La CNV propone regulaciones de venta en corto y préstamo de títulos
Author | Pablo J. Gayol |
Date | 30 November 2017 |
Published date | 30 November 2017 |
Law Firm | Marval O'Farrell Mairal |
1. Venta en corto
La Resolución General 712-E/2017 (Resolución 712) define las “operaciones de venta en corto” como aquellas cuyo objeto consiste en vender valores negociables obtenidos a través de un préstamo de valores concertados en la misma jornada de negociación y con igual plazo de liquidación.
Las operaciones de “venta en corto” deberán ser realizadas en los términos de negociación autorizados por la Comisión Nacional de Valores (“CNV”) para asegurar la prioridad precio/tiempo y mediante la interferencia de ofertas, y deben ser garantizadas por el Mercado de Valores (el Mercado)o la Cámara Compensadora.
El precio para la negociación de la “venta en corto” deberá ser igual o superior al precio de la última operación concertada en el mercado, y los mercados pueden establecer las condiciones en las cuales dicha regla no se aplica.
Los mercados deberán regular las operaciones de “venta en corto” estableciendo los activos elegibles, los cupos por instrumento, por agente y por cliente que serán admitidos en la operatoria, así como la regla de oferta de ventas en corto.
Las ofertas de “venta en corto” deberán estar individualizadas en el Mercado.
2. Préstamo de valores
Las operaciones de préstamo de valores serán permitidas a los siguientes fines:
- Para cubrir faltantes transitorios de especies a entregar por el cliente en la fecha de liquidación y poder cumplir con la liquidación de las operaciones concertadas, siempre que el cliente tomador posea la especie transada, pero no pueda, circunstancialmente, disponer de ella en la fecha de...
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