On January 25, the Secretariats of Finance and Public FInances approved, through Joint Resolution 9/2019, the Market Makers Program. In this, institutions that are selected by the Executive branch to take part in the program will be able to participate in negotiations in the secondary market and those in the primary market concerning the placement of Public Debt Instruments (PDI).
To participate in the initial selection process, interested parties must apply to be considered within the Evaluation Period, before February 15, 2019. In order to be elected, the entities must be Clearing and settlement agents and bargaining agent; be registered in the Central Registry and Settlement of Public Liabilities and Financial Trusts; have sales teams specialized in public securities; and have technical and human resources to process the transactions.
Being a Market Maker will mean that the subject participates in public debt instruments contracts at a quarterly average of 3.5% of the amount bid. In addition, it must guarantee the liquidity of the secondary market and carry out operations in the secondary market for at least 1.5% of the volume traded daily.