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Milei’s Foreign-Exchange Shakeup Has Brokers Moving Into Banking

Brokerages boomed in Argentina between 2019 and early 2024, when capital controls fueled demand for so-called blue-chip swap operations. — Brokerages boomed in Argentina between 2019 and early 2024, when capital controls fueled demand for so-called blue-chip swap operations.Photographer: Erica Canepa/Bloomberg

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By Ignacio Olivera Doll

July 2, 2025 at 8:00 AM EDT

Lea en español.

Argentina’s brokerages are restructuring after President Javier Milei took away lucrative arbitrage opportunities that juiced their business when he rolled back capital controls.