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Chile,United States : DTCC s Mihal Nahari Elected to the Board of Chile s Central Securities Depository.

The Depository Trust & Clearing Corporation (DTCC) of the U.S. and The DepEsito 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 DepEsito 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 YEiEez, 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/SERVA 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.

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Publication:Mena Report
Geographic Code:3CHIL
Date:Dec 20, 2012
Words:439
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