BCCH and DCV work together for the implemantation of the ISO 15022 standard

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21 January 2013 News Headline Hits: 848

News Release: The Central Bank of Chile and DCV work together for the implemantation of the ISO 15022 standard
Santiago, January 14, 2013. The Central Bank of Chile (BCCh) and Depósito Central de Valores (DCV) announce that together they will develop and implement the messaging ISO15022 standard for the securities settlement operations performed by the Central Bank. The adoption of this standard, used in the principal international markets for the settlement of securities, will be carried out in two phases. In the first phase, all BCCH Repurchase Agreement operations (including the Intraday Liquidity Facility and Permanent Liquidity Facility) will be implemented, and in the second, the balance of the operations settled by BCCh will be incorporated. Both institutions have worked together on the study of the existing models and their implementation. They are currently developing the communication systems to be able to carry out the implementation of the first phase, which is expected to begin in the last quarter of 2013. The adoption of this standard will have, among other benefits, an improvement in the agreements in terms of the quality of the services currently provided for the settlement of securities carried out by BCCh through DCV, in addition to the stability and security benefits delivered associated with adoption of an international standard. Within the scope of this project, the main international financial markets were benchmarked. The result is a model that adheres to securities settlement best practices, adopting the “Principles for Financial Market Infrastructures”, issued by the Committee of Payment and Liquidation Systems and the Technical Committee of the International Organization of Securities Commissions harbored by BIS (International Bank of Payments). Further information on the development and implementation of this project will be submitted by DCV and BCCh by the means customarily used to inform the market. DCV News

News Release:
The Central Bank of Chile and DCV work together for the implemantation of the ISO 15022 standard

Santiago, January 14, 2013. The Central Bank of Chile (BCCh) and Depósito Central de Valores (DCV) announce that together they will develop and implement the messaging ISO15022 standard for the securities settlement operations performed by the Central Bank.

The adoption of this standard, used in the principal international markets for the settlement of securities, will be carried out in two phases. In the first phase, all BCCH Repurchase Agreement operations (including the Intraday Liquidity Facility and Permanent Liquidity Facility) will be implemented, and in the second, the balance of the operations settled by BCCh will be incorporated.

Both institutions have worked together on the study of the existing models and their implementation. They are currently developing the communication systems to be able to carry out the implementation of the first phase, which is expected to begin in the last quarter of 2013.

The adoption of this standard will have, among other benefits, an improvement in the agreements in terms of the quality of the services currently provided for the settlement of securities carried out by BCCh through DCV, in addition to the stability and security benefits delivered associated with adoption of an international standard.

Within the scope of this project, the main international financial markets were benchmarked. The result is a model that adheres to securities settlement best practices, adopting the “Principles for Financial Market Infrastructures”, issued by the Committee of Payment and Liquidation Systems and the Technical Committee of the International Organization of Securities Commissions harbored by BIS (International Bank of Payments).

Further information on the development and implementation of this project will be submitted by DCV and BCCh by the means customarily used to inform the market.

DCV News

NEWS RELEASE:
THE CENTRAL BANK OF CHILE AND DCV WORK TOGETHER FOR THE IMPLEMENTATION OF THE ISO15022 STANDARD