1. INFRAESTRUCTURE OF THE CAPITAL MARKETS THE VIEW OF THE REGULATORS
AMERICAS´ CENTRAL SECURITIES DEPOSITORIES ASSOCIATION - ACSDA
26 al 28 de octubre de Punta del Este
República Oriental del Uruguay
INFRAESTRUCTURE OF THE CAPITAL MARKETS
THE VIEW OF THE REGULATORS
Lic. Narciso Muñoz
Chairman
National Securities Commission
Argentina

2. THE SCHEME OF THE ARGENTINE CAPITAL MARKETS
INTERMEDIATION
BCBA-MVBA
Regional Bourses and Markets
(MAE)
OTC Market
Futures and Options
MATBA-ROFEX
NEGOTIATION
Floor
SINAC
On line round
SIOPEL
MATBA-ROFEX: Floor
Electronic Negotiation
CLEARING
AND SETTLEMENT
MVBA -
Caja de Valores
Argenclear/
Cryl/Caja de Valores, International Depositary and Clearing Houses
MATBA: propia
ROFEX:
Argentina Clearing House
CUSTODY
Caja de Valores
International Depositary and Clearing Houses

3. INTERNATIONAL PRINCIPLES
INFRAESTRUCTURE OF THE CAPITAL MARKETS
INTERNATIONAL PRINCIPLES

4. INTERNATIONAL PRINCIPLES
Recomendation of the “Group of 30”
Report of the Committee of Payment Systems of the BIS.
Recommendations of IOSCO.

5. (National Securities Commission of Argentina)
The view of the CNV
(National Securities Commission of Argentina)
Transparency: to allow the access to information immediately, i.e. at the moment when it is known or produced.
Safety: to diminish or eliminate the risk inherent to a market transaction.

6. The Transparency Principle
In the Markets:
Price-time priority process.
Bilateral negotiation.
Recording of orders.
Transaction matching.

7. Settlement in T + 0. Settlement in T + 1. Settlement in T + 3.
The Transparency Principle
In Clearing and Settlements Systems:
Settlement in T + 0.
Settlement in T + 1.
Settlement in T + 3.

8. In the Depository Houses:
The Transparency Principle
In the Depository Houses:
The principle of “know your client”.
Collective accounts.
Individual accounts.

9. Risks: Payment Risk. Liquidity Risk. Replacement Risk.
The Sofety Principle
Risks:
Payment Risk.
Liquidity Risk.
Replacement Risk.

10. Methods to temper risks:
The Sofety Principle
Methods to temper risks:
Delivery versus Payment (DVP).
Central Counterparts.
Guarantee margins.
Accountable Net Asset Responsibility.
Technology

11. FORM THE BASEMENT OF A SUCCESSFUL CAPITAL MARKET
Conclusions
STANDARD REGULATION
SOLVENT INTERMEDIATION
TRUSTABLE INFRASTRUCTURE
FORM THE BASEMENT OF A SUCCESSFUL CAPITAL MARKET

12. INFRAESTRUCTURE OF THE CAPITAL MARKETS THE VIEW OF THE REGULATORS
AMERICAS´ CENTRAL SECURITIES DEPOSITORIES ASSOCIATION - ACSDA
26 al 28 de octubre de Punta del Este
República Oriental del Uruguay
INFRAESTRUCTURE OF THE CAPITAL MARKETS
THE VIEW OF THE REGULATORS
Lic. Narciso Muñoz
Chairman
National Securities Commission
Argentina