Mercado de Valores de Buenos Aires SA (Merval) is an Argentina-based company engaged in the execution, settlement and guaranty of transactions conducted by stock brokers and brokerage firms on the Buenos Aires Stock Exchange. In addition, Merval regulates, coordinates and implements various aspects related to securities trading, kinds of securities and trading mechanisms available, terms of payment and others. It also operates a Market Surveillance system to follow-up trading in real-time and detects eventual irregularities that occur due to any characteristics may call the attention of experts in the area. The Company has a trading system called the Competition Market where corporate stocks and bonds, as well as public bond transactions are executed in an electronic order matching system or the traditional open outcry mode on the floor of the exchange. Under the Continuous Trading Session government and corporate bonds are traded over the telephone.