In another day of fury, there were official calls to limit operations with the “free dollars”

The same day that his resignation was accepted, Adrián Cosentino, then head of the National Securities Commission (CNV), had a meeting with key figures in the capital market. They then found out about the departure of the man who had woven a good bond with Martín Guzmán. They also knew the name of his replacement, two from the organization, Sebastián Negri. Flacso’s doctor of Social Sciences was described at that time as an official of the “hard political line” of Kirchnerism. Someone who treated him in recent days called him a rational man. “The problem is that, like all Peronists, they are very top-down,” he commented, citing Alejandro Vanoli’s tenure at the CNV until 2014 as an example. “They are soldiers,” he said more explicitly.

A week later, with financial dollar prices soaring, Calls began to arrive today to stock operators to limit the operation in the different legal channels that companies have to obtain foreign currency in the midst of the bull run. This was confirmed by six market sources THE NATION. In the CNV, on the other hand, they did not confirm or deny the information of the official orders from that body.

“They called the big ones and some medium ones,” said an operator. “The big ones are suggested not to operate more than US$20,000 per client”, he added. Even for those who had not even received the call, the internal recommendation of some firms was to anticipate and stay within that range “until the picture clears up,” they said.

The suggestion for the general was not to operate “C” (dollar “Cable” or Cash with Settlement). Neither in PPT (segment of concurrence of offers with price-time priority) nor in Senebi (bilateral negotiation segment between private operators without official intermediary), they added.

“There were calls from the CNV to the Alycs [Agentes de Liquidación y Compensación] not to operate special effects [no comprar dólares a través de bonos]”, said another operator. He added that there were several brokerage firms that received the same message.

Already last week, those who know the actions of the CNV in times of exchange noise anticipated a more active Commission and on the phone. “They will be of very little use [los llamados]. It is not the market that you have to look at, but the political situation,” the experienced financier said today. “They told me [el pedido de la CNV] when i touch $312 [el dólar libre] and low”, another source stated about the official suggestions.

None of this was discussed the day before yesterday at Negri’s presentation meeting with stock market leaders, such as the president of Bolsas y Mercados Argentinos (ByMA), Ernesto Allaria, and the general manager, Gonzalo Pascual Merlo; the head of the Argentine Stock Market (MAV), Alberto Curado, and the general manager, Fernando Luciani; the vice president of Matba-Rofex, Marcos A. Hermansson, and the CEO, Diego Fernández; the president of the Electronic Open Market (MAE), Roberto Olson, and the legal adviser, Gabriel Romeo. The meeting was “good”, described a man present there, despite the fact that the CNV regretted not having been able to take the general photo. “The private ones left very quickly,” they said.

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