In the midst of the intervention strategy in financial dollars ordered by the Minister of Economy Sergio Massa Last week, and with the aim, in addition to having an impact on free trading, the Government established new rules to access stock exchange rates, cash with liquid or CCLand the MEP and avoid a financial operation with sureties which increases the volume of demand for foreign exchange.
This is a measure that does not affect savers and that Massa and the National Securities Commission agreed with companies in the financial sector, such as BYMA itself, the stock market. “The political volatility and the speculation of four alive will not put the level of activity and occupation at risk,” Massa told infobae yesterday. The minister assured that this modality to contain the dollar will mark his management and will continue as long as he is in office. Days ago and after the peak in the free price, which reached 497 pesos last Tuesday, the alternative dollars fell 6 percent.
“It has nothing to do with the people who want to buy an apartment but with those who speculate. We do not want to hinder the CCL and the MEP” (Negri)
“The idea is to correct two distortions that have occurred in recent days as a result of the increase in the volume traded in the so-called financial dollars and the volatility of their prices. It has nothing to do with people who want to buy an apartment but with those who speculate. We do not want to hinder the CCL and the MEP,” he told Infobae Sebastian Negri, president of the CNV. The agency formalized the new scheme with Resolution 959 today.
“It seeks to avoid the use of the bond wheel to finance the purchase of titles that are later settled in foreign currency, as observed in recent days. And order the participation of the ALyCs (Liquidation and Compensation Agent, or brokerage houses) in the settlement of titles, both in pesos and in dollars through establishing a netting of daily operations for their own portfolios”, Negri explained.
In the midst of permanent meetings with the sector, the measure was agreed upon in a meeting that Negri held last week with Gonzalo Pascual and Jorge DiCarli, CEO and general manager; and with Matias Isasa and Rodolfo Iribarrendirector and general coordinator of the CNV.
In recent days, when the BCRA began to intervene, the demand for the CCL increased and one of the reasons that reflected this was the increase in sureties, a round in which a security is put as a guarantee in exchange for financing. Thus, surety rates paid up to 20% annually in dollars on days of maximum tension. Now, marks the end of the use of papers and guarantees, those who operate it must put up the money.
Thus, there are two measures that will begin to apply from tomorrow, Tuesday, after the holiday for May 1.
1 – “Require ALyCs and Negotiation Agents that they may not proceed or settle sales operations of negotiable securities with settlement in foreign currency to clients who have taking positions in sureties and/or repos, regardless of the settlement currency.”
2 – “Establish limits to the portfolios of the ALyCs in terms of the number of marketable securities sold with respect to the number of marketable securities purchased -with settlement in foreign currency and in local or foreign jurisdiction-, carried out in the concurrency segment of offers, with price-time priority”.
“A bringer he sees on the screen that the BCRA intervenes and sells cheaper financial dollars. So you put your surety bonds on the surety wheel to buy those dollars, increasing genuine demand. In a typical round of CCL and MEP of USD 100 million per day, for example, the demand doubles. They are opportunity operations that make arbitrations to achieve a quick profit ”, they explained in the market.
Regarding point two, brokerage firms may buy and sell with their funds but they must be “netted” at the end of the trading session. As explained in the CNV, this is a measure that was in force until a few months ago for securities with local law and now returns for US law as well, such as global bonds that are the most used to make CCL.
The CCL generates a parity that is the result of dividing the price in pesos of a financial asset by its price in dollars and allows the funds to be credited in an account located in the other country. It is a formal and legal dollar, that is to say that they are declared operations, and the price variation of the implicit dollar depends on the asset that is used for the operation. For example, the dollar “counted with liquid” or Cable with Actions is now operated in a range of 441 pesos.
Like the liquid, the MEP or Stock Market dollar arises from the parity between the prices in pesos and in dollars of the same financial asset, but in this case, the currencies are credited in an account in the local financial system and, therefore, , it is a bit cheaper than Cable.
A widely used bond to make MEP is the AL30 that yields a dollar of 437 pesos. For these operations runs the call “parking”, which is the number of days that an investor must keep the purchased bonds in his portfolio, before being able to sell them.
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