DTCC’s Managing Director and Chief Compliance Officer, Mihal Nahari, has become a member of the board of The Depósito Central de Valores, S.A. (DCV) of Chile, the country’s central securities depository.
Mihal Nahari, DTCC Managing Director and Chief Compliance Officer
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,” said Fernando Yáñez, DCV CEO. “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.”
Nahari, who joined DTCC in November 2007, is a member of DTCC’s Risk Management Committee and chairs the company’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 interface with regulators and supervisory agencies.
Nahari replaces Oscar Raposo, Jr., DTCC Managing Director, Financial Planning and Analysis, who had been a DCV board member since 2010. “It has been an honor for DCV to have had Mr. Raposo as a director,” Yáñez said. “He contributed enormously to creating a strong relationship between DTCC and DCV. We are grateful for the broad experience and knowledge of finance and risk he shared with us, and for his role in helping us prepare our strategic plan. We will miss him, professionally and personally.”
DCV and DTCC
In 2007, DCV became a participant in DTCC 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, and 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 over-the-counter derivatives arena to encourage adoption in Chile of DTCC’s Global Trade Repository, Legal Entity Identifier and Markit/SERV services. DCV is also a member of DTCC subsidiary, National Securities Clearing Corporation, with respect to NSCC’s Fund/SERV® service to expand and globalize DCV’s investment fund support including comprehensive, end-to-end servicing of U.S. and offshore funds.@