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The investigation into the purchase of bonds began and the CNV is targeting 10 brokerage firms


The agency requested customer data. They investigate if there were leaks and manipulation with financial dollars. There are contacts with the SEC.

The financial market woke up wrapped in a rarefied climate.

After uncorking with the unstoppable rise in dollar bonds from November to last Wednesday,

the city will begin to receive this Monday the first information requests from the National Securities Commission (CNV)

, the body in charge of investigating whether there was a leak. of information prior to the announcement of the debt repurchase by Sergio Massa.

The notifications sent to more than 10 brokerage firms aim to obtain data on what happened before and after the announcement


Suspicions fall on the strong increase in the volume traded

in certain bonds on Monday and Tuesday, before the measure made official by the Minister of Economy through a recorded message, which was broadcast on Wednesday at 10 in the morning.

But the magnifying glass is also on in recent months.

"We had already been gathering information from the previous days and from the letter (from Massa) files were put together and today the requirements are coming out

in a significant volume to the brokerage firms, requesting information on the operation not only in the last days but in a longer period to detect unusualness, you have to see the biggest movie," sources familiar with the investigation said.

The CNV is interested in knowing who are the individuals or investors who operated,

their file or principal account, the reasons for the operations, ownership, the relationship between the brokerage firm and the client, and if the client is part of a Economic group.

The objective, they assure, is to verify if there was "privileged information" and "speculative maneuvers"

around the financial dollars (CCL and MEP), which are operated through bonds.

Without interrupting the acquisition of bonds in dollars,

Massa sent a letter on Friday to the head of the organization, Sebastián Negri, asking him to open a summary

and investigate both figures contemplated in the Capital Market Law, including the possible beneficiaries.

It was after the opposition warned about the possibility that officials or businessmen friends of power have benefited from the purchase of bonds.

The idea of ​​the authorities is to gather the information to dispose of it before the

case that is being processed in federal court No. 6 of the City, without ruling out the possibility of presenting themselves as plaintiffs.

And in a

second instance, the summons of individuals

to a hearing will be analyzed and the intervention of the Securities and Exchange Commission (SEC), the regulatory authority for the US markets, with which there are already "round-trip consultations" is being evaluated. return". 

For now,

the requirements did not have a major impact on the market.

In the first hours of the conference, the Central Bank continued to make purchases of the GD30, the most used bond to operate with CCL.

"People continue buying and selling dollars. Some will not operate but I see that everything works the same,"

said an operator.

"So far it doesn't seem to have had an impact,"

another trader said, although he acknowledged that it may discourage certain investors.


buying and selling bonds to get financial dollars represents 50% of the business of brokerage firms


The rest is divided into shares, other bonds and cedears (shares of companies listed in the US).

In the Government they recognize that they are mostly "legal" operations, but the truth is that the CCL and the MEP were in the crosshairs after registering increases in recent weeks, after the rise of the blue, which last Tuesday touched $ 378.


Many times we do not know who the final beneficiaries are because the operation takes place abroad, the CNV does not arrive,

this is the opportunity to shed light on an operation that sometimes affects inflation and devaluation expectations, they are maneuvers that are worth the effort. It is worth analyzing and seeing if there is a legal breach, tax evasion or laundering and informing the Justice, the AFIP and the UIF," sources familiar with the investigations said.

The minister explained last week that the objective of repurchasing US$ 1,000 million of debt was to reduce Country Risk, although from his own portfolio they also acknowledge that they seek to contain the dollar.

So far,

the Central Bank has allocated US$130 million to these operations

, without achieving a substantial change in the financial climate so far.

The bonds, in fact, closed Friday with average losses of 2% and the parallels, higher, at $352 and $362.


look too

Exchange rate tension: to deflate the pressure, the Central Bank raises the interest rate again

Crude diagnosis on the repurchase of debt: US$ 1,000 million are lost when dollars are missing

Source: clarin

All business articles on 2023-01-23

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