Saturday, 28 November 2020

Costa Rica Banks Can Now Intermediate with Stock Exchange

Photo: Jorge Arce / EF
Photo: Jorge Arce / EF

QCOSTARICA – Banks authorized by the Superintendencia General de Valores (Sugeval) – Superintendency of Securities, may now perform operations of clearing and settlement of securities in the stock market, which until now has only been done by brokerage houses.

With this modification in the regulations banks may provide more support for trading by its investors, providing the service of clearing and settlement of securities transactions which previously were only handled by brokerage houses. The first bank with authorization is Banco Nacional.

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Elfinancierocr.com reports that “… Banks (now have) the possibility to be responsible to the system of compliance with third-party operations. In this way they can be custodians of banks, brokerage houses and central securities, but the latter are not authorized as liquidators. ” It also mentions that “… There are other banks that are being incorporated into the settlement system. Such is the case of Banco de Costa Rica (BCR), which has shown interest and is awaiting approval. Meanwhile BAC San José, for now, is not interested. ”

José Rafael Brenes, general manager of the National Stock Exchange, added “… The market interest is not that a lot of banks be incorporated, but just those with larger operations. Furthermore, following the interest shown by banks to join this market, there could be a decrease in the number of brokerage firms which provide the service in 2015. ”

Source: elfinancierocr.com

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