Press Announcement

Thursday 25th September, 2014

Thomas Murray Maintains the Central Securities Depository Rating for Chile's Depósito Central de Valores at A+ with Stable Outlook


LONDON Thomas Murray, the specialist custody rating, risk management and research firm, has maintained the CSD rating for Chile's Depósito Central de Valores (DCV) at A+, which translates as 'low Overall Risk'. The rating is made up of the following components:

The overall rating of A+ reflects a weighted average of the eight risk components and relates to a low risk exposure profile with 'Stable' outlook. The main change has been the inclusion of two new components into the Overall Risk calculation, being Asset Safety Risk, which is rated as A+, and Governance and Transparency Risk, also rated at A+. The outlook indicates there are no significant developments in the marketplace that may alter the Overall Risk in the near future.

Major changes during the 2014 review include:

  • The internal audit department has been strengthened and reports direct to the Board of Directors
  • DCV created a reserve fund, which will provide additional resources if needed. The fund will cover 6 months of monthly income but it currently covers 3 months of monthly income
  • DCV introduced a project management team that helped reduce the development and implementation time of new initiatives
  • DCV automated several processes that previously required significant manual intervention
  • Creation of participant User Group
  • Separation of the risk management and internal audit functions
  • A number of market-wide disaster recovery tests took place in 2014 to ensure that market participants and infrastructure entities can remain connected if they are forced to operate from their back up sites.

Simon Thomas, CEO and Chief Rating Officer of Thomas Murray, said "Thomas Murray is delighted to have worked once again with DCV in helping them assess their strengths and weaknesses of their existing procedures. The rating reflects the emphasis that DCV has placed in reducing risks for market participants that continue to move DCV and Chile towards best market practices".

Fernando Yañez, General Manager of DCV, said "the work with Thomas Murray has allowed us to identify areas in which DCV can work to reduce risks and improve efficiencies for our participants and the Chilean market infrastructure. Many of these will be included in our risk management strategy for the upcoming years".

The CSD rating assesses the risk exposures for investors associated with the processes a CSD has in place to facilitate the safekeeping and the clearing and settlement of securities, where applicable. It assesses eight key risks. The methodology considers the capabilities of the depository and the quality and effectiveness of its operational infrastructure. It also assesses the depository's willingness and ability to protect its participants or clients from losses. As part of the rating, the scope and quality of the depository's services is assessed. The ratings are on a consistent global scale, using the familiar AAA to C ratings scale. Once the rating is assigned there is an ongoing surveillance process to monitor the depository.

Separately, Thomas Murray has maintained proprietary assessments of over 140 CSDs globally as part of the Thomas Murray Depository Risk Assessment services. These reports are available via the Thomas Murray Data Services at

For further information contact:

Jim Micklethwaite
Director, Capital Markets
Thomas Murray Data Services

Tel: +44 (0) 20 8600 2300

Carolina Albornoz
Depósito Central de Valores S.A

Tel: +56 22 393 9300

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About Thomas Murray Data Services

Thomas Murray Data Services is a specialist custody rating, risk management and research firm specialising in the global securities services industry. TMDS was established in 1994.

The company tracks and analyses over 250 custodians globally and monitors the risk of over 100 capital market infrastructures.

The company has a strong position as a provider of public and private ratings and risk assessments on global custodians, domestic custodian banks and capital market infrastructures.

For additional information about Thomas Murray Data Services, please visit

About Depósito Central de Valores S.A (DCV)

The Depósito Central de Valores SA (DCV) is a private company established in March 1993, although it only began operations in 1995. DCV is the only depository in Chile and provides clearing, settlement and safekeeping of a wide range of instruments. The main instruments are equities, bank bonds, certificates of deposit, mortgage bonds, government debt, corporate debt, debentures and treasury bills.

For additional information about Depósito Central de Valores S.A (DCV), please visit

About Thomas Murray Data Services

Thomas Murray Data Services is a specialist custody rating, risk management, research and information provider specialising in the global securities services industry.

Our range of products and services provide reports on over 250 custodians, 130 central securities depositories and 100 markets globally.

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