On June 11, 2026, General Resolution 1151/2026 (the “Resolution”) of the National Securities Commission (Comision Nacional de Valores– the “CNV”) was published in the Official Gazette of the Argentine Republic, amending the trading rules in capital markets, restricting transactions for certain subjects and establishing new transparency and traceability requirements.
What changes?
The category of “Restricted Subjects” is redefined, mainly comprising national, provincial, and municipal public bodies, non-state public entities, and entities that manage mandatory pension funds, with certain exceptions such as financial entities and the Sustainability Guarantee Fund.
The Resolution establishes that Restricted Subjects will no longer be able to operate in the unguaranteed bilateral trading segments of the markets. Consequently, their transactions must be channeled exclusively through open trading systems, with price-time priority, order interference, and settlement guaranteed by the market or the clearing house.
Additionally, the following restrictions are introduced for these entities:
– They may not enter orders during the first and last 30 minutes of each trading session.
– The daily volume traded per security may not exceed 25% of the average volume of the previous five trading sessions.
– For fixed-income public securities, the volume traded may not exceed 5% of the outstanding balance of the security.
Other amendments:
– Unguaranteed Bilateral Segments: Only agents trading for their own portfolio or with Qualified Investors that are not Restricted Subjects may operate in these segments; markets must set minimum amounts and price bands to operate in these segments, without linkage to reference prices from the open segments.
– Clarifications are incorporated regarding the concept of the own portfolio of Clearing and Settlement Agent, aligning the regulation with interpretive criteria previously issued by the agency.
Why is it important?
The measure seeks to ensure higher standards of transparency, competition, and traceability in transactions carried out with public resources or pension funds, reducing risks of distortion in price formation and strengthening the integrity of the capital market.
