The Central Bank of Chile, the Commission for the Financial Market and NASDAQ presented at DCV’s 25th anniversary seminar
THE LOCAL AUTHORITIES DETAILED THE WORK THEY ARE CARRYING OUT TO BOOST THE FINANCIAL MARKET’S INFRASTRUCTURE AND TO REGULATE THE FINCHTECH INDUSTRY AND TOOK THE OPPORTUNITY TO CONGRATULATE DCV FOR ITS 25 YEARS OF HISTORY.
The President of the Central Bank, Mario Marcel, and the President of the Commission for the Financial Market, Joaquín Cortez, and the Senior Vice president of Market Technology at Nasdaq, Paul McKeown, presented the “Technology and the future of capital markets” seminar, in the 25-year commemoration of DCV.
On the occasion, the head of the issuer organism announced that they are working on a new regulation to allow interbank settlement payments in dollars. The authority explained that the proposal is at a definition stage regarding its regulatory and functional aspects. “This will allow promoting the competitiveness of local infrastructures, promoting market development and strengthening the internationalization of the domestic capital market”, he added.
For his part, the leader of the CMF provided details on the future of Fintech regulations and specified that it will have three principles: technological neutrality, proportionality and regulation by function (not by entity). In his opinion, “technological advances should allow promoting inclusion and competition in the markets”.
Although the new business models represent important challenges in terms of regulations, Cortez noted that we must be careful with the new regulations so that they do not affect innovation.
The regulating entity pointed out that these challenges are being addressed in the cybersecurity, banking and risk-based supervision bills for insurance companies.
Meanwhile, Paul McKeown, Senior Vice president of Market Technology at Nasdaq, added that a recent report revealed that 40% of companies are using the cloud; 35% use artificial intelligence and 70% have automated some manual process. “We can no longer afford to ignore technological innovations,” he pointed out.
“TECHNOLOGY AND THE FUTURE OF CAPITAL MARKETS” BECAME A MEETING POINT AMOUNG DCV’S AUTHORITIES, CLIENTS AND EMPLOYEES FOR PROMOTING INCLUSION AND THE LOCAL MARKET’S COMPETITIVENESS AND INTERNATIONAL FINANCIAL INTEGRATION, WITH REGARDS TO THE RECENT ALLIANCE BETWEEN THE DEPÓSITO CENTRAL DE VALORES WITH NASDAQ AND DCV’S 25TH YEAR ANNIVERSARY CELEBRATION”.