To give more volume to the bonus for importers, since Monday the CNV has introduced changes in operations on the financial market which, little by little, move towards easing the exchange rate. The organization began to lift some restrictions on bond and cedar trading, which had an impact on the price of the financial dollar: the CCL fell by more than 3% ($38 this Tuesday) for the first time after three rounds of strong increases.
Based on General Regulation 990/2024 published on Monday evening, the market regulator has made operational issues more flexible for both brokerage firms and retail investments. On the one hand, from the perspective of ALYCs, the organization has eliminated restrictions for its portfolio.
The CNV eliminated two points of the regulation that provided for “netting” for purchases made by these players, where the sales of bonar and world titles against MEP O cable could not be exceeded. At the same time, it established the same change for operations with Cederars: it eliminated the requirement of peso-settled purchases, which could not exceed peso-settled sales, for each client subaccount.
The highlight of the new legislation is a series of deregulations for investors bidding on Bopreal in the primary market. First, the agency allowed the sale of this cable bond to those who also have a bond. At the same time, it eliminated the need for parking for foreign transfers resulting from the purchase of these bonds.
Finally, the daily limit for foreign clients has been increased to $200,000,000, but all transactions exceeding this amount continue to need to be reported to the CNV 5 days in advance.
“The measures adopted appear to have two objectives: on the one hand, to facilitate the sale of BOPREAL by bank transfer or transfer abroad for the holders and to eliminate the rules that hindered operations and constituted a nightmare for the daily work of the tables”, he indicated in the consultancy firm Outlier.
Analysts doubt the direct impact of these measures on the financial market, since the relaxed regulations were created at a time when the Central Bank was actively intervening in the bond market to curb the price of the financial dollar, which at this time the administration “Today this situation no longer exists and the opportunity has been taken to untangle the regulatory tangle that the financial sector is facing,” they added.
For its part, the PPI said: “We believe these decisions would provide greater liquidity to the CCL dollar market and reduce current cross-species arbitrage.” After this measure, liquidity collapses sharply this Tuesday: it loses 3.5% and returns to 1,256 dollars. It closed at $1,294 on Monday.
Source: Clarin
