Nasdaq Inc.(Nasdaq:NDAQ) and Caja de Valores S.A., Argentina’s Central Securities Depository (CSD) and an integral part of Bolsas y Mercados Argentinos (BYMA), have signed a new agreement for Nasdaq to deliver a full CSD technology solution to Caja de Valores including registrar services.
The deal marks Nasdaq’s second CSD client in Latin America.
By leveraging Nasdaq’s technology, Caja de Valores will be upgrading its current in-house developed system. The new solution allows Caja de Valores to process larger volumes of transactions with a significantly increased speed and agility, while also meeting international standards in CSD products and messaging services. Further, 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 Argentine economy needs a capital market that can progressively contribute to its growth,” said Ernesto Allaria, Chairman of BYMA and Caja de Valores. “To be able to support the expansion, Caja de Valores is upgrading its technology infrastructure, a key pillar in the overall modernization of the company. 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.”
“Caja de Valores has made important progress in the development and modernization of the capital markets in Argentina, including embracing next generation technology,” said Carlos Patino, Head of Latin America and the Caribbean, Market Technology, Nasdaq. “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. We look forward to supporting Caja de Valores as they continue to execute on their vision.”