Markets Work: How Bolsa Electrónica de Chile is Navigating COVID-19
Nasdaq is committed to the resiliency of the ecosystem during this time of unprecedented change in our industry. Our Market Technology community, which includes market infrastructure organizations spanning more than 50 countries, is truly keeping markets up and running. With exchanges laying the foundation for capital formation and job growth, these organizations will continue to play a critical role in the health and recovery of local economies around the world and greater global capital markets ecosystem.
We sat down with Juan Carlos Spencer Ossa, CEO of Bolsa Electrónica de Chile (BEC), to discuss how his exchange is managing the current environment for their stakeholders, members and employees.
1. How does COVID-19 affect your customer base? Are you changing the way you interact and communicate as a result?
At the Electronic Stock Exchange of Chile (BEC), we took a series of measures to guarantee operational continuity in the context of the Covid-19, including the start-up of a complete remote operation for the 100% of the people who work for our company. Our clients have continued working with us as they have in the past, while we have been able to offer the same level of service and the entire range of products. Thanks to this, clients have been able to continue trading without any problem.
At the Electronic Stock Exchange, our priority focus is, of course, our customers. We are committed to their health and have maintained very close and fluid communication with them, and we have adapted systems so that services are not interrupted. Along with guaranteeing a safe operation, remote operation has allowed us to protect the health of our collaborators and their families.
Fortunately, at the BEC, we were well prepared to face this change of scenery. In fact, in March, before the quarantine period began, we carried out remote operation tests, which had the expected result and allowed us to react immediately to the health crisis. Our clients have been unaffected from an exchange standpoint and have thanked us for supporting them right now. I believe they see that we are committed to them, that we are at their disposal to accompany and support them, and that we are interested in being part of the solution.
2. How are your systems affected by the current environment?
All of our systems have continued to operate as designed. The Electronic Stock Exchange has a digital DNA and is a pioneer in remote operations. It was the first stock exchange in Latin America to operate electronically, breaking space barriers to be close to customers at all times. This approach to the Electronic Stock Market has led us to continuous innovation and a great ability to adapt to changes in the environment. Our priority is to be close to customers, so we look for ways to be there for them and for operations to continue with maximum transparency. The rapid, proactive response we have had to this health crisis has been possible through the combination of our digital DNA, our adaptive capacity and our priority focus on customers.
We do see that the sudden change in the environment poses new challenges for the future. For example, how to maintain a close relationship with clients in a context of social distancing and how to work in an aligned manner without losing fine-tuning.
3. How do you prepare for this type of situation to help ensure a resilient operating environment?
We were born 31 years ago, and from our beginning, we have focused on delivering a first-class service remotely. When we saw that this health contingency was complicating many aspects for other countries, we decided to prepare in advance so that we could face it in time and carry out the 100% remote operation tests. We ran tests the first week of March before the government took the first quarantine measures in Chile. With these first steps, we were already prepared to guarantee operational continuity with all the collaborators of the Stock Exchange working from their homes. At the Electronic Stock Exchange, we are used to carrying out operational continuity tests twice a year, and we report the results of the test to the Board and to our clients. Our March tests mimic this arrangement, and we communicated the success of our testing to our clients and other stakeholders and prepared them for what was to come.
4. What are some of the things you are most glad to have accomplished during the first part of this year in the midst of a truly chaotic market environment?
In this health crisis, we realized that both our systems and our equipment have a great capacity to adapt to new scenarios. We are very proud of how we prepared for this scenario, of how we have the appropriate technical tools in place that have allowed us to continue supporting market operations without interruptions of any kind. We are also proud of our highly trained staff to support all areas of our services. Your support and hard work have been key in enabling us to deliver on our commitment to the market.
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