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| Circular Letter N° 299 | ||||||||||||
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DEPÓSITO CENTRAL DE VALORES S.A., Señores Participantes The Deposito Central de Valores S.A., or Central Securities Depository (DCV) together with CCLV Contraparte Central S.A. (Central Clearing and Settlement House), cornerstones in the process of securities settlement in the Chilean capital market, in their role as infrastructure suppliers, are continually seeking improvements that aim at a greater efficiency and decreased operational risks; for this purpose, they have made adjustments to their computer systems and launched a set of improvements that enhance their systems and operational processes, in keeping with their mission of providing safety and efficiency in transactions settlement (CCLV) and as infrastructure suppliers with the highest standards (DCV). For this reason, the DCV informs its customers that, as of Wednesday, November 2nd, 2016, a series of improvements will be implemented on both companies’ systems, as described below. Changes in processes: 1. CCLV will include multilateral clearing and settlement for the Clearing Houses PM, PH & SM, which take place in DCV’s systems. This measure has the added benefit that participants in a given clearing house will now have a single position for each financial instrument to be settled, thereby eliminating the “chain” effect that exists currently. 2.The Equity and Payable Tomorrow Clearing Houses will be registered with DCV on the day they are settled, which will allow CCLV to include into its automatic processes, potential changes in mnemonics or other events that may affect the transactions between their operation and settlement date. 3. Payable Tomorrow and Equity Clearing Houses are incorporated into the mechanism of positions retention over totals in DCV. This measure, which implies that retention of positions only occurs when the seller has the entirety of the positions required for the operation, will help in avoiding excessively early retention of positions. 4. The continuous settlement process of the PH and SM Clearing Houses will now extend to the RV and PM Clearing Houses, allowing CCLV to begin the settlement process of these Clearing Houses, without the need for all of the operations to be covered. This measure helps to avoid the unnecessary operational risks that currently exist. Changes to the names of the Clearing Houses: 1.- The creation of a new Clearing House, named "RV Clearing House" where the operations that are currently reported, now will be reported in the “Equity Clearing House”. 2.- The current "Payable Tomorrow IIF Clearing House" will change its name to "PM Clearing House", and will include the operations that are currently reported in the "Pagadero Mañana RF Clearing House" and "Pagadero Mañana IIF Clearing House". 3.- Clearing Houses named “Payable Tomorrow RF” and “Equity” will not be used in the future, but remain available for queries. 4.- Lastly, the new names of the Clearing Houses will be: a. PH Clearing House (instead of “Payable Today Clearing House”). urthermore, the standardization of internal processes, both within the CCLV and DCV, will reduce several risks involved in the operation of both companies. With this project, there will be noteworthy improvements in the process of monitoring the compliance of participants with their obligations, and an enhancement in the application of financial safeguards. These improvements will come together with an improvement to the information exchange between these companies, thus aiding the CCLV in handling noncompliance, as well as providing an update and standardization for the treatment of Clearing Houses to both entities. In the event of requiring further information, please contact the Customer Help Desk MAC Sincerely yours, DEPÓSITO CENTRAL DE VALORES S.A., |
Circular Letter
