expect a rise in the quotation of financial dollars to later take the difference in favor.

“In the demand for financial dollars there are operations by people and Stock Market Companies and operators with experience in trading. What we notice is that there is an increase in the demand for dollars in operations by professional traders. In other words, they are speculation maneuvers seeking rate”, they explained from the CNV.

The keys to the new measure

1. Those who have taken surety or passes will NOT be able to buy MEP or CCL dollars. For those who normally buy CCL or MEP, nothing changes compared to Friday, except if there is a guarantee.

2. ALYCs cannot buy MEP or CCL via PPT but will have to go to OTC or SENEBI.

It is worth remembering that the SENEBI dollar is a wheel parallel to the “screen dollar”, which arises from the operation of buying and selling bonds; and where the big players operate, who agree as buyers or sellers a price for the transaction, independent of the one set by the market. In other words, a company that has pesos in Argentina and needs dollars to move abroad, looks for another company that needs to do the reverse, has dollars abroad and needs pesos for the local market.

This is an agreement between private parties. The participants agree on a price for this exchange, which is not public, but will be based on what arises from the supply and demand between the parties, although in general the exchange price is usually more expensive than the Cash With Liquidation value ( CCL).

Regarding prices, the MEP dollar in the Senebi closed on Friday at $439.87 through the Bonar 2030 (AL30D), some three pesos above the MEP in the PPT segment where the BCRA intervenes, at 436.94 pesos. Likewise, the “cash with liquid” in Senebi ended at $443.09 with the Global 203 (GD30C), about two pesos more than in PPT, at 441.18 pesos.

Source: Ambito

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