Credit Risks

Authorized market participants shall meet net worth and guarantee requirements:

  • Net Worth (NW) Requirements:
  • Market participants must comply with a minimum NW whose amount shall vary according to the corresponding ALyC category:

Minimum Net Worth -NW- (1) The higher of the following values: a) Minimum NW required by CNV; b) 0.8% of the value of delivered commodities over the last 3 years (2). The higher of the following values: a) Minimum NW required by CNV; b) 0.8% of the value of delivered commodities over the last 3 years (2); c) the sum of: 8% (*) of the six-monthly average of proprietary and third-party margins and 4% of the six-monthly average of CEL margins. The maximum variable amount that can be claimed is $ 30,000,000 (3). (*) Such percentage may be reduced depending on the results of the Rating Matrix from the Compliance Area, at ACSA’s own discretion.
Minimum NW required by the CNV for ACVNs or Futures and Options ACVNs, where appropriate.
  • Guarantee Requirements:
  • Market participants must contribute Initial Guarantees to the following funds:
    Clearing Member Guarantee Fund.
    Clearing Member Default Guarantee Fund: this is a trust set up with contributions from all ALyCs and its purpose is to cover defaults by any market participant.

Requirements Trading Agent Clearing Member Brokerage Agent (AC)
Agricultural Exclusive ALyC Proprietary ALyC Direct Participant-Eclusive ALyC Copmprehensive ALyC Marketable Securities Broker (ACVN) Financial Futures and Options ACVN
Scope Trading on all marketable securities listed by ROFEX or made available via interconnection of trading computer systems. Trading and clearing of futures and options and other derivatives whose underlying assets are products registered with the Food Chain Register (RUCA in its Spanish initials) within the competence of the Ministry of Agriculture, Livestock and Fisheries (MINAGRI in its Spanish initials). Trading and clearing of all marketable securities listed by ROFEX and settled by ACSA or made available via interconnection of trading and settling and clearing computer systems. Trading and clearing of futures and options listed by ROFEX and settled by ACSA or made available via interconnection of trading and settling and clearing computer systems. Trading and clearing of all marketable securities listed by ROFEX and settled by ACSA or made available via interconnection of trading and settling and clearing computer systems. Brokerage of marketable securities listed by ROFEX or made available via interconnection of trading computer systems where Brokerage activity is supported. Registration of OTC Transactions. Brokerage of futures and options on underlying financial assets authorized by the CNV.
Portfolio Propietary and third-party client portfolio Propietary and third-party client portfolio Propietary portfolio (using own funds) Proprietary and client portfolio; Trading Agents’ as well as their clients’ portfolios Non applicable
Registration with CNV and other bodies AN (Trading Agent) Exclusive ALyC, registration with the RUCA and the Grain Brokers Tax Registry (RFOG in its Spanish initials) Exclusive ALyC Comprehensive ALyC ACVN (Marketable Securities Broker) ACVN with prior authorization from the CNV in accordance with File 940/2014.
Required Membership Type I or II Type II Type III
Clearing and Settlement Agreement with Comprehensive ALyC required Directly with Clearing House Non applicable
Minimum Net Worth —NW— (1) The higher of the following values: a) Minimum NW required by CNV; b) 0.8% of the value of delivered commodities over the last 3 years (2) The higher of the following values: a) Minimum NW required by CNV; b) 0.8% of the value of delivered commodities over the last 3 years (2); c) the sum of: 8% of the six-monthly average of third-party margins and 20% of the six-monthly average of proprietary margins (3) Minimum NW required by the CNV for ACVNs or Futures and Options ACVNs, where appropriate.
Initial Guarantee (4) $100.000 $50.000 $200.000 $200.000 $200.000 $200.000
Contributions to the Common Guarantee Fund - FGIMC (Guarantee Fund III, Sect. 6° (VI), Chapter III, Title VI, CNV Regulations (text amended in 2013). (4) Non applicable The higher of the following values: a) $ 50,000; b) 2% of the six-monthly margin average; c) 25% of the six-monthly average of the daily maximum LOP excess value (3) The higher of the following values: a) $ 200,000; b) 2% of the six- monthly margin average (3); c) 25% of the six-monthly average of the daily maximum LOP excess value (3) El mayor de los siguientes valores: a) $200.000; b) 3% s/ promedio trimestral de márgenes (3; c) 25% s/ promedio semestral del máximo diario de superación LOP (3) The higher of the following values: a) $ 200,000; b) 2% of the six- monthly margin average (3); c) 25% of the six-monthly average of the daily maximum LOP excess value (3) Non applicable

(1) Non-compliance with minimum NW requirement shall be subject to time limits and requirements established by resolution issued by the National Securities Commission.

(2) This shall be only applicable to entities acting as Sellers in the commodity delivery process. The addition of commodities delivered over the last three years or appropriate lesser term shall be performed on a six-monthly basis, with the application of the established percentage in order to determine the new NW requirement. This shall become effective from 07/01/2014, taking as baseline date 01/01/2012.

(3) The six-monthly margin average shall be the result of dividing the sum of the margins accounts daily balances by the total number of days in the calendar half-year. In the case of non-business days, the balance of the previous days shall be repeated. Dollar margins shall be converted into pesos at the benchmark exchange rate of the BCRA for the last business day of the six- month period. The six-monthly average of the Daily Operational Limit (LOP in its Spanish initials) excess maximum value shall be the result of dividing the sum of LOP excess maximum values by the total number of days in the calendar half-year. Margin percentages calculated in this way shall be rounded down to amounts multiple of $ 10,000. The increase in the Contribution to the Guarantee Fund III, resulting from the application of the preceding table, shall become effective within the month immediately following each six-month period, upon the request of Argentina Clearing. Should such increase not be paid up within the established time limit, it shall be debited from the Clearing and Settlement Account.

(4) Applicable from 07/01/2014. Assets posted as guarantee under these concepts shall be included in the Liquid Contra Account to the minimum Net Worth amount required pursuant to Annex I of Chapter I, Title VI of the CNV Regulations (Text amended in 2013) when appropriate, depending on the category.