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Lic. Narciso Muñoz Chairman National Securities Commission Argentina

AMERICAS´ CENTRAL SECURITIES DEPOSITORIES ASSOCIATION - ACSDA 26 al 28 de octubre de 2005 - 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.

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Lic. Narciso Muñoz Chairman National Securities Commission Argentina

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  1. AMERICAS´ CENTRAL SECURITIES DEPOSITORIES ASSOCIATION - ACSDA 26 al 28 de octubre de 2005 - 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

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

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

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

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

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

  12. AMERICAS´ CENTRAL SECURITIES DEPOSITORIES ASSOCIATION - ACSDA 26 al 28 de octubre de 2005 - 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

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