The news resounded in the market, the National Securities Commission (CNV) gave the green light on Tuesday for them to begin trade Bitcoin futures contracts in pesos and the Matba Rofex overtook iProfessional who From May This instrument will be available to investors.
Following this, In the market, this news was taken as “positive” due to the adaptation of the authorities to the new financial trends, but there is certain uncertainty regarding the implicit volatility that cryptocurrencies have.
It should be remembered that a A future contract is a commitment to buy or sell an asset at a future date at a specified price.but in the operation the investor will not receive that asset integrated, but those gains or losses, based on the resulting price, will be fully offset in pesos against the official exchange rate.
That is, the saver You will not receive bitcoins, but pesos resulting based on the agreed price.
The value of this asset is fixed through the Bitcoin Index made by Matba Rofex, which results from an average between the different prices in pesos for this digital currency that have more than ten exchanges and crypto wallets, which will be publicly accessible and available “24×7”.
To get an idea, today this digital asset It is worth around US$28,000 on the market. and accumulates in all of 2023 a price increase of 68%.
“I am very happy with the approval of the CNV, it is a historical milestone, and indicates that it is positive that the authorities seek to adapt to new trends. It is the third market worldwide to have a Bitcoin future (after CME and ICE) and first in Latin America.”details to iProfessional Andres Pontechairman of Matba Rofex.
The price of Bitcoin reached US$28,000 in the world market and advances 68% in all of 2023.
Regarding the great price variation that digital currencies have, Ponte adds to this medium that “the futures contract counteracts the volatility of Bitcoin and gives more certaintySo it’s very useful as a tool.”
Bitcoin futures
The CNV authorized this Tuesday the regulation of futures contracts on the Bitcoin Matba Rofex Index, with negotiation and settlement in Argentine pesos and without delivery of the underlying asset.
“The measure is intended adapt to the regulatory challenges imposed by new technologies for the provision of financial products, as well as promoting the development of new and innovative products by its regulated subjects in the capital market,” it said in a statement.
Regarding the specific instrument that will be launched in May and that will implement and negotiate the Matba Rofex, as Ponte announced to iProfessional, it can be anticipated that each contract will be equivalent to 0.1 bitcoins, multiplied by an adjustment factor.
“There will be no physical delivery of the underlying product for contracts that remain open at the end of the last trading day. These will be settled by delivering or receiving, as appropriate, cash that covers the difference between the original contract price and the final adjustment price determined,” the regulation clarifies.
In short, according to Matba, Rofex is a “point of contact between the crypto ecosystem and the regulated market. It allows institutional and retail investors access to an environment regulated and guaranteed by Matba Rofex”.
Starting in May, Bitcoin futures contracts can be purchased in pesos, and at the end of the agreement the equivalent in national currency will be received.
Bitcoin futures, the market thinks
Regarding this announcement that revolutionizes and integrates new investments with the traditional market, it is seen by analysts consulted by iProfessional as “positive“, although they warn that still details should be known about how it will work this instrument based on the great volatility that Bitcoin has.
“I think it is very positive, then you have to see what the depth of the operation will be, but it is a very good initiative. Then you have to see how the implementation will be, which is essential, since if they begin to set many limits in terms of participants, guarantees, adjustments, among other aspects, or a lot of regulation. Or, if an information regime is established for AFIP on the participants. Aspects that have not yet been determined and would reduce the operationreflects the analyst Marcelo Pretty to this medium.
And he adds: “The operation of this instrument is similar to the rest of the index and future dollar operations, in that the contracts are at the end of each month“.
The feeling of the experts is that this operation will be destined to a small number of investors due to the various variables that can be brought into play.
“The underlying issue is how much money will be required from the agents as a guarantee, since I suppose it will be high. In other words, for each contract, money or financial assets must be left as collateral, in case there is a breach by the client, since it is a volatile operation. Therefore, what is clear is that this is not for retail investors, it is going to be for qualified investors,” says Bastante.
For Joaquin Arreguipartner of the Extension Consulting and financial adviser, indicates to iProfessional: “Clearly, the Operation of these futures will be very limited or for those who operate without knowledge, it is most likely that they will lose money, since three aspects must be analyzed: if the MEP dollar exchange rate is expensive or cheap in terms of foundation. The second is that you should know about futures, since derivative products have implicit interest and, finally, you have to follow the news and fundamentals of the cryptocurrency.”
And he completes that “the speculation and volatility of the cryptocurrency is well known, and to that we must add that the future contracts are in pesos, so it will be highly volatile on a day-to-day basis”.
On the side of the advantages that he can contribute, he comments that, in the event that there is a large volume of operations and the price in pesos continues due to adjustment to the MEP dollar prices or an exchange independent of the market and of relevance plus the Bitcoin price, “It could be used to advance purchases in pesos to make of the cryptocurrency”.-
