THE new measures adopted by the CNV on stocks a operations with financial dollars placed center stage other ways to buy dollars and send them abroadusing legal methods.
This way an old acquaintance returns he had resurfaced in 2021 at the hands of Martín Guzmán: the Bilateral Trading Segment or better known as senebi dollar.
This is because from this Tuesday those who have taken credit (guarantee or pass) will not be able to access the MEP dollar or cash on liquidity (CCL), while brokerage firms will be able to buy CCL or MEP only in the parallel wheel called Senebi.
What is Senebi talking about? It is a wheel parallel to the “screen dollar”, which arises from the transaction of buying and selling bonds; and where they operate great players, That agree as a buyer or seller a price for the transaction, independent of what characterizes the market.
That means, a company that has pesos in Argentina and needs dollars to move abroad, looks for another company that has to do the opposite, He has dollars abroad and needs pesos for the local market.
This is a private agreement. The participants agree on a price for this exchange, which is not public, but will be based on what arises from supply and demand between the parties, although in general the exchange price is usually more expensive than the Cash With Liquidation (CCL) value ).
Here no government intervention, nor amount limits to operate with bonds. To operate you must be a “qualified” investor, as defined by the CNV, i.e.: state body, public trust fund, ANSeS, pension funds, banks and financial institutions, mutual funds, financial trusts, insurers, SGR, securities agents or eligible before the NVC and foreigners.
Those who at the time of the operation have the equivalent of 350,000 UVA in the bank can also participate, which today that’s 81,536,000 or US$187,439 to the MEP.
After knowing the General Resolution n. 959/2023 which bears the signature of the National Securities Commission (CNV) and which sets the two rules limiting operations with CCL and MEP dollars, it is expected that the Senebi will once again become a reference among the alternatives.
On the page of the Buenos Aires Stock Exchange, in the Financial Education tab, it is indicated that: “In this system the agents operate on their own account and only tradable government bonds and bonds are traded.”.
And he adds: “The rule of the best offer does not apply, since the negotiation is direct between the operatorsthat to be part of this system he has to pay a fixed monthly fee as a subscription”.
Furthermore, it is also clarified that “There is no explicit commission, but the profit is the difference between the purchase price and the sale price.”
Finally, it indicates that “the transactions ordered and registered in Senebi are considered not guaranteed and, consequently, do not enjoy the support of the Compulsory Guarantee Fund set up by BYMA”.
Since in Argentina there is more interest in transferring dollars -rather than pesos- abroad, the amount paid by the local company that wants to apply the Senebi dollar logic will be relatively higher than the value of the CCL (counted with liquidity).
Senebi Dollar Closed on Friday (Last Business Day) at $439.87 via Bonar 2030 (AL30D), about three pesos above the traditional MEP, at $436.94. And the “cash with liquid” in Senebi closed at $443.09 with the Global 203 (GD30C)two pesos more than the $441.18 paid on the stock exchange.
The focus this Tuesday will be on the price gap between the intervening square and businesses, which is expected it will expand.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.