WEEKLY SYNTHESIS IN 5 POINTS

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1. Summary of Futures and Options Trading

The average daily volume (ADV) of futures and options (F&O) traded during the week reached 698.640 contracts, 67% lower than the average of the previous week (14% higher without considering Treasury bills), while the ADV for the year shows an increase of 177% compared to the same period last year and an increase of 37% if the Trade of Treasury bills is not taken into account.

The following table shows the weekly ADV, a comparison with the previous week and the accumulated annual figures:

 

 

The Open Interest (IA) -contracts pending cancellation- average for the week stood at 4.693.852 contracts, 35% lower than last week. For its part, the average IA for the year is 183% higher than that of the same period of the previous year, counting the Trade of Treasury Bills and 33% higher without taking them into consideration.

 

 

2. Dollar Futures

During the week, the progress report on the level of activity for the first quarter of 2022 from INDEC was published, which shows that the Gross Domestic Product grew 0,9% in seasonally adjusted terms compared to the fourth quarter of 2021.

In the wholesale exchange market, the price of the US dollar (CAM1 wheel of the MAE) increased 1%, closing at $ 124,24 per dollar (vs. $ 122,92 at the end of the previous week), a rise that was accompanied by a 25% decrease in the level of spot Trades (ADV of US $ 229,8 million).

For its part, the gap between the price of the MEP dollar and the wholesale dollar decreased by 400 basis points to 85% on the last business day of the week. While the gap measured against the CCL dollar with GD30 ($233,86) ended the week 672 basis points below the close of the previous week to 88,2%, while the gap against the CCL dollar measured through the Index CCL MtR ($235,85) ended the week 700 basis points down from the previous week's close to 89,8%.

In turn, the average volume traded in the dollar futures and options market increased by 14% vs. the previous week reaching an ADV of 685.002 contracts. As for the prices of dollar futures, they increased by 1,2% on average compared to the closing of the previous week:

 

 

At the end of the week, the implicit dollar rates increased 222 basis points, averaging 60,3% for the positions shown below:

 

 

3. Equity Futures and Options

Stock Indices

On the week, the UK's May year-on-year inflation rate was released, rising to 9,1% from 9% in April, making it the highest inflation rate since 1982.

In terms of prices, the main benchmark indices measured in dollars closed mostly higher: the S&P500 +6,7%, the Euro Stoxx 50 +3,0%, the SSE Composite Index +2,2% and the Bovespa -2,85 .20%. At the local level, the RFX5,7 index fell 12,6% in pesos during the week, while measured in dollars (CCL) it closed the week -XNUMX%.

The following graph shows the performance of the main global stock indices in relation to the RFX20 index:

 

 

For their part, the implicit rates of the first and second position of the RFX20 Index ended the week at 6,4% and 47,1% respectively (vs. 50,0% the first and 53,5% the second at the close of the session). last week).

 

 

In notional terms, during the week the volume traded reached a daily average of $ 231 million (+ 49% weekly), equivalent to 19% of spot trading.

 

 

Individual Actions

On average, transactions in futures on the shares of Grupo Financial Galicia (GGAL) reached 1.525 contracts per day, 14% lower than the previous week, while the ADV for the year increased by 3% compared to last year in the year-on-year comparison. Average open interest was 5.944 contracts, showing a 4% increase from the previous week. In notional terms, trading in the local market (spot + future) reached 48% of the ADR volume (vs. 49% the previous week). Meanwhile, futures Trades represented an average of 11% of spot negotiations (vs. 10% the previous week).

For their part, Pampa Energía futures reached an average volume of 89 contracts (-52% weekly) and an average open interest of 363 contracts (+ 2%). While the average volume of YPF futures increased 69% to 734 contracts, with an average open interest of 1.722 contracts (+ 83%).

 

4. Gold and Oil Futures

During the week, Gold derivatives Trades showed an average daily volume of 235 contracts (-15% compared to the previous week), while WTI Oil Trades decreased 4% compared to the previous week, averaging 1.259 day contracts.

 

 

 

5. Agricultural Futures and Options

In the week, the volume of futures and options of all agricultural products reached 1.612.675 tons, 12% higher than the previous week. In addition, open interest at the end of the week stood at 6.405.725 tons (13% lower than the previous week). The following table shows the settlement price at the end of the week, the weekly volume and the open interest at the end of the week for all open Corn, Soybean and Wheat futures and options positions: