CAVAPY

What CAVAPY does

CAVAPY (Caja de Valores del Paraguay S.A.) is Paraguay's sole Central Securities Depository (CSD), incorporated in 2020 and formally registered as a supervised entity by the Comisión Nacional de Valores on September 20, 2022 under Certificate No. 99. The company operates as mandatory post-trade infrastructure for the Paraguayan capital market, providing services to two primary B2B client groups: depositantes (financial institutions, brokerages, and custodians that hold securities on behalf of investors) and emisores (corporations and entities issuing securities such as shares and bonds).

The company's core offering comprises four integrated service lines delivered through an electronic book-entry platform with international-standard infrastructure: Custodia de Valores (securities custody including immobilization and dematerialization of physical certificates), Compensación y Liquidación (clearing and settlement of OTC buy/sell transactions with account annotation updates), Eventos Corporativos (corporate event management including maturity notifications, T+0 collection management, and direct payments to investors or depositors), and Certificados (issuance of certificates for ownership, maturity, and CCN attestation). These services are accessible to market participants through a dedicated Investor Portal (portal.cavapy.com.py). The technology backbone is the Registro de Anotaciones en Cuenta, a centralized electronic account-based registry that maintains ownership records and transaction history for all deposited securities. In May 2025, CAVAPY executed Paraguay's first dematerialized share transaction — 23.5 million Banco Continental shares for 2,400 shareholders — marking the operationalization of a new market specialization scheme that separates trading (handled by the Bolsa de Valores de Asunción) from post-trade functions (handled by CAVAPY).

Revenue is generated primarily through transaction fees across custody, settlement, corporate events, and certificate issuance; specific pricing is not publicly disclosed but is governed by an official 'Aranceles CAVAPY S.A.' fee schedule. The company distributes exclusively through direct B2B relationships with no reseller channel, and is positioning for an emerging digital asset custody and tokenization service line under Paraguay's new Securities Law (Ley 7572/25). In June 2025, CAVAPY inaugurated expanded headquarters in Asunción featuring a 100% shielded custody and operations area and a reinforced data center, signaling investment in capacity for projected transaction volume growth.

Name

CAVAPY

Legal name

Caja de Valores del Paraguay S.A.

Website

https://cavapy.com.py

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

CAVAPY is Paraguay's sole Central Securities Depository, providing mandatory post-trade securities registration, custody, clearing, and settlement services to financial institutions, brokerages, and corporate issuers under regulatory oversight of the Comisión Nacional de Valores.

Ownership category

akta.pro rank

Product category

Central Securities Depository (CSD) / Post-Trade Market Infrastructure

NAICS

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

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Securities Lending & Borrowing Settlement Platforms (FSAFAGAE)

Keywords

• Central securities depository
• Post-trade settlement
• Securities custody services
• Corporate actions processing
• Securities registration

Headquarters

HQ city

Asunción

HQ country

Paraguay

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Custodia de Valores: Fees for securities custody services including immobilization, dematerialization, and related registration services provided to depositants and issuers
2. Compensación y Liquidación: Fees for trade compensation and settlement processing, including registration of OTC buy/sell transactions and account annotation updates
3. Eventos Corporativos: Fees for corporate event services including maturity notifications, collection management (T0), direct payments to investors, and payment confirmations
4. Certificados y Servicios de Información: Fees for certificate issuance services at maturity, ownership accreditation for exercising political/economic/property rights, CCN certificates, and information services

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

CAVAPY is Paraguay's Central Securities Depository, providing post-trade infrastructure services that include the electronic registration of securities (anotaciones en cuenta), securities custody with immobilization and dematerialization, trade compensation and settlement of OTC transactions, and corporate events management (maturity notifications, T+0 collections, direct payments). Services are delivered directly to depositantes (financial institutions and brokerages) and emisores (securities issuers), supported by an investor portal and aligned with international market standards.

Product overview

CAVAPY (Caja de Valores del Paraguay S.A.) operates as Paraguay's Central Securities Depository (CSD), providing a unified platform of post-trade infrastructure services for the capital market. The core offering comprises four integrated service lines: (1) Custodia de Valores for physical immobilization and full dematerialization of securities; (2) Compensación y Liquidación for settlement and clearing of trades including OTC transactions; (3) Eventos Corporativos for corporate actions management including payments and notifications; and (4) Certificados for ownership attestations. These services are delivered through the Portal del Inversionista self-service platform and the account-based Registro de Anotaciones en Cuenta digital registry. The company is expanding into digital asset custody and tokenization services to support the new digital assets regulatory framework under Law 7572/25.

Differentiator

Problem solved

Functional benefit

Products and services

• Custodia de Valores (Securities Custody) Securities custody services including physical certificate immobilization and full dematerialization of securities, ensuring the security and physical integrity of deposited values. Includes related registration services for depositantes and emisores.
• Compensación y Liquidación (Settlement and Clearing) Trade settlement and clearing services including registration of OTC buy/sell transactions, account annotation updates, and settlement and compensation operations for securities trades, supported by information services.
• Eventos Corporativos (Corporate Events) Corporate event management services including maturity notifications, T+0 collection management, direct payments to investors or depositaries, payment attestations, and information services for depositantes and emisores.
• Certificados (Certificates) Certificate issuance services including maturity certificates, ownership accreditation for exercising political, economic and property rights, CCN certificates, and information services.
• Portal del Inversionista (Investor Portal) Web-based investor portal providing direct access for depositors and issuers to manage securities registration, custody, settlement, and corporate event information related to CAVAPY services.
• Digital Asset Custody and Tokenization Services Custody and post-trade infrastructure services for digital assets and tokenized securities, supporting blockchain-based registries, digital key custody, and digital asset settlement under Paraguay's new digital assets regulatory framework.

Quantifiable outcome

• First dematerialized share transaction completed: 23.5 million Banco Continental shares representing 2,400 shareholders now tradable electronically
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Bolsa de Valores de Asunción (BVA)coreStrategic or Co-development Partner · 9 June 2025New market specialization scheme where BVA handles securities trading (negotiation) while CAVAPY handles post-trade functions (registration, custody, compensation, settlement, and account annotation). Both entities celebrated the first dematerialized share transaction of Banco Continental shares. BVA is platinum sponsor of CAVAPY events. Represents Paraguay's modernized capital market infrastructure with international-standard operations.
• Banco GNBminorGTM or Marketing Partner · 9 June 2025Platinum sponsor of the 'ACTIVOS DIGITALES: El futuro financiero' event organized by CAVAPY and Excelsis, demonstrating support for capital market development initiatives in Paraguay.
• CADIEM Casa de BolsaminorGTM or Marketing Partner · 9 June 2025Platinum sponsor of the 'ACTIVOS DIGITALES: El futuro financiero' event organized by CAVAPY and Excelsis, demonstrating commitment to market modernization and digital transformation in Paraguayan capital markets.
• Banco Itaú ParaguayminorGTM or Marketing Partner · 9 June 2025Supporting sponsor of the 'ACTIVOS DIGITALES: El futuro financiero' event organized by CAVAPY and Excelsis, contributing to the dialogue on digital assets and market transformation.
• Avalon Casa de BolsacoreChannel Partner/ Reseller/ Distributor · 29 May 2025Depositante (depositor) that initiated the first dematerialized share transaction of Banco Continental shares through CAVAPY. Avalon served as the intermediary in the first escritural share trade under the new market scheme. Represented by President René Ruiz Díaz, Avalon is marking the path toward more agile, secure and transparent equity market operations.
• ExcelsiscoreStrategic or Co-development Partner · 9 May 2025CAVAPY and Excelsis co-organized the 'ACTIVOS DIGITALES: El futuro financiero' international event on digital assets and tokenization. Excelsis is a 32-year-old national capital company leading digital transformation in Paraguay and the region, providing certified first-level software solutions, technological infrastructure, specialized development, and high-quality technical service. The partnership positions CAVAPY in the digital assets and fintech innovation ecosystem.

Scale indicators5 records

Recent moves6 records

Expansion highlights3 records

Broad incumbents

• BYMA (Bolsas y Mercados Argentinos): Argentine integrated exchange and post-trade infrastructure operator with CSD functionality. Comparable to CAVAPY in providing depository and post-trade services, but broader in scope with trading operations bundled in.
• Clearstream: International CSD owned by Deutsche Börse, providing settlement, custody and asset servicing across geographies. A broad-incumbent CSD peer comparable to CAVAPY's core offering but at global scale.
• Euroclear: Global central securities depository providing cross-border custody and settlement for international securities. Comparable to CAVAPY in core CSD function but operating as a broad incumbent serving multiple jurisdictions with deep capital and technology.
• B3 (Brasil, Bolsa, Balcão): Brazil's integrated exchange, CSD and post-trade infrastructure operator. Comparable to CAVAPY in providing CSD services but operating across trading, clearing, settlement and custody as a broad incumbent across asset classes.

Direct peers

• Depósito Central de Valores (DCV): Chile's CSD, offering dematerialization, custody, settlement and asset servicing for Chilean securities. Directly comparable to CAVAPY in core service offering, with a more mature scale and broader product set.
• Deceval: Colombia's central securities depository, providing custody, settlement, and registration services for equity and fixed-income instruments. A direct LatAm CSD peer to CAVAPY with comparable service lines and a similar B2B financial-infrastructure model.
• Cavali (Peru): Peru's central securities depository, providing custody, registration, settlement and corporate action services. A direct LatAm CSD peer to CAVAPY with a similar small-country infrastructure profile.
• Caja de Valores de Uruguay (CVAL): Uruguay's Central Securities Depository, providing custody, registration, and settlement services for the Uruguayan capital market. Highly comparable to CAVAPY as a small-country LatAm CSD serving a similarly sized local market with a comparable regulatory and product footprint.
• Indeval: Mexico's central securities depository and the largest in Latin America, providing custody, settlement, and asset servicing. Comparable to CAVAPY in core CSD function but operating at significantly greater scale.

Regional players

• Bolsa Nacional de Valores de Costa Rica: Costa Rica's stock exchange and associated depository infrastructure. A regional LatAm peer comparable to CAVAPY's role in Paraguay, but operating in a different national market with its own local regulatory framework.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/cavapy

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 CAVAPY