The Argentina Securities Commission has approved new rules requiring Settlement and Clearing Agents and Negotiation Agents to channel trades by certain qualified investors that manage public resources or mandatory pension contributions through trading segments with guaranteed settlement. The measure bars those trades from being registered in unguaranteed bilateral segments and is intended to ensure transparency, market-based execution, efficient processing and lower market impact. The restriction applies to a defined group of "Restricted Subjects". These include national public sector entities covered by Article 8(a) to (d) of Law No. 24,156 and non-state public entities, with an exception for listed corporations in which the national state holds a majority stake or controls corporate decision-making; equivalent provincial, municipal and City of Buenos Aires entities; and pension funds and other entities that channel mandatory non-state pension funds. Trades for these entities must instead be executed through market segments where the market or the clearing house acts as central counterparty, under trading parameters designed to strengthen transparency, competition, traceability and price formation through open and competitive mechanisms. Financial institutions governed by the Financial Institutions Law and the FGS are excluded from the new requirements.

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