The National Securities Commission (CNV) has decided to limit investments in cauciones to 20% for Money Market Funds. This measure, which will take effect on December 1, 2025, aims to regulate the liquidity of portfolios used by virtual wallets to generate interest for their users. According to information from Noticias Argentinas Agency, this resolution is a response to an explicit request from the Central Bank of Argentina (BCRA), which alerted to a 'significant increase' in the participation of these funds in the cautions market and considered it necessary for the 'correct functioning of monetary policy'. Money Market Funds are the most common vehicle used by platforms like Mercado Pago to invest user balances not in savings accounts, offering returns with immediate availability. Previously, Lacaución, being a low-risk, high-liquidity operation, was a central tool for these funds. Now, both 'Classic' and 'Dynamic' Money Market Funds will only be able to invest up to 20% of their net worth in cauciones. This restriction forces these funds to diversify their portfolios more, strengthening investor protection mechanisms and at the same time allowing the BCRA greater control over the short-term financial market.
