Cavali

What Cavali does

Cavali is Peru's sole central securities depository and Institution of Compensation and Settlement of Securities (ICLV), authorized since 1997 by CONASEV Resolution No. 358-97-EF/94.10 and regulated by the Superintendencia del Mercado de Valores (SMV). It operates the centralized electronic registry, clearing, and settlement infrastructure for all securities — stocks, bonds, and short-term instruments — issued in Peru, plus dematerialized representations of negotiable invoices (Facturas Negociables), electronic letters of exchange (Letras Electrónicas), and electronic promissory notes (Pagarés Electrónicos). The technical architecture combines annotation-in-account recordkeeping, three data processing centers (one located abroad), T+2 settlement harmonized with international markets, Delivery-versus-Payment netting through the Banco Central de Reserva del Perú's LBTR system, and direct API connectivity to SUNAT for real-time invoice validation and to DTCC, Euroclear, and CDS for cross-border operations covering 40+ international markets.

CAVALI distributes services through a closed participant network of 203+ financial institutions (banks, securities brokerages, factoring companies, investment fund administrators, and the central bank), complemented by self-service digital platforms — Factrack for negotiable invoices and CAVALI.WEB for investor information. The go-to-market is a hybrid of channel partners (participants interface with end clients) and direct enterprise sales via the San Isidro, Lima headquarters and digital touchpoints. The company is a wholly owned subsidiary of Grupo BVL, the holding company formed through its 2021 corporate integration with the Bolsa de Valores de Lima, and holds a 27.23% minority stake in Bolivia's EDV. Revenue is generated almost entirely through transaction fees across multiple streams: securities registration and annotation, ownership change processing (e.g., inheritances, donations, conjugal separations at US$17.70 per request), tiered information requests (US$2.36 to US$23.60 by data age), certification services for legal proceedings, and managed tax-withholding agent services for capital gains and interest income remitted to SUNAT. Factrack is offered freemium (free to buyers/acquirentes) while participants pay per transaction. CAVALI maintains ISO 9001, 27001, 22301, and 37001 certifications through Grupo BVL, presents annual self-assessments against IOSCO's PFMI principles, and complies with Peru's Personal Data Protection Law.

Name

Cavali

Legal name

CAVALI S.A. I.C.L.V.

Website

https://cavali.com.pe

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

Cavali is Peru's sole central securities depository (ICLV), providing registry, clearing, and settlement for securities, electronic invoices, letters, and promissory notes to banks, brokerages, pension funds, factoring companies, and issuers. It is a subsidiary of Grupo BVL.

Ownership category

akta.pro rank

Product category

Central Securities Depository and Clearing Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

National CSDs & Domestic Settlement Systems (FSAFAGAA)

akta.pro secondary industries

Central Securities Depositories (CSDs) & Settlement Systems (FSACAHAA), Interbank Clearing (Domestic Clearing Systems) (FSABAJAB), Payment Reconciliation, Reporting & Settlement Infrastructure (FSAGABAH)

Keywords

• Securities clearing settlement
• Central securities depository
• Negotiable invoice registry
• Electronic promissory notes
• Capital market infrastructure

Headquarters

HQ city

Lima

HQ country

Peru

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Securities Registration and Annotation Services: Fees charged to participants and issuers for registering and annotating securities in the accounting record, including initial annotations, transfers, and corporate process handling.
2. Ownership Change Services: Fees for processing changes in securities ownership including inheritances, donations, conjugal property separations, and co-ownership divisions.
3. Information Services: Charges for historical information requests with tiered pricing based on data age (up to 6 months, up to 3 years, more than 3 years).
4. Tax Withholding Agent Services: CAVALI acts as withholding agent for capital gains and interest income taxes, collecting and remitting to SUNAT on behalf of investors.
5. Certification Services: Fees for certificates of accreditation, inscription and ownership constancies used for legal proceedings.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Cavali operates as Peru's sole Institution of Compensation and Settlement of Securities (ICLV), delivering centralized registry, clearing, and settlement infrastructure for securities, negotiable invoices, electronic letters, and electronic promissory notes. Its services enable financial institutions to register, transfer, and manage financial instruments through the Factrack platform and annotation-in-account systems, including cross-border settlement via DTCC, Euroclear, and CDS linkages.

Product overview

CAVALI operates as a multi-module financial market infrastructure platform (Registro Central de Valores y Liquidaciones) offering three core digital securities products — Facturas Negociables, Letras Electrónicas, and Pagarés Electrónicos — all administered through the Factrack web platform for invoices. These are complemented by four capital markets services: Securities Accounting Registry (Registro Contable de Valores), Clearing and Settlement (Compensación y Liquidación), International Services, and Investor Services (including CAVALI.WEB for investor information, Cambio de Titularidad for ownership changes, and shareholder registry services). The platform integrates with SUNAT for electronic invoice validation and connects to international depositories (DTCC, Euroclear, CDS) for cross-border securities operations. CAVALI serves as Peru's sole Securities Depository and Clearing Institution (ICLV), regulated by SMV, and is a subsidiary of Grupo BVL.

Differentiator

Problem solved

Functional benefit

Brands

• Factrack: Digital platform for the registration, transfer, and administration of negotiable invoices (facturas negociables), operated by CAVALI as part of its factoring infrastructure.
• CAVALI.WEB

Products and services

• Facturas Negociables (Negotiable Invoices) Online registration, transfer, and administration of negotiable invoices originated from electronic commercial invoices or electronic fee receipts, enabling suppliers to obtain working capital through factoring operations and buyers to grant payment conformity.
• Letras Electrónicas (Electronic Letters of Exchange) Electronic letters of exchange represented by account annotation at Cavali, enabling digital issuance, transfer, and administration with electronic signatures and biometric facial or fingerprint-based remote acceptance by the acceptor.
• Pagarés Electrónicos (Electronic Promissory Notes) Electronic representation of promissory notes enabling 100% digital credit delivery with full legal validity; financial entities can register, annotate, request judicial certificates, and manage notes through web portal or REST API integration.
• Factrack Platform Web-based platform for managing the Centralized Registry of Negotiable Invoices, serving suppliers (invoice registration), buyers/acquirers (conformity management), and financing entities (registration and financing) with SUNAT interconnection for real-time invoice validation.
• Registro Contable de Valores (Securities Accounting Registry) Electronic securities representation system via account annotations administered by Cavali, recording inscriptions of issuances and securities from national and foreign issuers across the Peruvian capital market.
• Compensación y Liquidación (Clearing and Settlement) Netting and settlement services for daily buy and sell operations in the secondary market, determining net debtor/creditor positions and facilitating fund transfer via BCRP's LBTR system under the Delivery versus Payment (DvP) principle on a T+2 cycle.
• Servicios Internacionales (International Services) Cross-border connectivity enabling operations with securities listed in the United States, Canada, and Europe through DTCC, Euroclear, and CDS, including custody of foreign securities, deposit and withdrawal, and DVP/FOP transaction settlement.
• Cambio de Titularidad (Ownership Change Service) Service for changing securities ownership outside commercial transactions, including inheritance transfers, conjugal separations, donations, co-ownership divisions, and estate partitions, available through SABs, issuers, or directly at Cavali's offices.
• Servicios de Información (Information Services) Detailed balance, transaction history, and benefit payment information for securities holders registered with Cavali's accounting records, provided through written office requests or virtual document submission.
• CAVALI.WEB (Investor Online Service) Free online information service for registered investors to query securities balances, recent transactions, received benefits, and report operations from the past three months, and to download capital gains and interest withholding certificates.
• Matrícula de Accionistas (Shareholder Registry) Back-office service for issuers providing centralized shareholder registry administration, including holder request management, corporate process support, shareholder benefit delivery, dividend expiration management, and personalized attention.

Quantifiable outcome

• More than 2 million invoices annotated in account in 2025
• +4 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature7 records

Partnerships

Eleven partnerships are on record, tiered core, strategic and minor.

• DTC (Depository Trust Company)coreTechnology or IntegrationDTC is a US-based central securities depository. CAVALI established its first international link with DTC in 1999, enabling cross-border securities operations with the US market. CAVALI accesses DTC services through custodian Global Citibank.
• EuroclearcoreTechnology or IntegrationCAVALI became a participant of Euroclear in 2012, enabling Peruvian investors to access over 40 international markets. Supports DVP (delivery versus payment) settlements for bond operations.
• CDS (Clearing and Depository Services de Canadá)coreTechnology or IntegrationCAVALI became a Direct Participant of CDS in 2008, facilitating free-of-payment settlement of securities between Peruvian and Canadian markets.
• Banco Central de Reserva del Perú (BCRP)coreTechnology or IntegrationBCRP serves as the settling agent for operations conducted in centralized trading mechanisms. Manages the LBTR system through which CAVALI performs fund settlement. Also a participant of CAVALI.
• Settling Banks NetworkcoreChannel Partner/ Reseller/ DistributorSeven settling banks participate in fund settlement: BBVA Banco Continental, Banco de Crédito del Perú, Banco GNB Perú, Banco Santander Perú, Citibank del Perú, Interbank, and Scotiabank Perú. Additionally, five settling entities and Scotiabank as contingency agent.
• SUNAT (Superintendencia Nacional de Administración Tributaria)coreTechnology or IntegrationCAVALI maintains direct interconnection with SUNAT for real-time validation of electronic invoice authenticity and conformity status. This integration enables automatic verification of negotiable invoices registered through Factrack.
• EDV (Entidad de Depósito de Valores de Bolivia)strategicStrategic or Co-development PartnerCAVALI holds 27.23% equity stake in EDV and has provided technology and operational consulting since 2001. CAVALI participates with a representative on the EDV Board. Originally supported creation of Bolivia's central securities depository.
• Cevaldom (Central de Depósito de Valores de República Dominicana)minorStrategic or Co-development PartnerCAVALI signed a technological cooperation agreement with Cevaldom in 2006 to advise on technological, operational, and legal aspects of setting up a central securities depository.
• inPERUminorStrategic or Co-development PartnerCAVALI is a founding member of inPERU, a non-profit association promoting development of national capital markets. The association includes APEF, APESEG, ASAB PERU, ASBANC, Association of AFPs, BVL, and CONFIEP. CAVALI's Board President serves as inPERU President.
• ACSDA (Association of Central Securities Depositories of the Americas)minorStrategic or Co-development PartnerCAVALI is a founding member of ACSDA, a non-profit organization under Peruvian law for securities depositories and clearing houses. Purpose is to share information and experiences, develop best practices recommendations.
• CitibankcoreTechnology or IntegrationCitibank serves as exclusive custodian in the USA for dual-listed securities. Selected in 2020 as exclusive custodian replacing previous DTC arrangements for certain operations.

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Deceval: Colombia's central securities depository providing dematerialized securities custody and settlement services. Direct peer as the third national CSD in the Chile-Colombia-Peru regional integration bloc, with comparable product offerings including electronic securities registry.
• EDV (Entidad de Depósito de Valores de Bolivia): Bolivia's central securities depository in which CAVALI holds a 27.23% equity stake and has provided technical/operational consulting since 2001. Closest comparable in terms of operational maturity, product offerings, and strategic relationship.
• Indeval: Mexico's central securities depository operated by Bolsa Mexicana de Valores, serving the largest Latin American capital market. Comparable in function (CSD for equities, debt, mutual funds) and integrated with the MILA regional initiative of which CAVALI was a founding participant.
• DCV (Depósito Central de Valores): Chile's central securities depository providing registry, custody, and settlement for the Santiago Stock Exchange. Most directly comparable peer as a national CSD in a neighboring Andean market, with similar regulatory framework under the CMF and overlapping regional integration ambitions.

Broad incumbents

• DTCC (Depository Trust & Clearing Corporation): US central securities depository and clearing corporation; CAVALI's first international link since 1999. Provides similar registry, clearing, and settlement services at much larger scale in the world's deepest capital market.
• Euroclear: International CSD providing custody and settlement for European and 40+ international markets; CAVALI has been a Euroclear participant since 2012. Comparable in core CSD services but at vastly larger global scale.
• B3 (Brasil, Bolsa, Balcão): Brazilian exchange and central securities depository providing trading, clearing, settlement, and registry services for the largest Latin American market. A broad incumbent offering overlapping CSD/ICLV functionality but as part of a much wider exchange operator portfolio.
• CDS (Canadian Depository for Securities): Canadian CSD providing clearing and settlement for Canadian securities markets; CAVALI has been a direct participant since 2008. Comparable core functionality with cross-border DVP/FOP capabilities, operating at much larger scale.

Emerging players

• Cevaldom: Dominican Republic's central securities depository, which CAVALI helped establish through a 2006 technology cooperation agreement. Smaller emerging-market CSD that adopted infrastructure principles from CAVALI's model.

Others

• nuam exchange: Regional holding integrating the Santiago, Lima, and Colombian stock exchanges (BVL parent). CAVALI is the proposed CCP integration partner with nuam Internacional SpA. Ecosystem participant at the regional exchange/infrastructure coordination level.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/researchcvl
• LinkedInlinkedin.com/company/cavali

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cavali