The purpose of this study is to provide information to support and substantiate the fee structure for services inherent to the custody and transfer of securities.

It is based on the financial plan prepared by DCV to meet the information requirements established by the Financial Market Commission (CMF) through General Regulation No. 224, issued on August 25, 2008.

Study Structure

To carry out this study, a thorough understanding of DCV’s financial, operational, and technological reality has been essential for establishing a pricing logic that ensures its financial and economic viability.

The study’s structure includes the development of components that require a high level of theoretical and technical expertise. For this reason, external advisors with expertise in various areas, including capital cost rate determination, demand forecasting, cost projection, and independent expert opinions regarding the integrity of the study’s overall pricing logic, were consulted. Each of these studies is presented as an annex to this document, and an excerpt is included in the corresponding chapter.

What is the “Equivalent Unit”?

This study includes an expert review of the component known as the “Equivalent Unit,” which represents the basic unit of measurement for DCV operations and quantifies the resources used for each service. In this study, the Equivalent Unit is used as a mechanism for cost allocation, forecasting, and ultimately determining the revenue attributed to each service. It was reviewed in terms of its underlying structure and applicability due to changes in DCV’s production system implemented in 2022.

Other Considerations

This study covers only services currently in operation. No projections have been made for services under development. It also assumes a stable market structure, considering the current number of relevant market participants and no significant changes to the overall market framework.