Market Link Guide - Philippines

01.02.2021

Key features

CSD link as defined under CSDRa

Yes

Type of link

Indirect via Standard Chartered Bank Philippines - Securities Services 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, Article 2(29).

CSD

Custodian

Name

Philippine Depository and Trust Corporation (PDTC)

Bureau of the Treasury (BTR)

Standard Chartered Bank, Philippines, Securities Services

FATCA GIIN

Not available

T04M9Y.00000.BR.608

LEI

549300UJRT4KE08RIS90 (PDTC)

RILFO74KP1CM8P6PCT96 (LEI of the parent company)

Country of incorporation

Philippines

UK

Account type

Sub-Account under
Standard Chartered Bank, Philippines Omnibus account

Omnibus account

Legal account name / holder

Account holder: Standard Chartered Bank, Philippines for account of Clearstream Banking S.A.

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

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

Clearstream Banking S.A. (CBL)

Operational arrangements

Yes/NoRemarks
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.

Bridge settlement

No

 
Shaping facility

No

 
Partial settlement

No

 
Settlement penalty fees

Yes

Refer to the Market Profile.
Pre-matching

Yes

 
Back-to-back processing

Yes

 
Allegements

Yes

 
Automatic compensation

No

 
Registered securities

No

 
Multi Market Securities

No

 
Lending and borrowing

No

 
Proxy voting

Yes

 
Investment Funds

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.
FTT

No

 
Daily reconciliation

Yes

 

Moment of entry

BTR: The CSD rules do not define the moment of entry within the meaning of the Settlement Finality Directive.

PDTC: The CSD rules do not define the moment of entry within the meaning of the Settlement Finality Directive.

 

Irrevocability

BTR: All transactions entered and approved by the participant in the National Registry of Scripless Securities (NRoSS) system are deemed final and irrevocable.

PDTC: Transaction can be cancelled bilaterally prior to actual settlement.

 

Settlement finality

BTR: All transactions entered and approved by the participant in the NRoSS system are deemed final and irrevocable.

PDTC: The posting of appropriate entries in the securities accounts effects final and irrevocable delivery of securities to or from participants in whose accounts the entries are posted.

Legal arrangements

The below section is based on the legal opinion that was issued on 10 December 2020. 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.