The objective of this cooperative undertaking, which will leverage the technology and expertise of both organizations, is to expand offerings and capabilities of DCV and DTCC.
The agreement is aimed at enabling both organizations to take advantage of local market knowledge to develop broader offerings in Chile and throughout Latin America, while reducing risk and lowering costs.
DTCC president and COO William Aimetti said that the DTCC is delighted to have this opportunity to take the relationship with Chile’s central securities depository to a new level, and it look forward to collaborating with its Chilean colleagues in helping them address the needs of their markets and supporting their customers.
DCV CEO Fernando Yanez said that DCV believes that this working relationship will give DCV some strategic advantages in fulfilling its own mission of making the Chilean capital markets more efficient and more attractive to capital market growth.
"We look forward to leveraging the expertise, technology, scale and global reach of DTCC to assist in the growth of services for capital markets throughout Latin America," Yanez said.
The new agreement developed following an invitation in December 2009 by DCV to DTCC to make a 10% equity investment in DCV and join the DCV Board.
In making this investment and joining the DCV Board, DTCC has expressed its commitment for future cooperative efforts with DCV.
