Argentine futures exchange Rofex SA is now working around the clock for regulatory approval to launch its own Merval futures index to compete with stock exchange Bolsas y Mercados Argentinos SA, or BYMA, El Cronista reported, citing unnamed sources "with direct access" to the operation.

The move comes after the stock exchange terminated an agreement on the interconnection of the negotiation and liquidation systems of the Merval index and Rofex, as BYMA looks to monopolize the market, the sources told the publication.

The agreement between Rofex and BYMA will reportedly expire on March 18, but outstanding contracts will be negotiated on the Rofex exchange until June, according to El Cronista.