BUENOS AIRES - Caja de Valores, the sole Central Securities Depository (CSD) in Argentina, has successfully implemented a new technology platform provided by Nasdaq, aiming to enhance operational capacity and performance in the face of growing market demands. This development was formally announced today, marking a significant milestone in the modernization of Argentina's capital market infrastructure.
The deployment of Nasdaq's CSD technology has been part of a multi-year initiative to replace Caja de Valores' legacy systems, which had been strained by substantial increases in transaction volumes. The new platform, which went live in September 2023, is designed to be resilient and scalable, capable of processing over 1,000 settlements per second—more than 300 times faster than the previous system.
The Buenos Aires Stock Exchange (BYMA), the owner of Caja de Valores, has reported a 49% increase in monthly average transactions since the introduction of the new system, indicating a significant rise in business volumes. Gonzalo Pascual Merlo, CEO of BYMA, expressed pride in this historic step for the Argentine capital market, highlighting the collaborative effort with Nasdaq and the commitment to the country's economic development.
The new platform is expected to reduce the time-to-market for new asset classes and services, with regular updates to maintain international standards and best practices. Non-standard instruments, unique to the Argentine market, are still operated on the old system, with plans to migrate them to the new platform within the first quarter of 2024.
Nasdaq's SVP and Head of Marketplace Technology, Magnus Haglind, emphasized the importance of agile infrastructure for CSDs to adapt to regulatory changes and market conditions while seizing growth opportunities. Nasdaq, as a leading provider of market infrastructure technology, supports over 130 marketplaces and regulators in more than 50 countries.
The information for this article is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.