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As of September 25, External Resolution No. 24 of 2020, issued by the Board of Directors of the Colombian Central Bank (CB), modifies External Resolution No. 1 of 2018 (Resolution 1) in the following aspects:

1. The CB may carry out spot or term purchases or sales of foreign currency with central clearing counterparties (CCPs), to intervene in the foreign exchange market towards regulating the financial market’s liquidity and the normal functioning of the economy’s internal and external payments, among other purposes described in article 2 of Resolution 1.

2. Commercial Banks, financial corporations, financing companies, financial cooperatives, the FDN and Bancoldex, with at least the minimum regulatory capital required to obtain the authorization to incorporate a financial corporation, in their capacity of local liquidity providers, may obtain financing agreed in foreign currency to carry out operations in foreign currency with CCPs, in accordance with the rules of the corresponding CCP.

3. FINDETER, FINAGRO, ICETEX, ENTerritorio and the FNA, in their capacity of local liquidity providers, may obtain financing agreed in foreign currency to carry out operations in foreign currency with CCPs, in accordance with the rules of the corresponding CCP.

4. It is worth noting that the operations under which the foreign exchange intermediaries (FXIs) mentioned in 2 and 3 obtain financing to carry out the operations described above with CCPs, will not require to establish the deposit dealt with in article 47 of Resolution 1.

5. Foreign exchange operations carried out by FXIs with CCPs, in their capacity of local liquidity providers of local or foreign currency (as described above), will not count for the calculation of the gross position of leverage (posición bruta de apalancamiento) that FXIs must observe. 
 
 
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