The decision of the National Securities Commission (CNV) to limit speculation with currencies and bonds through the operation known in the capital market as "rulo", was today validated with the publication of general resolution 808/2019 in the Official bulletin.
The operation known as "rulo" is to buy a dollar bond and sell it in pesos in a matter of minutes making a profit of approximately 6%.
It established that market agents must check that the holders of securities (natural persons, not companies) have kept them in the portfolio, for a period of five business days.
Only after confirming that data can a sale transaction be completed, the Commission determined.
The measure reaches those who have recently acquired dollars in the exchange market and bond buyers, with the aim of selling them immediately to keep the pesos, in operations of up to $ 10,000.
Transactions for the purchase of negotiable securities in dollars (species D) may only be carried out to be settled within the 48-hour cash period, as determined by the CNV.
The negotiable securities accredited by said purchase may not be transferred to cover the liquidation of a sale operation in pesos until 5 business days have elapsed as of its accreditation.
Through the operation of "rulo" between private operators, he took advantage of the difference in prices between the official dollar (bought in banks and exchange houses) and that of the black market (where the currencies were sold).
With the balance in pesos, the AY24D bond (denominated and paid in dollars) was bought and then the A24 version in pesos was sold in "parity", which, according to market agents, these speculators demanded about $ 10 million a day To make your profit.
The CNV resolution recalled that the BCRA issued communications "by which restrictions were placed on access to the exchange market for the purchase of foreign currency and precious metals and transfers abroad, as well as measures that avoid practices and operations aimed at avoiding the provisions, through public titles or other instruments. "
The Central, in the exercise of its powers of control, "has detected operations in the capital market, implemented through the simultaneous sale of marketable securities, aimed at avoiding restrictions on access to the exchange market for the purchase of currency foreign established in the aforementioned regulations ", concluded the Commission.