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MONTEVIDEO

MONTEVIDEO. Benefits of the Montevideo Stock Exchange Clearing, Settlement & Custody System. Patricia Torrado. October 2005. Market Regulator and Controller: Banco Central del Uruguay 2 Stock Exchange Entities Montevideo Stock Exchange: 138 years

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MONTEVIDEO

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  1. MONTEVIDEO Benefits of the Montevideo Stock Exchange Clearing, Settlement & Custody System Patricia Torrado October 2005

  2. Market Regulator and Controller: Banco Central del Uruguay 2 Stock Exchange Entities Montevideo Stock Exchange: 138 years 76 members (artificial persons and Stock Firms) 10 Special Members (6 Banks, National Insurance Bank “Banco de Seguros del Estado” and 3 semi-private banks) Electronic Stock Exchange: 12 years 24 Operators: 19 Banks and Foreign Currency Brokers 4 PFTs and 1 Semi-private Bank) Uruguayan Security Market

  3. Public Bond Market: Private Bond and Share Market: almost non-existent Uruguayan Security Market

  4. 2 Clearing, Settlement and Custody Systems: 1) Banco Central del Uruguay: Custody of local dematerialized public debt Settlement of same-day foreign currency exchange operations and local dematerialized securities of the Electronic Stock Exchange Settlement of local dematerialized securities operations between the MSE’s CSCS and the financial institutions that do not participate in it Uruguayan Security Market

  5. 2) Montevideo Stock Exchange: Custody of Uruguayan public and private (physical and dematerialized) securities and foreign securities Clearing and Settlement of operations between MSE members. Settlement of MSE members’ dematerialized local securities and the rest of the financial system through the BCU Settlement of cross border operations Uruguayan Security Market

  6. Immobilization and Dematerialization MSE’s CSCS

  7. Custody Certificate Issued for Investors Compensation, Settlement and Custody System System Participants MSE’s CSCS Investors

  8. Settlement of cross border operations MSE’s CSCS

  9. Local and International Uruguayan Debt Swap in 2003 Tool in the bank liquidation processes after the 2002 crisis, as well as debt settlement of the financial system’s debtors MSE’s CSCS

  10. Who benefits from MSE’s CSCS? Investors MSE Operators Montevideo Stock Exchange Banco Central del Uruguay MSE’s CSCS

  11. What are the Uruguayan CSCSs lacking? Unification of operations settlement Further reduction of settlement-related risks Legal framework concerning physical securities, etc. etc. ....... Is there a potential way? Cooperation MSE’s CSCS

  12. Thank you

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