Description of the active trading environments at MAE


Divisas Spot

Trading environment Trading type Created by
CAM1 Retail Forex trades (minimum trade USD 500,000)

Forex purchase-sale among financial entities and bureaux-de-change authorized by the BCRA May be Full Members or Adherent Members

BLIND TRADING ENVIRONMENT
BCRA

Communication “A” 3471 of 02.08.02

Forex-MAE Electronic Notice No. 1 of 01.16.02
CAM2 Retail Forex trades (minimum trade USD 100,000)

Forex purchase-sale among financial entities and bureaux-de-change authorized by the BCRA. May be Full Members or Adherent Members

BLIND TRADING ENVIRONMENT
BCRA

Communication “A” 3471 of 02.08.02

Forex-MAE Electronic Notice No. 1 of 01.16.021
CAM5 The financial entities (MAE Full Members or Adherent Members) place the excess on their PGC at the disposal of the BCRA

BLIND TRADING ENVIRONMENT
BCRA

Communication “A” 4088 of 02.08.02
CAM8 Las entidades financieras (Agentes MAE o Agentes Adherentes MAE ) venden al BCRA los ingresos por cobros de exportaciones liquidados con posterioridad al plazo de vencimiento aplicable a la operacion.

RUEDA CIEGA
BCRA

Comunicacion A 5630 del 11.09.14
MOME The financial entities (MAE Full Members or Adherent Members) trade forex swaps abroad for currencies settled on MEP

BLIND TRADING ENVIRONMENT
BCRA

Communicatiin “B” 8630 of 01.03.06

Forex MAE Electronic Notice No. 5 of 01.16.021
MOMX The financial institutions (MAE Full Members or Adherent Members) trade forex swaps abroad for currencies settled on MEP

BLIND TRADING ENVIRONMENT
BCRA

Siopel message 01.06.06


(OCT) Forward Contracts

Trading environment Trading type Created by
OCTT Operaciones de Futuros de TASAS y de Swaps de TASAS para Agentes MAE (Entidades Financieras y no Entidades Financieras que operen con un Agente Liquidador).

BLIND TRADING ENVIRONMENT
MAE

Trading Rules Approved by CNV Res. No. 14.800 of 05.13.04
OCTM Operaciones de Futuros de DIVISASpara Agentes MAE (Entidades Financieras y no Entidades Financieras que operen con un Agente Liquidador).

RUEDA CIEGA
MAE

Regl. Operativo aprobado por CNV Res. Nº 14.800 del 13.05.04


Fixed-Income Secondary Market

Trading environment Trading type Created by
MAE1 Institutional investors and MAE Members (CNV rule 463)

BLIND TRADING ENVIRONMENT
MAE

Approved by the CNV Res MAE R 20

MAE Circular No. 64 of 07.01.04
LECE Lebacs and Nobacs trading among MAE Members BCRA participates as a MAE Member

BLIND TRADING ENVIRONMENT
MAE

Electronic Notice No. 2354 of 09.02.03

Communication “A” 4143 of 05.21.04
BON1 National Government Securities trading (excepting Lebacs and Nobacs) among MAE Members BCRA participates as a MAE Member

BLIND TRADING ENVIRONMENT
MAE

Electronic Notice No. 2939 of 06.08.05
SWAP Bonds swaps among MAE Members. BCRA participates as a MAE Member

BLIND TRADING ENVIRONMENT
MAE

MAE Res. “N” 24

MAE Res. “N” 26

Electronic Notice No. 3777 of 05.15.07


Repo secondary market

Trading environment Trading type Created by
REPO National Government securities (including Lebacs and Nobacs) repos with a fixed rate haircut in pesos (10% haircut) among MAE Members BCRA participates as a MAE Member

Also used for bonds lending among MAE Members

BLIND TRADING ENVIRONMENT
MAE/BCRA

Communication “A” 4143 of 05.21.04

Electronic Notice No. 2485 of 01.19.04
REPD National Governement securities (including Lebacs and Nobacs) repos without fixed rate haircut in dollars among MAE Members BCRA participates as a MAE Member

BLIND TRADING ENVIRONMENT
MAE/BCRA

Communication “A” 4508 of 03.10.06
READ National Governement securities (including Lebacs and Nobacs) repos with a fixed rate haircut in dollars (10% haircut) among MAE Members

BLIND TRADING ENVIRONMENT
MAE/BCRA

Communication “A” 4806 and Electronic Notice No. 4272 of 05.30.08
REPV National Governement securities (including Lebacs and Nobacs) repos with a variable rate haircut in pesos (BADLAR average) among MAE Members BCRA participates as a MAE Member

BLIND TRADING ENVIRONMENT
MAE/BCRA

Communication "B" 9281 and Electronic Notice No. 4280 and 4283 of 06.10.08 and 06.11.08
DIN1 Call a tasa variable entre Entidades Financieras autorizadas por el BCRA.

RUEDA CIEGA
MAE/BCRA

Comunicado Electrónico N° 1691


Primary market

Trading environment Trading type Created by
LICI BCRA Lebacs and Nobacs auction open to financial entities that are MAE Full Members or Adherent Members and to other markets MAE

MAE Res. No. 19 of 10.13.04

Approved by CNV Res. No. 15021 of 02.17.05
LIC2 Auctions open to MAE Full Members and Adherent Members MAE

Res. MAE Nº 19 of 10.13.04

Approved by CNV Res. Nº 15.021 of 02.17.05
LIC3 BCRA repo auction open to financial entities that are MAE Full Members or Adherent Members. MAE/BCRA

Communication “B” 9059 of 08.16.07
LIC4 Ministry of Economy auctions open to MAE Full Members, Adherent Members and other markets. MAE

MAE Res. No. 19 of 10.13.04

Approved by CNV Res. No. 15021 of 02.17.05


Liquidity Window

Trading environment Trading type MOME
VELI Liquidity window for financial entities that are MAE Members, collateralized by secured loans and Bogar 2020. BCRA

Communication “A” 4816.



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