The Integrated Liquidity Market (MIL, in Spanish) has been operating through SINPE since August 2009, providing National Financial System entities with a sound trading platform for the administration of their short-term liquidity operations (1-90 days). Through the MIL, participants’ trade among themselves deferred liquidity operations both in national and in foreign currency, and both guaranteed and not guaranteed, pursuant to the provisions in the System of Payments Regulations and the guidelines established by the Board of Directors of Banco Central de Costa Rica for the country’s cash market. Working hoursBids enter the system in real time, from 8:00 a.m. - 6:00 p.m. Due operations are liquidated at 11:00 am, always on working days. Types of tradable operations • Guaranteed Bids: Operations requiring the debtor to provide tradable securities so they may be guaranteed. When they are traded, the market operates in such a way that bidders cannot see who their counterparts are. • Non-Guaranteed Bids: Operations that are set up without providing any collateral. When they are traded, the name of the bidder (debtor) is visible for all other participants. The investor must have previously authorized bidders for a trading to take place. Admissible collateralOnly securities issued by BCCR or the Ministry of Finance from standardized issues are admitted as collateral. Collateral is gauged three times a day using market prices, and vouch for 90% of their market value. When the collateral’s currency is not the same as the traded operation, an additional 10% must be provided to cover for exchange rate risk, which is calculated over the net amount that is not being covered by the currency of the trading. Service functionalities• Publishing deposit-taking or investment bids. • Matching bids based on their publication • Inquiring about posted bids. • Inquiring about matches • Inquiring about due dates. Service advantages•Through the Integrated Liquidity Market, BCCR is provided with a direct channel into the National Financial System for implementing monetary policy in the cash market • The country’s financial entities are provided one more option to access sources of financing, and therefore they are able to manage their liquidity risk in a more efficient, safer manner. • The Integrated Liquidity Market may be accessed from any geographical zone the participant may be in, thanks to SINPE’s connectivity platform. • Operations are traded and liquidated in real time, so funds are available to participants immediately in their reserve account with BCCR. Related documents • System of Payments Regulations | 
