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Nasdaq's Market Technology community is truly keeping markets up and running. Fernando Yáñez, General Manager of Depósito Central de Valores (DCV), Chile, discusses how his CSD is managing the current environment for their stakeholders, members and employees.
Nasdaq is committed to the resiliency of the global market ecosystem during this time of unprecedented change in our industry. Our Market Technology community, which includes market infrastructure organizations spanning more than 50 countries, is truly keeping markets up and running. With exchanges laying the foundation for capital formation and job growth, these organizations will continue to play a critical role in the health and recovery of local economies around the world and greater global capital markets ecosystem.
We sat down with Fernando Yáñez, General Manager of Depósito Central de ValoresChile, to discuss how his central securities depository (CSD) is managing the current environment for their stakeholders, members and employees.
1. How is COVID-19 affecting your client base? Are you changing how you interact and communicate as a result?
DCV's crisis management committee has been continuously reviewing the country and the Company's situation. Our top priorities are to protect the health of employees and support the DCV operation, and our prior preparation has allowed us to face this new scenario with fluidity and speed.
We have been in direct contact with our clients from the beginning of the confinement in Santiago. We started working remotely on March 16, beginning with part of the team and then eventually the entire organization. Now, 90% of the Company's operations are managed remotely.
We have regular meetings with regulators and frequent communications with our clients through the mail, the call center and the website. Periodically, we will send information to our clients, and the rest of the market about changes in procedures that require physical presence and other protocols.
Clients have responded well to this new scenario, while we have reinforced our commitment to quality of service.
2. How does the current environment impact your systems?
We have not seen any significant impact on the operation of our system. While we are operating the same as we were before COVID-19, without a doubt, the process is more complex and some new risks arose. Therefore, there must be greater control.
Notably, we have seen an increase in the operation of some services, such as new issuances and transactions, as well as a centralized registry of forward contracts and pledge on securities. Still, the uptime and response times of services have been maintained according to the market's standards.
3. How do you prepare for this type of situation to help ensure a resilient, operational environment?
We have worked for more than 10 years on our crisis management plans. We are certified for the ISO standard 23301 in business continuity management, which identifies the foundation's fundamentals and establishes the processes, principles, and terminology of business continuity management. We are also certified for ISO standard 27001 in information security management. Both standards ensure the Company's plans include a trained team and the necessary policies and procedures for operating under crises. These measures have allowed us to react quickly to the impact of this pandemic.
Today, our entire organization is coordinated in safely carrying out our operations, guaranteeing continuity of services in the Chilean financial market.
4. What are some of the things you're most happy to have accomplished over the first part of this year amidst a truly chaotic market environment?
We are happy with our employees' commitment, as well as the Company's capacity and technical operations, which have allowed us to continue operating at our traditional quality levels.
The response of our clients to the new scenario assures us that we are carrying out our operations properly.
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