New York, NY, and Santiago, Chile, December 19, 2012 – The Depository Trust & Clearing Corporation (DTCC) of the U.S. and The Depósito Central de Valores, S.A. (DCV) of Chile announced today that Mihal Nahari, DTCC’s Managing Director and Chief Compliance Officer, has become a member of the board of The Depósito Central de Valores, S.A. (DCV) of Chile, the country’s central securities depository.
Ms. Nahari joins 10 other members and is the first woman to be elected to the board of DCV, which was formed in 1993 to meet the growing demands in Chile for a more modernized stock market and to introduce international standards to help it operate in an increasingly global market environment.
“We are delighted to welcome Ms. Nahari to our board. Her expertise in the areas of risk mitigation and regulatory compliance and reporting will be invaluable to us as we grow our business. We also look forward to her guidance on best practices that support the largest depository and market infrastructure in the world,” said Fernando Yáñez, DCV Chief Executive Officer.
Ms. Nahari, who joined DTCC in November 2007, is a member of DTCC’s Risk Management Committee and chairs the firm’s Anti-Money Laundering Oversight Committee. She has direct responsibility and oversight for all compliance-related matters and also oversees DTCC’s Ethics and Reporting program. In addition, she serves as the primary compliance contact for DTCC’s Board and acts as a key regulatory interface with regulators and supervisory agencies.
Ms. Nahari replaces Oscar J. Raposo, Jr., DTCC Managing Director, Financial Planning & Analysis, who had been a DCV board member since 2010.
In 2007, DCV became a participant in DTCC's depository subsidiary, The Depository Trust Company (DTC), which has allowed DCV to extend to its customers the benefit of having DTC service the underlying assets for DCV's Chilean customers.
In August 2010, DTCC and DCV signed an agreement that recognized and strengthened their existing relationship and served as a basis for future collaboration, allowing them to leverage the technology and expertise of each other’s organizations, develop broader offerings in Chile and throughout Latin America, while reducing risk and lowering costs for members.
Since 2011, DCV and DTCC have been working together in the OTC derivatives arena to encourage adoption in Chile of DTCC’s Global Trade Repository, Legal Entity Identifier, and Markit/SERV services. DCV has also become a member of Fund/SERV® to expand and globalize its investment fund support including comprehensive, end-to-end servicing of U.S. and offshore funds. Fund/SERV is an offering of DTCC’s National Securities Clearing Corporation subsidiary.
DCV and DTCC are among the founding members of the Americas' Central Securities Depositories Association (ACSDA), an industry organization that provides a forum for issues affecting securities depositories, such as best asset-servicing practices, globalization trends in markets and instruments, technology standards and risk management.
For Mihal Nahari’s biography and photo, please see http://www.dtcc.com/about/mihal_nahari.php
Through multiple operating facilities and data centers around the world, DTCC and its subsidiary companies automate, centralize, and standardize the processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2011, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.7 quadrillion. Its depository provides custody and asset servicing for securities issues from 122 countries and territories valued at US$39.5 trillion. DTCC’s global OTC derivatives trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide across multiple asset classes.
About The Depósito Central de Valores, S.A.
DCV is located in Santiago, Chile, and it provides services to several local stock markets, as well as to the over-the-counter market. This entity is jointly held by its member banks, pension funds, insurance companies and three Chilean stock markets (Santiago Stock Market, Chilean Electronic Stock Market and Valparaiso Brokers Market) in addition to The Depository Trust & Clearing Corporation (DTCC), which holds a 10 % share of it. The DCV holds securities in the amount of US$ 301.2 billion. Today, DCV has 178 direct participants, including banks, stockbrokers, pension funds, mutual funds and insurance companies. For further information, visit www.dcv.cl.