The Matba Rofex Export Dollar Index seeks to facilitate better price formation taking into account the current exchange rate regime for exports.
With the aim of facilitating better price formation taking into account the current exchange rate regime for exports, Matba Rofex This Thursday, February 29, will enable the possibility of negotiate agricultural futures whose settlement through physical delivery will be made to the Matba Rofex Export Dollar Index.
About, Diego FernandezCEO of Matba Rofex, shared the details of this new modality that will be available from this Thursday. This initiative has “the support and dissemination of various entities in the agro-industrial chain, highlighting the commitment of the stock exchanges throughout the country, as well as important market players,” said Matba Rofex.
These new positions (months of expiration of each contract) will coexist with those already open in Matba Rofexwhich will continue to settle based on the MtR Dollar. The only difference is that the new modality, at the time of billing for the physical delivery of the merchandise, will be made at the export exchange rate.
Matba Rofex Export Dollar Index: key features
- Beginning of operations: Negotiations under this new modality will begin on February 29, 2024, offering operators an alternative more in line with current market needs.
- Coexistence with existing positions: The new positions with settlement in the Export Dollar Index will coexist with the already open positions that continue to be settled based on the MtR Dollar, without altering the conditions of existing operations.
- Identification of positions: The new positions will be identified in the MtR electronic trading system with the acronym “EXP”, initially including options for soybeans and corn as SOJ.EXP/MAY24, SOJ.EXP/JUL24, MAI.EXP/APR24, MAI.EXP/JUL24.
“It is important to clarify that if the export exchange regulations are modified, the Export Dollar Index will capture that adjustment, and what is invoiced at the time of settlement of the physical merchandise will respect the current rule for the settlement of export currencies at the time. Of the delivery”, they explained from Matba Rofex.
The Export Dollar Index, which Matba Rofex publishes daily and which has the support of the grain exchanges and the entities that represent the producers, the first link in the chain, “reflects a transparent and fair value of the current regulations for exports”.
It is built on the basis at 80% of the Banco Nación purchasing exchange rate and 20% of the Cash Index with Settlement that Matba Rofex has been preparing since February 2020.
In this sense, Andrés Ponte, president of Matba Rofex, expressed his enthusiasm for this innovation and highlighted that “This new settlement modality represents a significant advance in the adaptation of the agricultural futures market to the situation facing the sector. We seek to present a useful alternative for price formation, but we consider it a transitional modality. We hope to return to a single settlement modality in a short time.”
Source: Ambito
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