Caja de Valores, Argentina’s Central Securities Depository (CSD), announced today that it has launched a new technology platform that uses Nasdaq’s CSD technology.
The platform significantly enhances Caja de Valores’ ability to respond to immediate operational and performance needs, future-proof the business and position it to capture new growth opportunities.
The launch is the culmination of a multi-year program of significant change, which began with Caja de Valores recognizing the potential benefits of modernizing its legacy infrastructure to support the continued development and institutionalization of Argentina’s capital markets.
In line with many countries around the world, Argentina’s capital market has experienced periods of substantial increases in volumes, which has put additional pressure on the industry’s technological infrastructure. Market growth has resulted in Caja de Valores’ technology platform operating effectively at full capacity, necessitating a rapid acceleration of the launch schedule.
The core platform was released in September 2023, with more asset classes and additional features integrated before its official launch in January 2024.
The new platform significantly enhances the resilience, capacity and speed of the CSD, capable of processing more than 1,000 settlements per second, more than 300 times faster than the previous system. Its scalable architecture will ensure that the platform will be able to continue to serve the Argentine market as it continues to grow.
Magnus Haglind, SVP and head of Marketplace Technology at Nasdaq, said:
“CSDs play a vital role at the heart of the capital markets ecosystem and require increasingly flexible infrastructures to respond to incoming regulations, adapt to changing market conditions and capitalize on emerging growth opportunities. Developing a global CSD infrastructure is vital to keep pace with the rapidly changing investment landscape. As much of the post-trade industry operates on legacy technology, we welcome the opportunity to partner with Caja de Valores and support the continued growth of Argentina’s capital market.”
The technology offers standardized protocols to seamlessly connect to both third-party and internal trading and clearing solutions and will benefit from regular upgrades to ensure it remains at the forefront of international standards and best practices. It will significantly reduce time-to-market for new asset classes, event types and services and integrate customized connections for existing services.
Non-standard instruments – an asset class specific to Argentina – continue to be served on the old system, with Caja de Valores planning to transfer these instruments to the new platform in the first quarter of 2024.
Nasdaq’s Marketplace Technology business operates as one of the world’s largest marketplace infrastructure technology providers, providing multi-asset solutions to more than 130 markets, CCPs, CSDs and regulators in more than 50 countries. It delivers reliable and scalable technology across the trade lifecycle, helping organizations increase efficiency, transparency and liquidity with unparalleled resilience.