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August 3, 2015

Chilean CCP Goes Live

Another central counterparty for your list

In Chile, after a long development period, and a team effort between Comder, their regulators and members, their CCP went live on July 30th. You can read the announcement here: http://www.comder.cl/?p=932 (you'll need translate that into English) or read the announcement below:


CENTRAL COUNTERPARTY COMDER BEGAN OPERATIONS THIS JULY 30

In recent months the most important milestones necessary to ComDer Central Counterparty to begin operations were achieved:

On June 8, 2015, through Resolution No. 191, the SVS approved the Operating Rules for the operation of a central counterparty for the OTC derivatives market.

On July 23, 2015, through Exempt Resolution No. 226, the SVS authorized the operation of Central Counterparty ComDer.

With these authorizations, ComDer Central Counterparty started operations on Thursday 30th July, following a gradual implementation plan, and with the participation of 14 entities of the OTC derivatives market.


The CEO Felipe Ledermann B. commented:

After the first 3 days we have cleared about USD 1.2 billions in NDFs, an important amount considering the gradual go-live plan we have implemented with the 14 clearing members.

 

The implementation of ComDer required a coordination and participation effort of different private and public entities, reflecting a shared vision about the challenges imposed to global and integrated financial markets, as the Chilean.

 

ComDer as a new market infrastructure will be an important step in the adoption and implementation of best practices and standards applicable today, and will support the development of the derivatives markets and improve the competitiveness of the Chilean financial market as well.

 


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