Overview

• An initial CNV note (CI98) said brokers that financed in pesos via cauciones or pases could not buy dollars for their own portfolios, unsettling traders at the Friday close.
• Hours later, a new clarification (CI99) replaced CI98, requiring agents to keep a neutral net FX position and confirming no obligation to sell bond holdings acquired before the change.
• Officials framed the move as curbing leveraged trades that used cheaper short-term funding to dollarize through MEP and contado con liquidación.
• Operators warned of thinner liquidity and possible position unwinds in MEP and CCL once markets reopen on Monday.
• Finance Secretary Pablo Quirno flagged the coming clarification on X, while market firms emphasized that client operations are not altered by the revision.