The entity announced new restrictions on access to financial exchange rates, including the CCL. This was expressed by the CEO of Fintech
He Dollar preferred type of investment for Argentines who are definitely looking for protect the value of your savings,
Blue Joe Grazing Before Shot $500 per unitone of them that has recently started stinging mep dollarIt arises from the purchase of a financial asset or bond in pesos and its subsequent sale in US currency.
For this reason, on Monday, May 1, the National Securities Commission (CNV) ordered New limit for buying and selling of financial dollars (which includes MEP or Stock Market and Cash with Settlement).
MEP Dollar: how to work in ULA after CNV regulation
Fintech is among the financial platforms that offer the possibility to buy and sell MEPs in Argentina ulathat allows this operation Ulintech CapitalIt has its own Comprehensive Settlement and Clearing Agent (ALyC) which allows transactions in the capital market.
The CNV ruled that, until May 2023, any user who has a debt security, both in pesos and dollars, will not be able to access the sale of these assets.
in this situation, Pierpaolo Barbieri, CEO and Founder of Unicornappeared to clear doubts about whether the new regulatory framework could harm users of its service.
Pierpaolo Barbieri, CEO of Ula, clarified that the new CNV measure does not affect the MEP dollar operations in his service.
CNV regulation changes do not reflect changes in the operation of Dollar MEP. in ula You can always buy and sell easier, more transparent and more integrated. The best product wins!” Barbieri clarified, to the horror of many who work at Ulintech.
MEP dollars: how to buy at ULA
From 2021, Ualá to allow buying and selling of MEP dollars on its platform, through its ALYC service, Ualintec Capital. To do this, you must complete the following steps:
- Enter ula application and in the section ‘Investment‘ choose ‘mep dollar,
- Click on ‘buy dollar mep,
- Enter the desired amount and proceed to purchase (11:15 AM to 4:15 PM on business days)
All users who make purchases will see recognized dollars automatically transferred to their account within 24 business hours dollar bank account, whoever sells will receive pesos immediately ula,
MEP dollars: what is included in the CNV measurement?
According to economist Ariel Sabdar, CEO of Cocos Capital, “The MEP and CCL dollar operations do not change at allUnless there is a bond taker, in conversation with Telam, he said, “Normally that doesn’t happen”.
,Anyone who wants to send pesos, buy MEP dollars and take them to the bank the next day, will continue to do so Just like he did until Friday,” Sabdar clarified on the social network.
For his part, economist Gabriele Camano of the Consultancy Ledesma noted that a similar measure was “already in force in 2021”, pointing to General Resolution 895 of July 8 of that year and, on this occasion, His Excellency unveiled in the middle of a long weekend,
CNV will not allow those who have loan guarantees in any currency to operate MEP and CCL
Similarly, it is provided that both the Settlement and Clearing Agents (ALyCs) and Negotiation Agents They cannot carry out or organize sale operations of negotiable securities with settlement in foreign currency – In local and foreign jurisdictions – Compliant Placing orders to customers while maintaining borrower position in collateral and reporegardless of settlement currency.
At this point Sabdar explained that ALYC or the brokerage house “They can’t go through the screen to buy dollars from the Central Bank,
The CNV resolution was drawn up on the basis of the necessity and urgency of the provisions of Decree 164/2023, on the adoption of measures “to consolidate and strengthen the wider economic order as well as to implement Policies that make it possible to provide greater exchange and financial certainty in the short and medium term“, it indicated in its recitation.
With that DNU, he said, “Looking for a Greater availability of instruments to stabilize marketsTo absorb possible monetary surpluses and, in particular, to restructure financial assets, especially those denominated in foreign currency, within the national public sector, with a view to more prudent and efficient management.
“consistent with the stated objectives, it is considered appropriate Set restrictions for those taking positions in bonds and reposseek to arrange for sale operations of negotiable securities with settlement in foreign currency, regardless of the settlement currency, and in both local and foreign jurisdictions,” the measure concluded.
Similarly, it aims to “harmonise the existing rules and, therefore, also Restructuring and implementing new stability periods of negotiable securities Portfolio to separate the law on the issuance of the transfer of acquired negotiable securities with settlement in the national currency to foreign depository institutions”.