Caja de Valores picks NASDAQ for CSD Technology

Caja de Valores picks NASDAQ for CSD Technology
Photo by Gonzalo Kenny / Unsplash

Buenos Aires, Argentina & New York, USA – January 11, 2024 – In a significant leap forward for Argentina's financial sector, Caja de Valores, the nation's Central Securities Depository (CSD), has unveiled a groundbreaking technology platform. Developed in collaboration with global financial technology leader Nasdaq, this platform promises to revolutionize Argentina's capital market operations by delivering unprecedented operational efficiency and market resilience.

A New Chapter in Market Efficiency and Growth

Caja de Valores' move to modernize its infrastructure marks the end of a comprehensive multi-year transformation program. This initiative was propelled by the vision to uplift Argentina's burgeoning capital markets, aligning with global standards of institutionalization and growth.

Responding to Market Demands with High-Speed Technology

Argentina's capital market, like many others worldwide, has witnessed dramatic increases in transaction volumes, exerting pressure on existing technological frameworks. Before this upgrade, Caja de Valores operated at full throttle, leading to an accelerated timeline for the new platform's rollout. Since its preliminary activation in September 2023, the platform has been fine-tuned to support a broader range of asset classes and functionalities, culminating in its official launch this January.

Impressive Technological Milestones

The new Nasdaq-powered CSD platform is a game-changer for Caja de Valores. It boasts the capability to process over 1,000 settlements per second – a staggering 300-fold increase in speed compared to the previous system. Its scalable design ensures it can adapt and grow alongside the Argentine market.

A Surge in Transaction Volumes

Post-launch, Caja de Valores has recorded an average of 700k daily transactions, peaking at 865k, marking a 49% jump in monthly averages. This surge is attributed mainly to the increased business volumes from the Buenos Aires Stock Exchange (BYMA), the parent company of Caja de Valores.

Leadership Perspectives

Gonzalo Pascual Merlo, CEO of BYMA, expressed pride in this historic milestone, emphasizing the collaborative effort with Nasdaq and the commitment to propel Argentina's economy and capital market growth.

Magnus Haglind, Nasdaq's SVP and Head of Marketplace Technology, highlighted the critical role of CSDs in the capital markets ecosystem, applauding Caja de Valores for adapting to the evolving investment landscape with agile, state-of-the-art infrastructure.

Future-Proof Technology and Global Standards

The new platform offers standardized protocols for seamless integration with various trading and clearing solutions and promises regular updates to maintain international standards and best practices. This strategic upgrade reduces the time-to-market for new asset classes and services, ensuring that Caja de Valores remains a crucial player in global financial technology.

About Caja de Valores and Nasdaq

Caja de Valores, an integral part of the BYMA Group, is Argentina's authorized central depository, offering a suite of services, including collective deposit, custody, and settlement. Nasdaq, a global technology company, provides comprehensive solutions across the capital markets sector, supporting over 130 marketplaces worldwide.

For more information, visit Caja de Valores and Nasdaq.