Argentinian Senate converted the 1968 law on public listings to Law 26,831 on November 30 2012, giving rise to the Capital Market Law. The mandate granted full power to the National Securities Commission, Comisión Nacional de Valores (CNV), to approve and regulate brokers, exchanges and listing companies.

Granting more regulatory power to the CNV was a major modification to the securities markets in Argentina and its impacts are still being felt, according to Hugo Arbat, head of HSBC Securities Services, Argentina. “Though much has yet to be defined and implemented, some market participants are already leading the way,” he says.

Mercado Abierto Electrónico (MAE), the over-the-counter (OTC) market, has presented a new market regulatory framework for CNV approval, which includes a new guaranteed trading segment and a clearing and settlement platform for MAE trades.