Through the purchase of stocks, the investor becomes a part-owner in the issuing company, enjoying all the rights of the share class he has acquired: whether ordinary, preferred or stocks with multiple-voting rights. When said stocks are sold off, these partnership conditions cease to be valid.

It has the same features as the purchase and sale in local markets, only that in this case the buyer acquires stocks of companies listed on international markets, such as TENARIS, which is traded both in Argentina and in the USA, in the form of ADRs. Another example is Google, which is traded only on certain well developed international markets, but not in Argentina.

Bonds represent government debt at three different levels: federal, provincial and municipal. Each bond listed on the market has special issuing features, specifying for example: denomination or currency in which it is issued (either pesos, dollars or other currencies), interest payment, amortization, maturity, etc. The holder receives the income or coupon plus the capital amortization according to the dates and terms previously agreed upon.

Corporate bonds are medium or long term debt issued by a company to raise cash for expansion or investment projects. The issuer pays its creditors the specified interest and pays off its obligation in the manner and in the term agreed upon.

The REPO is similar to a time deposit and the transaction is carried out between two parties: a seller and a buyer, i.e. the person receiving the loan. The term varies from 7 to 90 days. The buyer must submit securities as the margin required by Merval (through the haircuts it periodically fixes) in order to receive the money. Once that term expires, the seller gets an interest plus the initial amount borrowed, therefore it is the buyer who pays the agreed upon interest corresponding to the current annual nominal rate on the trade date.

A CALL option is when the buyer or holder buys the right, but not the obligation to buy the underlying asset at an exercise price. In order to acquire this right he must pay a premium to the seller or writer, who is obligated to sell the underlying asset in the event that the buyer or holder decided to exercise his right to buy. Merval requires that the writer deposit a guarantee to cover his lots, i.e. the same amount of securities as the ones he has written or sold, or its equivalent in pesos.

A PUT option is when the buyer acquires the right but not the obligation to sell the underlying asset, at a specified exercise price called base price. To buy this right the buyer or holder must pay a premium to the writer or seller, who is obliged to buy the underlying asset if the buyer should exercise his right to sell his shares of stock. Merval requires that the buyer deposit a guarantee to cover his lots, the same amount of securities as the ones he has bought, or its equivalent in pesos.

A contract between two parties is held, whereby each party undertakes to submit or receive a financial instrument at an agreed price on a certain future date. In other words, the buyer is obligated to buy and the seller is obligated to sell on a certain date the amount agreed upon at the price stipulated by both parties. These contracts can be transferred and, and are therefore as negotiable as securities.
Futures can be based on market indexes, stocks or bonds. The initial margins on futures trades are good faith deposits to guarantee the fulfillment of the contract. These margins constitute fixed amounts for each trade and are then returned on cancellation.

Guaranteed or endorsed: the issuance must be endorsed by a Reciprocal Collateralization Agency (Sociedad de Garantía de Valores) or a financial institution which is held responsible for payment upon maturity, and for requesting the listing of the checks on the Buenos Aires Stock Exchange.

Sponsored: the issuing companies request the listing of the checks on the Buenos Aires Stock Exchange.

Deferred checks constitute a financial instrument that has become successful in the last few years, especially with PyMEs (small and medium sized companies), as they manage to raise cash at a lower financial cost than going interest rates charged by commercial banks.

MACC is a securities certificate (CEVA) which represents different listed shares in the local market. Its main feature is that it is made up of a fixed portfolio of eight stocks in the Merval index which were selected, at closing on September 30 2005, according to market share and quotation value adjusted by free float. Each share of stock has a maximum participation of 25%

One of the main advantages of this type of asset is risk diversification, as it brings together in a single one instrument a portfolio which represents different sectors of the economy of the country.

Sector	Stocks	Inicial Percentage of Participation
Metallurgy & Iron and Steel Industry 46.29%	Tenaris S.A	24,39%
	Siderar S.A.	12,56%
	Acindar S.A.	9,33%
Banking 27,06%	Grupo Financiero Galicia S.A.	15,44%
	BBVA Banco Francés S.A.	5,98%
	Banco Macro Bansud S.A	5,65%
Oil 16.87%	Petrobras Energía Participaciones S.A.	16,87
Telecommunication 9,78%	Telecom Argentina S.A.	9,76%

INDOL: (Dollar Index) It is a hedging instrument. Each contract held is for AR$ 1,000. Merval requires an initial margin based on a specific quantity of units of trading. Maturities take place on a monthly basis either on the last day of the month or the following if it were a banking holiday.
Gains and losses are Calculated in the following manner:
-On the opening date of the position, the difference is figured out between the value of the trade price and the index price on the date of the calculation.
-On the following days, the difference is figured out between the closing price of the previous date and the index price at the moment of the calculation.
-At maturity, the calculation is made between the closing price of the previous day and the value of the reference exchange rate as determined by the Banco Central de la República Argentina.

Both LEBACs (Central Bank Bills) and NOBACs (Central Bank Notes) are securities issued by Banco Central de la República Argentina (BCRA).

LEBACs are short, medium and long term securities, which can be bought at a minimum denomination of AR$1,000 in the case of natural persons, and AR$10,000 in the case of corporations. They can be either peso or dollar denominated and they pay back a fixed interest rate.
On its part, NOBACs are medium-term securities, which natural persons can buy at a minimum of AR$1,000, and corporations at a minimum of AR$10,000. They are peso-denominated and they come in two types of NOBACs: with fixed and variable coupon rates.

Financial Trusts have acquired a lot of importance in our country in the last few years.
They represent a highly profitable investment alternative for the trustee (i.e. natural person or corporation which delivers a certain asset) as they provide financing at lower rates and they capture funds directly from investors, thus by-passing traditional financial intermediation.

As for the investor, financial trusts allow him to get attractive gains from the interest rate charged on the funds deposited in the trust for a certain period of time.
.
Through Héctor J. Bacqué Sociedad de Bolsa S.A you will be able to subscribe to different trusts backed by Banco de Valores, in its role as arranger in such trades.