Creation Link Guide - Philippines
CSD link as defined under CSDRa
Type of link
Indirect via Standard Chartered Bank Philippines - Securities Services and Trust to:
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
Philippine Deposit and Trust Corporation (PDTC)
Bureau of the Treasury (BTR)
Standard Chartered Bank, Philippines
Country of incorporation
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
|Settlement free of payment||Yes||OTC transactions for equities and fixed income are not allowed.|
|Settlement against payment||Yes||Eligible 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 customer||No||CBL 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.|
|Settlement penalty fees||Yes||Refer to the Market Profile.|
|Multi Market Securities||No|
|Lending and borrowing||No|
|Liquidity Hub Connect||No|
|Sale and purchase of rights||No|
|Repo services||Yes||Bonds only (CBL Internal Settlement).|
|Market restrictions||Yes||Refer to Investment Regulations.|
Transaction can be cancelled bilaterally prior to actual settlement.
The settlement becomes final and irrevocable once both cash and securities have settled.
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
Liability for negligence
Book-entry regime with in rem rights
Recognition of nominee concept
No right of retention to the custodian
Segregation of assets at the custodian
No right of use
No upper-tier attachments
Upper-tier attachments are not prohibited under local law.
Insolvency of the custodian with no impact on CBL's rights
Shortfall pro-rated among holders
Settlement finality in case of insolvency
There is no finality of settlements under local law regime.