Securities Depository, best known as DCV, was set up between mid 1992 and beginning of 1993 in order to cover the shortcomings of the Chilean market. The purpose of this new entity was to contribute with security, reliability and credibility, reducing the existing risks of dealing with securities in a material form. Therefore, there was a need for a custodian that would operate under worldwide standards in force to that date, being its essential innovations the transference system through account entry and the registry of dematerialized issues.

Fernando Yañez, General Manager since the beginning, tells that “the formation of DCV was conceived between the Santiago Stock Exchange and Citibank. Nonetheless, prior to the approval by the authority, in March 1993, other industries of the stock market were invited to be part of the ownership of this new entity”. This is how at the beginning of 1993, associations of Banks, AFP (Pension Fund Administrator) and Insurance companies, together with the stock markets agreed to set up Depósito Central de Valores (Securities depository) under Act Nº 18.876 as well as its Regulations.

"DCV has had a primary role, becoming a referent in the stock market when developing new services or contributing in the setting up of better market practices”, Yañez said.

He added that “DCV is an institution that is permanently taking on new roles and responsibilities that the market designates to it, always bearing in mind the harmony between its own benefit and the market’s one”.

DCV initial ownership structure enabled the formation of strong alliances with the several capital market industries plus Banco Central de Chile (Chilean Central Bank) and with the direct supervision of Superintendencia de Valores y Seguros(Superintendence of Securities and Insurance). Since it was first formed, DCV has had to define the services and their corresponding fees, always keeping in mind the essence of DCV’s tasks, which are to diminish costs and to reduce risks.

After the creation of the company, a stage of consolidation and growth followed, seeking that all securities traded in Chile could be in custody with DCV and that the operations performed with them in the market could be settled safely and simultaneously with the payment of money. Yañez comments that “… more international practices and new services have permanently been incorporated. Since its beginning DCV has sought to be present in the international sphere, actively participating in ACSDA (Securities Depository American Association) and in ANNA (Association of National Numbering Agencies) as well as in other industries’ forums”.

He adds that “three years ago DCV decided to look for a form of expanding its services, offering to its customers the service of foreign custody. Therefore, it established alliances with DTCC (USA Securities Depository) and with Euroclear, one of the largest international securities depositories”. The agreements with Deutsche Bank for the custody of foreign securities, as well as with CAVALI and DECEVAL, within the scope of MILA (Latina America Integrated Market), amongst others, would come after that.

Finally, according to Fernando Yañez, “DCV should keep on providing confidence and modernity to the market offering safe services and at low costs”.

DCV Noticias