Mary Church
07/14/2020 - 11:01
- Clarín.com
- Economy
- Economy
Almost two months after the "parking" was installed in the market, which implies that between buying a bond and selling it, at least five days must pass, the government is satisfied with the effect caused by this measure: the price of the dollar today that is achieved through the operations with bonds, known as cash with liquidation (CCL) or the Stock Exchange, decreased and, also, the volumes traded.
"We do not want the fiction of a bond operation that has nothing to do with the capital market," is the phrase from an official source that summarizes the reason for this measure and evaluates that, beyond the situation of seeking to alleviate the pressure on these alternative dollars, there are more structural issues towards which one tends: to seek that in the market there are operations that do not cover foreign exchange.
Bonds in Brazil, Mexico or Colombia, he cited, are in demand in those markets in their local currencies. If in addition it is given that the bonds of a country are demanded by the world it is great, he said, but it does not imply that the market is used for foreign exchange operations.
Although the source assured that the National Securities Commission (CNV) does not prepare new measures that directly target the exchange market, they will be able to touch it tangentially.
"In this global, volatile and uncertain world, the regulator must be pragmatic", he defined, and assured that what is sought is to promote savings in the capital market towards quality activity.
"Regulation must induce what you want to achieve: it is calibrated; how severe it can be and how much you can relax you see, "was another definition along the lines of pragmatism that we are trying to apply.
That is why he assured that an early warning system was created , for example, to identify the solvency of the different actors that are regulated.
He evaluated that, amid capital controls and the exchange rate, the reappearance of issues of securities tied to the official exchange rate (the dollar-linked) is not bad. "It would not have happened if we did not give that guideline," he said.
According to what this newspaper could know, these will be some of the topics that the presidents of the four main markets that operate in Argentina (the ByMA, Rofex, Matba and MAE) will discuss with the head of the CNV, Adrián Cosentino this Tuesday at 2:00 p.m. .
They will also talk about some instruments that the regulatory body is launching, precisely, focusing on the post pandemic stage. "If there is not a good financing matrix, it is difficult to think of a reactivation", they summarized.
Among these instruments are the “solidarity fund” , others for collective investment geared towards construction and real estate development and are considering going out with another one for infrastructure, which is more long-term.
These are the three central axes in which it seeks to develop products within the capital market.
The “solidarity fund”, which is already operational, implies that through financial trusts resources are “raised” that are later turned to public policies. "It is sought that the investor has a socially responsible role, in addition to the profits generated by the investment," they summarized. The work of evaluating what kind of projects are viable is done by the Ministry of Productive Development, in charge of Matías Kulfas.
In addition to evaluating projects with the private sector, it will start with a round with multilateral organizations to seek their participation, direct or indirect, in these funds. A meeting is scheduled for that next week.
In the official corridors they are aware of the difficulty of promoting savings in pesos, amid macro imbalances, with high inflation and expectations of a rise in the dollar. "We do not know if it reaches, but it is the right direction," they analyze about the boost they seek to give to the capital market.
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