Market Link Guide - Philippines
CSD link as defined under CSDRa
Type of link
Indirect via Standard Chartered Bank Philippines - Securities Services to:
a. CSD Regulation (EU) No 909/2014, Article 2(29).
Philippine Depository and Trust Corporation (PDTC)
Bureau of the Treasury (BTR)
Standard Chartered Bank, Philippines, Securities Services
RILFO74KP1CM8P6PCT96 (LEI of the parent company)
Country of incorporation
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)
|Settlement free of payment|
OTC transactions for equities and fixed income are not allowed.
|Settlement against payment|
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|
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|
|Refer to the Market Profile.|
|Multi Market Securities|
|Lending and borrowing|
|Liquidity Hub Connect|
|Sale and purchase of rights|
Bonds only (CBL Internal Settlement).
|Refer to Investment Regulations.|
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.
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.
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.
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
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.