The creation of the Central Securities Depository (CSD) in Panamá, at the beginning of 1994, was prompted by the Bolsa de Valores de Panamá, S.A. (Panamá's Stock Exchange), through a regional project under the auspices of the Interamerican Development Bank and the Asociación de Bolsas de Comercio de Centroamérica y Panamá (BOLCEN), (Stock Exchange Association for Central America and Panama).

La Central Latinoamericana de Valores, S.A.(LATIN CLEAR) began operations in May of 1997, and, since then, has provided all the services of a modern Central Securities Depository, thanks to the support of an automatic system that performs custody, clearing and settlement operations easily and safely.



Generally speaking LATIN CLEAR is a Central Securities Depository which can perform Custody, Clearing, Settlement and electronic administration of securities. LATIN CLEAR is a private enterprise whose principal stock holders are the Brokerage Houses, and Banks. The company was authorized to operate business administration, custody, clearing and settlement of securities according to Resolution No. CNV-68-97 of July 23, 1997, issued by the Comisión Nacional de Valores (Panamanian National Securities Commission).

Investors can obtain LATIN CLEAR's services through any of twenty-three Participants, among which are the brokerage houses, licensed banks and other qualified financial institutions.

International Securities Depository: LATIN CLEAR has widened the range of services offered by opening reciprocal accounts with other securities depositories in the region and with Clearstream in Luxembourg (formally Cedel Bank).

In this manner, LATIN CLEAR has obtained availability of custodial services in countries such as Costa Rica, Nicaragua, El Salvador, Guatemala and Honduras, and with Clearstream in Luxembourg.

Through these international custodial services offered by LATIN CLEAR, its Participants may offer their investors custody and trading services for a good part of the securities traded in the international marketplace.

For more information about the services offered by the custody center, you can contact any of our Participants. (See Participants section). (See Participants section).