December 11, 2013 / 7:41 PM / 4 years ago

UPDATE 1-Cetip's derivatives counterparty plan key for revenue -CEO

SAO PAULO, Dec 11 (Reuters) - A plan by Cetip SA Mercados Organizados to establish a central counterparty for over-the-counter derivatives in Brazil is key to preserving and growing the company's dominance of the market, Chief Executive Officer Gilson Finkelsztain said on Wednesday.

Cetip, Latin America's largest depositary and clearinghouse for securities, is working on setting up the facility regardless of a decision by regulators to centralize clearing and settlement of derivatives deals outside a bourse in a so-called CCP, Finkelsztain said at an investor event.

The plan "will allow the company to maintain its share or grow it in this market, no matter what the regulatory decision is on the CCP," he said, though he declined to provide guidance on Cetip's performance.

Finkelsztain also said the company is analyzing new services to improve banks' credit assessments for auto loans in Brazil.

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