FX securities market
Pursuant to the provisions of Exchange Agreement N°18 and the Norms Regarding the Operations of the Foreign Currency Market, the Venezuelan Central Bank (VCB) published on its web page, the Instructions to Carry Out Operations of Purchase and Sale of Securites through the System of Transactions with Securities in Foreign Exchange - Sistema de Transacciones con Títulos en Moneda Extranjera (SITME) (THE INSTRUCTIONS).
THE INSTRUCTIONS ratify that only universal and commercial banks and savings and loans entities authorized by the VCB may carry out operations of purchase and sale of securities issued by the Bolivarian Republic of Venezuela, its decentralized entities or any other issuer determined by the VCB through the SITME.
Pursuant to THE INSTRUCTIONS, the authorized financial institutions shall register with the SITME all the bids for supply and demand of securities from its clients. The bids shall include the firm prices in Bolivars and the amount in USD to supply and/or demand for each specific security. The bid prices in Bolivars shall vary within the range or band of prices established daily by the VCB. The minimum amount per bid for purchase or sale for each security is USD 1,000 and the higher bids must be multiples of USD 1,000 the bids for purchase and sale in Bolivars of securities shall be anonymous. The SITME shall operate from 9:30 am to 12 noon during working days. The operations agreed in the SITME shall be paid with value date three (3) banking days after the date of the agreement.
The authorized financial institutions may offer to their clients the service of sale of securities abroad and may establish credit lines for performance of operations through the SITME.
The authorized financial institutions shall report daily to the VCB all operations carried out through the SITME under the terms and conditions established by the VCB via Official Letters.
In order to access the link of the BCV of THE INSTRUCTIONS, please click here: http://www.bcv.org.ve/c7/pdf/instrucsitmejun10.pdf
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