Omgeo and Chilean depository bag three brokers 13 November 2012Chile Reporter: Georgina Lavers
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Three Chilean brokers, LarrainVial, Celfin Capital and IM Trust, are now live on the joint trade matching service of Omgeo and Chilean central depository Depósito Central de Valores (DCV).
LarrainVial, Celfin Capital and IM Trust are using the solution for the central matching of cross-border equities transactions with investment managers outside of Chile.
“Many brokers in Chile still rely on spreadsheets and faxes to communicate trade details and compare confirmation messages for international transactions. This can be onerous, time-consuming and prone to human error at a time when settlement cycles are accelerating around the world,” said a release from Omgeo.
Fernando Yañez, CEO of DCV, said: “We are offering this joint solution to enable Chilean market participants to realize a more prominent global role through increased automation and seamless cross-border communication. LarrainVial, Celfin Capital and IM Trust have already experienced improved efficiencies and reduced settlement risk, and are paving the way forward for the rest of the market."
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