Skip to main content

​
Overview

The Dollar MEP/CCL Calculator provides real-time exchange rates across all available instruments, helping you identify the most favorable rates for buying or selling dollars through financial markets.
MEP vs CCL: Dollar MEP (Mercado Electrónico de Pagos) uses local market instruments (D suffix), while Dollar CCL (Contado con Liquidación) uses foreign market instruments (C suffix) that can be sold abroad.

​
What is Dollar MEP and CCL?

Dollar MEP (Mercado Electrónico de Pagos)
  • Buy bonds in pesos, sell them in dollar-denominated version
  • Settled domestically in Argentina
  • Typically has tighter spreads
  • Lower transaction costs
Dollar CCL (Contado con Liquidación)
  • Buy bonds in pesos, sell them in foreign markets (NYSE, etc.)
  • Dollars can be transferred abroad
  • Usually trades at a premium to MEP
  • Subject to international settlement timing

​
Scanner Interface

Dollar MEP ScannerShows all instruments with their MEP exchange rates, sorted by best buy/sell prices.

​
How to Access

Open the Dollar MEP/CCL scanners from the main menu:
  • Dolar → MEP (for Dollar MEP)
  • Dolar → CCL (for Dollar CCL)

​
Calculation Logic

The exchange rate is calculated using real-time market data:

​
Buying Dollars (Pesos → Dollars)

// Buy bond in pesos (at offer price), sell in dollars (at bid price)
BuyPrice = Pesos.OfferPrice / Dolar.BidPrice

// Example: AL30 at $55,000 pesos, AL30D at $1,000 USD
// Dollar buy price = 55,000 / 1,000 = $55 pesos per dollar

​
Selling Dollars (Dollars → Pesos)

// Buy bond in dollars (at offer price), sell in pesos (at bid price)  
SellPrice = Pesos.BidPrice / Dolar.OfferPrice

// Example: AL30D at $1,000 USD, AL30 at $55,500 pesos
// Dollar sell price = 55,500 / 1,000 = $55.50 pesos per dollar

​
Last Price (Reference Only)

// Using last traded prices (not executable)
Last = Pesos.LastPrice / Dolar.LastPrice
Important: Buy/Sell prices use bid/offer (executable prices), while Last uses historical traded prices for reference only.

​
Scanner Columns

ColumnDescription
InstrumentBond or asset ticker (e.g., AL30, GD30, GGAL)
TradeSettlement terms (CI/CI, 24hs/24hs, etc.)
LastReference exchange rate from last traded prices
Buy PriceExchange rate to BUY dollars (higher = worse)
Sell PriceExchange rate to SELL dollars (higher = better)
SpreadDifference between buy and sell prices

​
Operation Workflow

​
Buying Dollars (Pesos → USD)

1

Find Best Buy Rate

Look for the instrument with the lowest Buy Price in the scanner
2

Execute First Leg

Buy the bond in pesos at the offer price
3

Wait for Settlement

Settlement timing depends on the term (CI = immediate, 24hs = next day)
4

Execute Second Leg

Sell the dollar-denominated version at the bid price
5

Receive Dollars

Dollars are credited to your account after settlement
Example - Buying $1,000 USD via MEP:
  1. Scanner shows AL30 MEP buy price: $550 pesos/dollar
  2. Buy AL30 in pesos: 550 nominals × 1,000=1,000 = 550,000 pesos
  3. Wait for settlement (parking period required by regulation)
  4. Sell AL30D: 550 nominals × 1=1 = 1,000 USD
  5. Net cost: ~550,000pesosfor550,000 pesos for 1,000 USD (plus fees)

​
Selling Dollars (USD → Pesos)

1

Find Best Sell Rate

Look for the instrument with the highest Sell Price in the scanner
2

Execute First Leg

Buy the dollar-denominated bond at the offer price
3

Wait for Settlement

Observe the mandatory parking period
4

Execute Second Leg

Sell the peso version at the bid price
5

Receive Pesos

Pesos are credited after settlement
Parking Period: Argentine regulations require a mandatory waiting period between legs of MEP/CCL operations (typically 1-2 business days). Check current CNV regulations.

​
Settlement Term Options

The scanner shows different settlement combinations:

CI / CI

Both legs settle immediately. Requires both instruments available in CI.

24hs / 24hs

Both legs settle next business day. Most common for liquid bonds.

CI / 24hs

Mixed settlement terms. Consider financing costs for the mismatch.

24hs / CI

Reverse mixed settlement. May offer arbitrage opportunities.

​
Supported Instruments

ChuchoBot monitors all configured instruments and automatically creates MEP/CCL pairs:

​
Automatic Ticker Convention

// For most instruments:
Pesos: AL30
MEP (D): AL30D  
CCL (C): AL30C

// Exceptions (configured separately):
Pesos: X20Y4
MEP (D): XY4D
CCL (C): XY4C

​
Common Instruments for Dollar Operations

  • Sovereign Bonds: GD30, AL30, AE38, AL29
  • Treasury Bills: S31Y4, X20Y4
  • Corporate Bonds: Various PYME CNV bonds
  • CEDEARs: GGAL, YPF, BMA (less common for dollar ops)
Liquid sovereign bonds like GD30 and AL30 typically offer the best spreads and deepest markets for dollar operations.

​
Configuring Instrument Exceptions

Some instruments don’t follow the standard ticker convention:
  1. Go to Configuración → Excepciones de instrumentos $;D;C
  2. Add exceptions in format: {Ticker Pesos};{Ticker MEP};{Ticker CCL}
  3. Example: X20Y4;XY4D;XY4C
Configuration

​
Understanding Market Data

The scanner uses real-time WebSocket data to calculate rates: 
public class BuySellTrade
{
    // Buy dollars: use offer price in pesos, bid price in dollars
    public decimal BuyPrice => 
        Buy.Data.Offers[0].Price / Sell.Data.Bids[0].Price;
    
    // Sell dollars: use bid price in pesos, offer price in dollars
    public decimal SellPrice => 
        Buy.Data.Bids[0].Price / Sell.Data.Offers[0].Price;
    
    // Reference rate from last trades
    public decimal Last => 
        Buy.Data.Last.Price / Sell.Data.Last.Price;
}
The scanner shows theoretical rates based on current bid/offer. Actual execution depends on order placement and market conditions.

​
Fees and Costs

Consider all transaction costs when calculating effective dollar rates:

​
Per-Transaction Fees

  • Broker commission: 0.10% - 0.60% per leg (2 legs total)
  • Market rights: 0.01% for bonds, 0.001% for treasury bills
  • VAT: 21% on commissions

​
Implicit Costs

  • Bid/ask spread: Difference between buy and sell prices
  • Slippage: Price movement during execution
  • Parking period: Opportunity cost of locked funds
Example Total Cost: 
Bond price: $550,000 pesos
Commission: 0.10% × 2 legs = 0.20% = $1,100
Market rights: 0.01% × 2 legs = $110  
VAT on commissions: $1,100 × 21% = $231

Total fees: ~$1,441 (0.26% of operation)

​
Best Practices

Stick to high-volume bonds (GD30, AL30) for tighter spreads and better execution.
The scanner shows all available rates. Small differences can be significant on large amounts.
CI settlement offers speed but may have wider spreads or limited availability.
The scanner shows exchange rates, but factor in all commissions and fees for true cost.
Best liquidity and spreads typically occur mid-morning through early afternoon.
Violating the mandatory parking period can result in penalties from CNV.

​
MEP vs CCL: Which to Use?

FactorDollar MEPDollar CCL
Transfer abroadNoYes
Typical rateLowerHigher (premium)
SpreadsTighterWider
LiquidityHigherLower
SettlementDomesticInternational
Best forPeso/dollar conversionMoving money abroad
If you don’t need to transfer dollars abroad, MEP typically offers better rates due to higher liquidity and lower spreads.

​
Troubleshooting

The instrument may not be trading in that settlement term, or there’s no current bid/offer. Check if the market is open.
Low liquidity instruments have wider spreads. Consider using more liquid bonds like GD30 or AL30.
No, ChuchoBot is view-only. You must execute orders through your broker’s platform (Matriz/Primary).
CCL allows dollar transfer abroad, creating demand pressure and typically a higher rate.

Settlement Arbitrage

Arbitrage price differences between settlement terms

Bond Ratios

Analyze relative value between different bonds

Market Data

Real-time WebSocket data powers all calculations

​
Technical Reference

The Dollar MEP/CCL calculator is implemented in:
  • DolarCalculatorProcessor.cs - Main calculation engine
  • DolarTradedInstrument.cs - Instrument pair management
  • BuySellTrade.cs - Exchange rate calculation logic
  • FrmDolarPrices.cs - Scanner UI implementation

Build docs developers (and LLMs) love

Get started for freeTalk to us