Chile’s Depósito Central de Valores S.A. (DVC) recently announced the go-live of its new central securities depository (CSD) technology platform delivered by Nasdaq, which will let DCV advance its strategic initiatives.
We spoke with Rodrigo Roblero, General Manager at DCV, about why the company selected Nasdaq as a technology partner and DCV’s vision for the future.
Can you tell us about DCV, as well as its vision and strategy for the future?
DCV is the only CSD in the Chilean financial market responsible for the custody of publicly offered securities, processing and electronically registering stock market transactions, among other services. As we sought to establish a leading infrastructure for the Chilean capital market, in 2018 we decided to make the most significant technological change in the history of DCV to prepare for the challenges we could face in the future. Thus, in the search for a strategic partner for these purposes, we selected Nasdaq. This long-term partnership will not only allow us to have access to critical technology for the development of our industry but also enable us to be updated on new practices in the international markets that we can share with our clients. Additionally, it allows us to evaluate new business opportunities in line with the development of new emerging technologies.
What were the main drivers behind your decision to upgrade your technology platform, and why did you choose Nasdaq?
For companies participating in the infrastructure provision industry for market development, the technological area is a key part of the business strategy. Every day, markets experience greater challenges in integrating processes and information. Facing this new reality and the future from a new paradigm, DCV decided to look for a world-class partner who will support us to enable technological changes and respond to the growing needs of the market with greater agility, thereby delivering increasingly sophisticated products and services of the highest quality.
How will this technology investment help you achieve your strategy?
Our future strategy is to continue delivering infrastructure and other complementary solutions to our local and international clients under the highest standards of transparency, security and efficiency. The new Nasdaq CSD platform is a key piece in achieving this goal, as it puts us at the technological forefront of securities depositories worldwide, incorporating flexible functions to easily adapt to changing market conditions and constant regulatory requirements.
What will this investment mean for your customers and the broader Chilean capital markets?
The DCV Evolución project generates at least five benefits for the Chilean capital market, specifically:
1. Modernization of the systems linked to the securities custody and settlement service, incorporating the best international practices in this area; performance, scalability, redundancy and resiliency, among others.
2. Access to world-class technologies in the securities depository industry.
3. Introduce the vision of a relevant participant in the global financial industry, such as Nasdaq, with access to the permanent renewal of services for the Chilean market.
4. Agility and simplicity to access information.
5. More simplified processes with a better user experience. In this sense, during the first days, we have seen a considerable increase in the processing speed of DCV operations, more than a hundred times faster. Processes that used to take seconds now take milliseconds.
Looking ahead, where do you see DCV in the next five to ten years?
In the next few years, we expect to continue to play a central role in the operation and development of the local capital markets by providing a modern and quality service to our clients. Additionally, by integrating new technologies into our operation, we can develop new business areas and a more digitalized service offering. The company created a new subsidiary called “DCV Asesorías y Servicios” that will allow us to grow in complementary activities to the company’s line of business.
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