This Monday, the Ministry of Economy ordered new restrictions on access to financial dollars, cash with liqui (CCL) and the MEP. The measure that was communicated by the National Securities Commission (CNV) will be in force as of Tuesday and will reach traders and stockbrokers.

The measures will not reach “human or legal persons who genuinely need to use the stock market to liquidate dollarized assets.”

In the first place, the Settlement and Clearing Agents (ALyCs) may not process 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.

In addition, limits will be established 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 a local or foreign jurisdiction-, carried out in the concurrency segment of offers, with priority price time.

The government’s goal is avoid the use of the bond round to finance the purchase of securities to be later settled in foreign currency, as was observed during the last rounds.

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