The board of Panama’s CSD, Central Latinoamericana de Valores, known more briefly as Latinclear, decided to replace their core system with Percival’s DEPEND CSD and HUBBLE messaging solutions.
A Design Study for the project was completed in 2022, as part of a formal selection process.
The strong combination of DEPEND and HUBBLE will enable Latinclear to automate their operations to a large degree and the new systems will form the foundation for future developments and new post trade services in the Panamanian capital market in the coming years.
Percival’s highly compliant products will support Latinclear in the implementation of standard processes and their interactions with international markets.
DEPEND is one of the most modern and capable CSD solutions on the market today and has been already implemented in 19 countries with Panama bring that total to 20. Its high level of configurability and flexibility allows integration with a wide range of market models and legislative or regulatory environments.
DEPEND will enable Latinclear to handle its omnibus securities accounts for local and international participants covering domestic and foreign asset classes including equities, debt (fixed income) instruments, and other asset types. Integration with regional and foreign CSDs and ICSDs will facilitate risk-free cross-border settlement of transactions according to best international standards.
Olga Cantillo, Executive President of Latinex Group, the holding company to which Latinclear makes part of, commented:
“Our value proposition focuses on providing cutting-edge technology that grants market participants the confidence, transparency, and efficiency demanded by our industry. We are committed to upholding high standards and implementing the finest international practices that foster the development of the capital market in Panama. With the transition from Latinclear’s current system to Percival’s DEPEND and HUBBLE, we reinforce our commitment to the market by offering new capabilities and services that will expedite the advancement of their operations.”