DCV and the Bolsa Electrónica initiate a study for creating a platform for OTC agreements

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THE DEPÓSITO CENTRAL DE VALORES (DCV) AND THE BOLSA ELECTRONICA OF CHILE (BEC) UNITE FOR INITIATING A STUDY FOR CREATING A PLATFORM FOR OTC AGREEMENTS.

This trading platform of off-exchange agreements, also called OTC (Over the Counter), is a project that would involve modifying the systems of the Bolsa Electrónica of Chile (BEC), and would allow DCV to participate directly in the chain of custody and settlement of these instruments (that are traded through the commercial network of the BEC). Thus, enhancing eventual synergies among the actors of the Chilean financial infrastructure.

The initiative will be developed jointly with Tauxtec, a Fintech company that specializes in designing and implementing technological solutions for financial markets.

“We are involved in this project because we want to bring innovation to the industry and expand the range of services for our clients. We are moving in this direction because we are convinced that the incorporation of new technologies will facilitate transactions, thus, allowing us to have a more competitive, developed and deep market,” said Juan Carlos Spencer, General Manager of the Bolsa Electrónica.

The project contemplates a preliminary functional survey for defining the process and a technical solution for the platform. Likewise, it involves developing a proof of concept that will validate the process and the model proposed for the market.

On March 28th, the work team that will participate in the project met at DCV’s offices. Juan Carlos Spencer, General Manager of the BEC; Jorge Becerra, founder CEO of Tauxtec; Javier Jara Traub, Commercial and New Businesses of DCV, and other areas involved attended the meeting. This study will be carried out within a period of 4 months.

“This type of synergy will strengthen the Chilean financial infrastructure and boost the securities market. For DCV this project means a great advance in our efforts towards delivering more complete, more competitive and more efficient services”, added Fernando Yáñez, DCV’s General Manager.

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