Caja de Valores selects Nasdaq for upgrade of in-house system
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Caja de Valores selects Nasdaq for upgrade of in-house system 03 July 2019Buenos Aires Reporter: Jenna Lomax
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Caja de Valores, Argentina’s central securities depository (CSD), has selected Nasdaq’s CSD technology solution to upgrade its current in-house developed system.
The new solution allows Caja de Valores to process larger volumes of transactions, while also meeting international standards in CSD products and messaging services.
According to Nasdaq, the technology will also benefit the company in creating, supporting and expediting efforts in launching new products and services to their existing client base and future customers alike.
The agreement marks Nasdaq’s second CSD client in Latin America.
Argentina’s CSD is a part of Bolsas y Mercados Argentinos (BYMA), an Argentina-based company engaged in the stock exchange operation.
Ernesto Allaria, chairman of BYMA and Caja de Valores, said: “The Argentine economy needs a capital market that can progressively contribute to its growth. We selected Nasdaq due to its state of the art technology as well as the knowledge and expertise of its teams. We truly believe we have found a partner to help us execute on our mission of growing the Argentine capital market.”
Carlos Patino, head of Latin America and the Caribbean, market technology at Nasdaq, commented: “Caja de Valores has made important progress in the development and modernisation of the capital markets in Argentina, including embracing next-generation technology.”
He added: “Our solution they are adopting is specifically designed for best-in-class CSDs and constructed for low cost-of-ownership, rapid delivery and with the ability to adapt to multiple business models and changing market conditions.”
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