translated from Spanish: Santiago Stock Exchange launches new market of short sale for rent fixed

The Santiago Stock Exchange launched the new market of short sale and loans on fixed income instruments with condition of settlement payable today (PH), paid tomorrow (PM), and Normal cash (CN), which can be done through the system but it Telerenta and top electronic.
The Director general of the Bolsa de Santiago, José Antonio Martínez, stressed that this new market “will provide more liquidity to the market, enabling fixed income instruments over which you can perform a greater amount of business and boost the” international best practice in terms of demands for guarantees”.
In October, the Commission for financial market (CMF) adopted a series of measures to boost the short sale market, values and operations in term loans. After that, the main market square of the country incorporated updates in the negotiation of those instruments and the methodology applied for the requirement of guarantees, as well as limits of risk for operations.
In a first stage, the 10 December 2018 enabled negotiating short sales on equity instruments on condition of payment payable today (PH) and paid tomorrow (PM), which is incorporated into the existing condition of liquidation (CN) had Normal. Additionally, were applied modifications to the so-called ‘rule to the high’ (Uptick Rule).
Starting from Tuesday, meanwhile, operations on fixed-income instruments incorporate the value at risk model (VaR, Value at Risk), that allows to continue covering the entire risk associated with lending operations, but applying the requirement of guarantees according to the volatility of the instrument in question.
It also incorporates limit risk of position, which considers the risk of open positions for each customer with a broker, in relation to the assets of the latter, in addition to the limit of concentration of fixed income, which prevents the concentration of a customer with a runner on a single instrument. In the same way, a degree of diversification is inserted into aware by each customer guarantees to your broker.

Original source in Spanish