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Transaction types

Listing and trading is decentralised and carried out by member entities and there is no need to go to a particular location to trade. Members can execute trades on their own behalf, between other market members, or on behalf of third parties, in other words, their clients.

There are two systems for member trading transactions:

  • General or “second stage” trading is carried out via telephone, either directly between members interested in trading or through a dealer-broker who helps members find counterparties.
  • “Blind” or “first stage” trading occurs among specialised members. Here, brokers provide those members who request it with computerised trading networks. This centralised trading system uses price terminals where entities can publish their supply and demand position for the securities they wish to trade. In this system, prices are guaranteed and the counterparty remains anonymous.

The market members make the established commercial networks available to their clients where they can trade assets traded on AIAF Mercado de Renta Fija at any branch belonging to these entities.



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