DCV closes its historic vault located in Downtown Santiago
AFTER BEING 25 YEARS IN FLOOR -1 AT HUÉRFANOS 770, DCV’S CUSTODY DEFINITELY MOVES TO THE 24th FLOOR OF THE TORRE NUEVA SANTA MARÍA.
After 25 years and after being located at the centric Huérfanos street, the vault of the Depósito Central de Valores (DCV) changed home. On Saturday May 9th and under strict security and prevention measures (due to COVID-19), the place that was used for the vault was completely emptied.
In 1995 our company settled on floors -1 and 17 at Huérfanos 770 in Downtown Santiago. Months later, all the securities held in custody by the Central Bank of Chile were transferred to being custodied by DCV. In 1997, DCV registered all the deposits of fixed-income and variable-income instruments that were traded in the domestic market.
Fernando Yáñez, General Manager of DCV, remembers that the vault that was located at Huérfanos street custodied more than 7 million certificates and measured 100 m2 (close to 400 m3). “Since the beginning of DCV’s operation we have sought to dematerialize securities, for this reason, today there are only - under custody - 50,000 physical securities,” he explained. “The dematerialization allowed lowering costs and reducing the risks that are inherent when operating with physical securities, as well as facilitating operations in the securities market,” he added.
The new vault is located at the Torre Nueva Santa María and measures 27 m2 (80 m3). Our affiliate, DCV Registros and some areas of DCV also moved to this building.
This change is due to the reality of the market and the modernization of its processes. Additionally, this will improve the working conditions of our workers and the attention to shareholders and depositors.
DCV’s new vault located at Torre Nueva Santa María, just like the historic one that was located at Huérfanos street, complies with all the necessary security measures and access protection, which guarantees that all the physical certificates stored inside are correctly sheltered and protected against possible risks of fire, floods, earthquakes and wrongful withdrawals, among others.
We congratulate those who participated in this important milestone for DCV and we thank all the staff who have been part of this important history for our company.