2023-05-01 15:45:00
Seeking to stop new runs and have greater control over financial dollar transactions, the National Securities Commission (CNV) today ordered two measures that toughen the conditions to withdraw dollars from the country through operations of the dollar Cash with Liquidation (CCL) in the Stock Exchange.
According to the recitals of the Resolution 959/2023published this Monday, May 1, the purpose of the measure is “regulate with greater intensity the regime of exchanges and, consequently, strengthen the normal functioning of the economy, contribute to a prudent administration of the exchange market, reduce the volatility of financial variables and contain the impact of fluctuations in financial flows on the normal functioning of the real economy”.
The CNV ordered that the Stockbrokers (Settlement and Clearing Agents (ALyCs) and Negotiation Agents) They may not carry out 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.
The run on the dollar would take April to a floor of 7% and in May there are another 6 increases
Likewise, it established that ALyCs will have a limit for these operations referred to the number of negotiable securities sold with respect to the amount of negotiable securities purchased -with settlement in foreign currency and in local or foreign jurisdiction-, carried out in the bidding segment, with price-time priority.
This means that the stockbrokers at the end of the day must have made the same volume of buying and selling (to be netted) in their operations in MEP and CCL. Therefore, they will have to operate with their own liquidity.
Objective of the measures
With the new provisions, it is intended that ALYCs have less freedom and liquidity to go once morest the Central Bank, official sources explained.
“In the demand for financial dollars there are operations of people and Stock Market Companies and operators with experience in trading. What we warn is that there is an increase in the demand for dollars in operations of professional traders. that is, they are speculation maneuvers looking for rate”they explained from the CNV.
“Both measures do not affect human or legal persons who genuinely need or wish to use the stock market to liquidate dollarized assets”, they clarified from the CNV.
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