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121 new clients take account of the trust and strength of our institution before the market.
Market confidence and security towards the Depósito Central de Valores (DCV) was once again a constant, and 2019 was no exception. This was reflected in the fact that during this period a total of 121 new clients relied on DCV's services. A significant figure in this number is represented by the issuers managed by DCV Registros, an affiliate of DCV, which added 60 new entities, among them sociedades anónimas and investment funds.
"2019 was a good year for the line of business that regards the Administration of Registries, which makes us very happy. With these 60 new issuers we already have more than 90% of the market under our administration, which fills us with pride, and poses a significant challenge for 2020", said Juan Carlos Melys, DCV's Commercial Assistant Manager.
Another important area in 2019 was International Custody, where the year ended with more than US$4 billion in custody, where 84.4% of that corresponded to fixed income instruments. The above allowed us to exceed the projected annual income. These figures are explained by the custody and settlement services at Euroclear, the strengthening of the foreign securities market business, where this year an important alliance with BCI Corredores de Bolsa was put into operation and, finally, by a greater use of several infrastructures.
For the year 2020 we face a great challenge as a company as we will implement the DCV Evolution project, where the commercial area has a key function since it is responsible for carrying out the training and training plan of the participants and operators of DCV's system. The project has been carried out within the established deadlines and calendar and, next March, we must begin with the communication to the market regarding the activities planned for the year. We look forward to everyones' participation and commitment.
In relation to commercial issues, the focus for 2020 will be on several fronts. On the one hand, progress will be made in various projects from the Fintech world and the DCV Lab. This will regard the study for the issuance of crypto bonds and the project that has been promoted together with the Santiago Stock Exchange and Gtd whose purpose is to develop a "Blockchain as a service" (Baas) in the financial market.
"The custody and settlement of certificates (representing invoices), is another service that is in its trial period. "This is a joint effort with the Securities Market, and it will be of great help for SMEs, as it will allow them to diversify their financing possibilities".
Javier Jara - Commercial and New Businesses Manager
Additionally, work will be carried out on initiatives that allow DCV to act as a responsible tax agent, increase the custody and administration service for new instruments such as shares of sociedades anónimas cerradas, alternative assets and others, which will expand custody offer alternatives to the financial market.
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This important project contains the total renewal of the core application, improvements to the current processes and the adherence to the best international practices in the securities depository industry.
2020 will be the year in which the DCV Evolution (DCVe) project achieves its full implementation. This important project consists in the renewal of the core application, improvements to current business processes, and adherence to international best practices in the securities depository industry. For this, the Depósito Central de Valores (DCV) signed a strategic alliance with Nasdaq, a company that is renowned internationally and which has strong technological capabilities.
"During 2019 we met with about 250 users and representatives of our depositors to publicize the DCVe project in detail in relation to the stage we called familiarization," said Rodrigo Roblero, DCV's Planning, IT and Finance Manager.
Specifically, between May and November there were face-to-face and remote talks whose objectives were to bring operators closer to the new graphical interface of the service, showing its general operation using the new platform, presenting the planning of the following phases, promoting the participation of depositors and listening to concerns with a focus on financial market operators.
DCV has defined that communication is a central part of this project and, for this reason, we have implemented different direct communication channels with clients. Each company is assigned a DCV executive who will be responsible for leading the depositor in each of the stages related to the implementation of the new system. In the middle of 2019, a special menu of the project was made available on DCV's website that contains necessary information about relevant milestones, activities, communication, frequently asked questions and others.
For 2020, we are already working on the different activities that we will carry out with clients. In April we will invite you to a talk to explain the stages and the training methodology and market tests.
"This stage is especially important, since it is necessary to have the support of our users. It is very relevant that they be part of these tests, since they will allow us to validate the operation of the new platform".
Rodrigo Roblero - Planning, IT and Finance Manager
DCVe will generate benefits for the entire Chilean capital market, providing, among others, the following benefits:
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