Argentina: New parking periods in the local market
Following Announcement A21007, Clearstream Banking1 would like to inform customers that effective
Immediately
The National Securities Commission (CNV) published Resolution 895/2021 modifying parking periods applicable to certain type of transaction movements.
All minimum terms for holding securities are counted from the effective date of credit of the security in the local custodian’s subaccount. Customers should take note that local brokers and custodian are responsible for holding the securities during the parking period.
New parking periods in the local market
Securities transferred from ICSDs (from a local market perspective)
- No parking to sell securities against ARS in the local market. Securities transferred from ICSDs can be sold against ARS by the local participant in the local market without any parking period observation.
- Two day parking period to sell against USD offshore in the local market. Securities received from international depositories will be subject to a two-business-day parking period before the local participant can sell them against USD foreign jurisdiction in the local market or transfer them free of payment.
- One day parking period to sell against USD onshore in the local market. Securities received from international depositories are subject to a one-business-day parking period before the local participant can sell them against USD local jurisdiction.
Deliveries to ICSDs (from a local market perspective)
- Two day parking period if securities were bought in ARS. Securities bought in ARS or free of payment in the local market have a parking period of two business days before the local participant can deliver the securities to an ICSD participant.
Exception: The two-business-day parking period is not applicable for transfer resulting from National Treasury primary auctions and/or for transfer of equities and CEDEARs (Certificados de Depósito Argentinos) traded in authorised markets by CNV.
- No parking period if securities were bought in USD offshore in the local market. The local participant have no parking period observation to deliver to an ICSD participant the securities that have been initially bought in USD foreign jurisdiction in the local market.
Impact on customers
External DVP transactions in ARS remain suspended until further clarification from regulators.
Alternatively, Clearstream Banking customers can settle external transactions on a free of payment basis.
Internal and Bride transactions are open to ARS settlement.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.