Chilean regulatory authorities have approved a trade matching service launched by Omego in partnership with Depsito Central de Valores (DCV), the Chilean central depository.
The service, which is currently in testing with several clients, connects Omgeos central trading manager platform to the DCV, enabling central matching for brokers through the DCVs SADE delivery system. It is intended to match cross-border and domestic equity, fixed income, exchange-traded derivative and contract for difference transactions.
DCV applied for approval from the Chilean securities and insurance regulator, Superintendencia de Valores y Seguros (SVS), earlier this year. Official approval was granted on July 20.
The SVSs approval of this solution will help DCV market participants reduce settlement risk by enabling automated communication with trade counterparts globally. By improving the efficiency of our markets, Latin Americas role in the global marketplace will only continue to increase, says Fernando Yaez, CEO of DCV.
Efficient matching is critical to reducing risk, says Tim Keady, managing director of sales and solution delivery at Omgeo. This link will enable market participants in Chile to leverage a global industry best practice central matching via Omgeo CTM from SADE, marking a key step toward increasing automation, lowering risk and improving post-trade processes in the market.
(OS)