Starting tomorrow, transactions with securities to buy financial dollars will be carried out with a new minimum period of permanence in the portfolio. The National Securities Commission (CNV) has decided to extend the “parking” for the purchase of cash with liquidity (CCL) to 3 days in the case of qualifications governed by foreign law and reduced to 1 for instruments of Argentine law.
“Parking” is a restriction that the government imposed in 2020 to contain dollarization through securities that are traded on the stock exchange and implies that a certain number of days must be spent parked between buying a security and selling it. Until today, investors they had to wait 2 daysa wait that entails a risk due to the change in the price of the newspapers.
On the market, the provision was interpreted as an incentive to operate with Bonares (AL), the instrument that the government hopes to use to keep CCL at bay in view of the elections. “I don’t know what effect it will have on prices, but those who want to have fewer days off will have to go to the market where the government has the firepower to intervene,” said an operator.
The resolution that will be published this Tuesday in the Official Gazette is part of the decree that on 22 March ordered a forced exchange of securities in dollars in the hands of ANSeS (Globals and Bonares) to contain the pressure on financial dollars and finance the deficit. So far this year, CCL is up 17% ($403) and MEP is up 19% ($390).
In CNV they explained that the regulation will also reach those who have already purchased the securities and have acknowledged their intention to promote the ALs, securities that ANSeS will sell once the UBA finalizes the audit and pronounces itself on the exchange. Sergio Massa has asked the Chamber of Studies and the Agn for an evaluation after the complaints against the financial operation.
“The objective is to encourage the operation of financial dollars to be channeled with the securities in dollars of local legislation, the ALs”, say CNV sources. To measure would impact retail investorss, which are the ones most affected by parking. “Large investors have ways to lock in a CCL price without exposing themselves to bond movements,” said another trader.
Cash with liquidity is one way that companies have become dollarized through the buying and selling of bonds. The resolution also establishes that the minimum period of stay is maintained at 1 day for the purchase of deputies and 2 days for transfers abroad, except in the case of primary placement or shares of companies listed abroad (Cedears).
Source: Clarin
