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 2.590.107 contracts, 15% higher than the average of the previous week (197% higher without considering Treasury Bills), in so much so that the ADV for the year shows an increase of 149% compared to the same period last year and an increase of 64% if the Trade of the 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 13.731.543 contracts, 5% higher than last week. For its part, the average IA for the year is 133% higher than that of the same period of the previous year, including the Trade of LEDES and 46% higher without taking them into consideration.

 

 

2. Dollar Futures

In the wholesale exchange market, the price of the US dollar (CAM1 wheel of the MAE) increased 1%, closing at $ 131,27 per dollar (vs. $ 129,74 at the end of the previous week), a rise that was accompanied by a 21% increase in the level of spot Trades (ADV of US $ 198,4 million).

For its part, the gap between the price of the MEP dollar and the wholesale dollar decreased by 3.140 basis points to 110% on the last business day of the week. While the gap measured against the CCL dollar with GD30 ($287,09) ended the week 2.840 basis points below the close of the previous week to 119%, while the gap against the CCL dollar measured through the Index CCL MtR ($290,12) ended the week 2.777 basis points down from the previous week's close to 121%.

In turn, the average volume traded in the dollar futures and options market increased by 198% vs. the previous week reaching an ADV of 2.581.199 contracts. As for the prices of dollar futures, they increased by 3,5% on average compared to the closing of the previous week:

 

 

At the end of the week, the implicit dollar rates increased 1.109 basis points, averaging 97% for the positions shown below:

 

 

3. Equity Futures and Options

Stock Indices

During the week, the United States Federal Reserve increased the range of the "fed-funds" rate by 75 basis points to the range of 2,25% - 2,5%, thus being the fourth consecutive increase. On the other hand, it was known that the unemployment rate in the Euro TAG remained unchanged in June of the current year, remaining at a level of 6,6%.

In terms of prices, the main benchmark indices measured in dollars closed mostly higher: the S&P500 +4,3%, the Euro Stoxx 50 +3%, the SSE Composite Index -0,4% and the Bovespa +10,8 %. At the local level, the RFX20 index increased 8,5% in pesos during the week, while measured in dollars (CCL) it closed the week -7,5%.

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 21,3% and 37,3% respectively (vs. 0,6% the first and 29,2% the second at the close of the session). last week).

 

 

In notional terms, during the week the volume traded reached a daily average of $ 417 million (+ 123% weekly), equivalent to 17% of spot trading.

 

 

Individual Actions

On average, transactions in futures on the shares of Grupo Financial Galicia (GGAL) reached 967 contracts per day, 34% higher than the previous week, while the ADV for the year fell 2% compared to last year in the year-on-year comparison. The average open interest was 3.155 contracts, showing an increase of 18% from the previous week. In notional terms, Trades in the local market (spot + future) reached 73% of the ADR volume (vs. 55% the previous week). Meanwhile, futures Trades represented an average of 4% of spot negotiations (vs. 6% the previous week).

For its part, Pampa Energía futures reached an average volume of 77 contracts (+8% weekly) and an average open interest of 305 contracts (+16%). While the average volume of YPF futures increased by 20% to 268 contracts, with an average open interest of 987 contracts (-8%).

 

4. Gold and Oil Futures

During the week, Gold derivatives trading showed an average daily volume of 135 contracts (-73% compared to the previous week), while WTI Oil trading increased 8% compared to the previous week, averaging 810 contracts per day.

 

 

 

5. Agricultural Futures and Options

In the week, the volume of futures and options of all agricultural products reached 1.209.680 tons, 2% higher than the previous week. In addition, open interest at the end of the week stood at 5.784.180 tons (2% higher 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: