Creation Link Guide - Philippines

11.05.2018

Key features

CSD link as defined under CSDRa

Yes

Type of link

Indirect via Standard Chartered Bank Philippines - Securities Services and Trust to:

  • Philippine Depository and Trust Corp (PDTC) - equities, corporate bonds, warrants.
  • Bureau of the Treasury (BTR) - government bonds and treasury bills.

a. CSD Regulation (EU) No 909/2014 art. 2 (29)


CSD

Custodian

Name

Philippine Deposit and Trust Corporation (PDTC)

Bureau of the Treasury (BTR)

Standard Chartered Bank, Philippines

FATCA GIIN

Not available

T04M9Y.00000.BR.608

LEI

Not available

RILFO74KP1CM8P6PCT96

Country of incorporation

Philippines

UK

Account type

Omnibus account

Omnibus account

Legal account name / holder

Account holder: Standard Chartered Bank, Philippines

PDTC: securities are registered in the name of PCD Nominee Corporation (PCNC). 

BTR: securities are registered in the name of Standard Chartered Bank Securities Services.

Standard Chartered Bank as the participant in PDTC and BTR does not hold an individually segregated account for CBL at either CSD.

Clearstream Banking SA

Operational arrangements

Yes/NoRemarks
Settlement free of paymentYesOTC transactions for equities and fixed income are not allowed.
Settlement against paymentYesEligible settlement currency: Philippine Peso (PHP). OTC transactions for equities  and fixed income are not allowed.
Settlement against payment in central bank money account of CBL/CBL customerNoCBL holds a cash account at the custodian. Against payment settlement in PHP may either take place within Standard Chartered Bank when the broker maintains an account with them, or may take place on the cash account of Standard Chartered Bank, Philippines at the local central bank.
Bridge settlementNo 
Shaping facilityNo 
Partial settlementNo 
Settlement penalty feesYesRefer to the Market Profile.
Pre-matchingYes 
Back-to-back processingYes 
AllegementsYes 
Automatic compensationNo 
Registered securitiesNo 
Multi Market SecuritiesNo 
Lending and borrowingNo 
Proxy votingYes 
Investment FundsNo 
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesYesBonds only (CBL Internal Settlement).
Market restrictionsYesRefer to Investment Regulations.
FTTNo 
Daily reconciliationYes

Bilateral cancellation

Transaction can be cancelled bilaterally prior to actual settlement.

Settlement finality

The settlement becomes final and irrevocable once both cash and securities have settled.  

Legal arrangements

The below section is based on the legal opinion that was issued on
8 August 2017. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.

No insolvency proceedings against the custodian

Confirmed

Liability for negligence

Confirmed

Book-entry regime with in rem rights

Confirmed

Recognition of nominee concept

Confirmed

No right of retention to the custodian

Confirmed

Segregation of assets at the custodian

Confirmed

No right of use

Confirmed

No upper-tier attachments

Upper-tier attachments are not prohibited under local law.

Insolvency of the custodian with no impact on CBL's rights 

Confirmed

Shortfall pro-rated among holders

Confirmed

Settlement finality in case of insolvency

There is no finality of settlements under local law regime.