1. Americas Securities Leadership Forum 2016
February 29-March 2, St. Petersburg, Florida

2. Key Initiatives Developments & Improvements
Corporate Integration between BVL and Cavali
Factoring infrastructure & regulation implemented
Custody for Pension Funds - Off-shore investments
Forward and Swap Contracts Registry
Mutual Funds Distribution Infrastructure
Up coming Initiatives and Investments
ISO´s Certification 27001, 22301, 22022
Evaluate upgrading current platform Wari
Evaluate contingency Data Centers location
Continuous Settlement Cycles – July 2016
Collateral Management Expansion

3. Risk Management
TM Rating in A+ (due to a change in settlement process)
Improvement Risk Management
Business Continuity Plan
On-going
two local sites and one site in thte U.S.
Asset Segregation & Recovery of Assets
Beneficial Ownership Market
Nominee accounts only allowed for depositories in MILA
Securities Lending
Protection under insolvency; temporary transfer of securities

4. Market Overview Millenium Platform – went live on May 2015
Capital Gains Tax Exemption – final rulings
MSCI Consultation Progress
Market Makers – Incentives granted
Stock Lending – Re-launched
Tariffs Reductions
Algoritmic Trading
Sovereign Bonds Centralized Settlement Mechanism
Pending Sovereign Debt regulation by MEF

5. Regional Integration Update
Fixed Income incorporated to MILA model
Only equity was allowed
Public Offers allowed in MILA markets
Regional Passport for Pension Funds proposal
Tax Armonization proposal
Mutual Funds proposal