Description of the active trading environments at MAE

Divisas Spot

Trading environment	Trading type	Created by
CAM1	Retail Forex trades (minimum trade USD 500,000) Forex purchase-sale among financial entities and bureaux-de-change authorized by the BCRA May be Full Members or Adherent Members BLIND TRADING ENVIRONMENT	BCRA Communication “A” 3471 of 02.08.02 Forex-MAE Electronic Notice No. 1 of 01.16.02
CAM2	Retail Forex trades (minimum trade USD 100,000) Forex purchase-sale among financial entities and bureaux-de-change authorized by the BCRA. May be Full Members or Adherent Members BLIND TRADING ENVIRONMENT	BCRA Communication “A” 3471 of 02.08.02 Forex-MAE Electronic Notice No. 1 of 01.16.021
CAM5	The financial entities (MAE Full Members or Adherent Members) place the excess on their PGC at the disposal of the BCRA BLIND TRADING ENVIRONMENT	BCRA Communication “A” 4088 of 02.08.02
CAM8	Las entidades financieras (Agentes MAE o Agentes Adherentes MAE ) venden al BCRA los ingresos por cobros de exportaciones liquidados con posterioridad al plazo de vencimiento aplicable a la operacion. RUEDA CIEGA	BCRA Comunicacion A 5630 del 11.09.14
MOME	The financial entities (MAE Full Members or Adherent Members) trade forex swaps abroad for currencies settled on MEP BLIND TRADING ENVIRONMENT	BCRA Communicatiin “B” 8630 of 01.03.06 Forex MAE Electronic Notice No. 5 of 01.16.021
MOMX	The financial institutions (MAE Full Members or Adherent Members) trade forex swaps abroad for currencies settled on MEP BLIND TRADING ENVIRONMENT	BCRA Siopel message 01.06.06

(OCT) Forward Contracts

Trading environment	Trading type	Created by
OCTT	Operaciones de Futuros de TASAS y de Swaps de TASAS para Agentes MAE (Entidades Financieras y no Entidades Financieras que operen con un Agente Liquidador). BLIND TRADING ENVIRONMENT	MAE Trading Rules Approved by CNV Res. No. 14.800 of 05.13.04
OCTM	Operaciones de Futuros de DIVISASpara Agentes MAE (Entidades Financieras y no Entidades Financieras que operen con un Agente Liquidador). RUEDA CIEGA	MAE Regl. Operativo aprobado por CNV Res. Nº 14.800 del 13.05.04

Fixed-Income Secondary Market

Trading environment	Trading type	Created by
MAE1	Institutional investors and MAE Members (CNV rule 463) BLIND TRADING ENVIRONMENT	MAE Approved by the CNV Res MAE R 20 MAE Circular No. 64 of 07.01.04
LECE	Lebacs and Nobacs trading among MAE Members BCRA participates as a MAE Member BLIND TRADING ENVIRONMENT	MAE Electronic Notice No. 2354 of 09.02.03 Communication “A” 4143 of 05.21.04
BON1	National Government Securities trading (excepting Lebacs and Nobacs) among MAE Members BCRA participates as a MAE Member BLIND TRADING ENVIRONMENT	MAE Electronic Notice No. 2939 of 06.08.05
SWAP	Bonds swaps among MAE Members. BCRA participates as a MAE Member BLIND TRADING ENVIRONMENT	MAE MAE Res. “N” 24 MAE Res. “N” 26 Electronic Notice No. 3777 of 05.15.07

Repo secondary market

Trading environment	Trading type	Created by
REPO	National Government securities (including Lebacs and Nobacs) repos with a fixed rate haircut in pesos (10% haircut) among MAE Members BCRA participates as a MAE Member Also used for bonds lending among MAE Members BLIND TRADING ENVIRONMENT	MAE/BCRA Communication “A” 4143 of 05.21.04 Electronic Notice No. 2485 of 01.19.04
REPD	National Governement securities (including Lebacs and Nobacs) repos without fixed rate haircut in dollars among MAE Members BCRA participates as a MAE Member BLIND TRADING ENVIRONMENT	MAE/BCRA Communication “A” 4508 of 03.10.06
READ	National Governement securities (including Lebacs and Nobacs) repos with a fixed rate haircut in dollars (10% haircut) among MAE Members BLIND TRADING ENVIRONMENT	MAE/BCRA Communication “A” 4806 and Electronic Notice No. 4272 of 05.30.08
REPV	National Governement securities (including Lebacs and Nobacs) repos with a variable rate haircut in pesos (BADLAR average) among MAE Members BCRA participates as a MAE Member BLIND TRADING ENVIRONMENT	MAE/BCRA Communication "B" 9281 and Electronic Notice No. 4280 and 4283 of 06.10.08 and 06.11.08
DIN1	Call a tasa variable entre Entidades Financieras autorizadas por el BCRA. RUEDA CIEGA	MAE/BCRA Comunicado Electrónico N° 1691

Primary market

Trading environment	Trading type	Created by
LICI	BCRA Lebacs and Nobacs auction open to financial entities that are MAE Full Members or Adherent Members and to other markets	MAE MAE Res. No. 19 of 10.13.04 Approved by CNV Res. No. 15021 of 02.17.05
LIC2	Auctions open to MAE Full Members and Adherent Members	MAE Res. MAE Nº 19 of 10.13.04 Approved by CNV Res. Nº 15.021 of 02.17.05
LIC3	BCRA repo auction open to financial entities that are MAE Full Members or Adherent Members.	MAE/BCRA Communication “B” 9059 of 08.16.07
LIC4	Ministry of Economy auctions open to MAE Full Members, Adherent Members and other markets.	MAE MAE Res. No. 19 of 10.13.04 Approved by CNV Res. No. 15021 of 02.17.05

Liquidity Window

Trading environment	Trading type	MOME
VELI	Liquidity window for financial entities that are MAE Members, collateralized by secured loans and Bogar 2020.	BCRA Communication “A” 4816.