The Bank of New York has been appointed by Bolsa de Valores de Montevideo (BVM), the central depository of Uruguay, as global custodian for its $500 million in U.S. and global fixed income assets.
Angel Urraburu, president of BVM, said, “We selected The Bank of New York because of its commitment to Latin America and are confident that we will benefit from its processing expertise and regional support. Its services will augment our current operational infrastructure and allow us to more aggressively buy securities in the U.S. market.”
Javier I. de Ussel, managing director and division manager of The Bank of New York’s Latin America Division, said, “We have become one of the premier providers of global custody services to central securities depositories (CSD) across Latin America, with more than $3 billion in assets under custody for CSDs. We are delighted that BVM will have full access to our global custody capabilities to help them manage their assets and achieve their business objectives.”
Bolsa De Valores de Montevideo is the stock exchange and central securities depository in Uruguay. BVM was created in 1867 and created its central securities depository in 1997. BVM provides all the securities clearing and settlement services for its members and on behalf of their customers. Some of its participants include banks, stock exchanges, mutual fund companies, pension funds, government banks and insurance companies. BVM currently holds approximately $800 million under custody.