OVERVIEW OF CAPITAL MARKETS IN ARGENTINA. Jacqueline Donaldson. Structure Regulations Authorization to make public offer Public offer vs. private offer Overview of securities traded in Argentina. Structure Comisión Nacional de Valores (“CNV”)
OVERVIEW OF CAPITAL MARKETS IN ARGENTINA
(i) Comisión Nacional de Valores
The CNV is empowered to:
(ii) Buenos Aires Stock Exchange
Stock exchanges’ are empowered to:
(iii) Caja de Valores S.A.
(iv) Mercados de Valores
(v) Broker dealers
The macro crisis of 2001, the devaluation, the recession, and the lack of confidence in the legal framework were some of the factors that eroded the Argentine capital market as of 2002.
Such trend has reverted in the recent years.
Overview of securities traded in Argentina Listed companies at end-of-period:Number of listed companies:
Trading volume January-October 2006
In 2006, approximately 99 corporations were offering debt securities through the public offering regime. Additionally, 10 corporations issued VCP (short term commercial papers, up to 365 days maturity).
Value of corporate bond offerings:
2002/2004 figures mostly due to debt restructuring