Market Link Guide – Philippines
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect via Standard Chartered Bank Philippines Branch to:
|
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 branch |
FATCA GIIN | Not available | T04M9Y.00000.BR.608 |
LEI | PDTC: 549300UJRT4KE08RIS90 BTr: 529900RAHBALMYIJ3T08 Note: As a government agency under the Department of Finance, the BTr is utilising the LEI of the Republic of the Philippines. | RILFO74KP1CM8P6PCT96 (LEI of the parent company) |
Country of incorporation | Philippines | UK |
Account type | PDTC: Omnibus sub-account under BTr: Omnibus sub-account Standard Chartered Bank’s omnibus account. | Omnibus account |
Legal account name / holder | PDTC: Securities are registered in the name of “PCD Nominee Corporation” as legal title holder and held to the order of “SCB FAO Clearstream Banking S.A.”, which is a sub-account under “Standard Chartered Bank”. BTr: Securities are registered in the name of “SCB FAO Clearstream Banking S.A.”, which is a sub-account under “Standard Chartered Bank Securities Services”. Note: The PCD Nominee Corporation is a wholly owned subsidiary of PDTC with the sole purpose of holding legal title to (but not beneficial ownership of) all securities lodged with the PDTC. | Clearstream Banking S.A. |
Operational arrangements
| Yes/No | Remarks | |
| Settlement free of payment | Yes | |
| Settlement against payment | Yes | Eligible settlement currency: Philippine Peso (PHP). |
| Settlement against payment in central bank money account of CBL/CBL client | 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 | Rights are not tradeable in the Philippines. |
| 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: Securities transfer is irrevocable once the book-entry transfer of shares in the depository is completed. |
Settlement finality | BTr: All transactions entered and approved by the participant in the NRoSS system are deemed final and irrevocable. PDTC: Securities transfer is irrevocable once the book-entry transfer of shares in the depository is completed. Transactions delivered to the market for settlement at the Securities Clearing Corporation of the Philippines (SCCP) are considered final and irrevocable. |
Legal arrangements
The below section is based on the legal opinion that was issued on 25 September 2023. 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. |