The financial dollars operate with a strong price disparity this Wednesday after the measures taken by the CNV at the beginning of the week and within the framework of the interventions of the BCRA.
The measures that the Government has been taking to curb activity in the dollar stock market seem to be giving results today, since the financial registers this Wednesday a sharp fall compared to the previous closing. However, another of the observed effects is a strong disparity between the MEP and the Cash with Settlement (CCL). And a striking fact is that the value of the first is above the second, something very unusual.
In the last two days, the CCL -operated with the GD30 bond– fell $26.2 ($19.6 on Wednesday and $6.6 today), so that it is located at $427.8, with a 89.6% gap against the wholesale dollar. However, there is a very strong price disparity, depending on the instrument being traded, and in some cases it goes as high as $459.
“If you operate outside of the GD30, the counted with liquid is worth much higher”, he tells Ambit a City operator. In this regard, he explains that this dollar can be made with various bonds and bills and that, in general, the least volatile ones are used, such as the Global 2030, which was the most used until now because it had strong liquidity.
Disparity in CCL traded with different bonds
“Now the LEDs are being used a lot, for example, and that of May is at levels of $445 in the Priority Price Time (PPT) market. However, many Alycs (brokerage firms and brokers) operate closed against bonds that they have parked,” reports the source. Thus, for example, the CCL against AL30 $440.83.
Meanwhile, the dollar MEP trades at $429.6, with a fall of 0.80 cents. This is an important difference, but Mateo Reschini, Senior Research Analyst at Inviu, points out that “this Wednesday, the operation looks a little more stable than the day before and the price differences between the MEP and the CCL“. However, he considers that “it is very difficult to know what could happen in the rest of the day because there are strong movements in buying and selling flows, but the market seems comfortable at these levels.”
The measures that the Government is taking
This occurs in a context in which the Government has been taking measures to control the price dynamics of financiers. First, he did it through interventions with dollars from the Central Bank (BCRA) reserves in the CCL market in order to stop the currency run that occurred at the beginning of last week and throughout the previous week. That had an initial calming effect, but new measures were expected to come and they arrived this Tuesday, through new regulations from the National Securities Commission (CNV).
What the stock market regulator did was establish, through RG 959/2023, new limits for financial dollar purchase and sale operations and established that, as of this Tuesday, they could not be carried out if there is a debtor bond, both in pesos and in dollars. The aim, according to City analysts, is to reduce the volume of foreign currency traded through publicly traded stock instruments so that the government’s firepower yields more when it comes to intervening.
To this end, halted the leveraged buyout of the dollar stock market and cable so that, if an investor borrows money from the market via bonds or repos to buy a title (generally in pesos but that is also quoted in dollars), he cannot then sell it against the MEP or CCL dollar. That is to say, what stopped the NVC is the possibility of operating these exchange rates for those who have an active financing operation with sureties or repos.
This was arranged because many investors took money in security and bought dollars MEP or CCL. In this way, they borrowed in pesos, delivering negotiable securities as collateral to go to the financiers. So. What the CNV seeks with this measure is to cut off the significant money flows that made parallel dollars rise. Ultimately, it points to take volume out of the MEP and CCL operation.
Source: Ambito
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