Market Link Guide - Philippines
CSD link as defined under CSDRa
Type of link
Indirect via Standard Chartered Bank Philippines Branch 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 branch
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
PDTC: Omnibus sub-account under
BTr: Omnibus sub-account Standard Chartered Bank’s 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.
|Settlement free of payment
|Settlement against payment
Eligible settlement currency: Philippine Peso (PHP).
|Settlement against payment in central bank money account of CBL/CBL client
No for PDTC
At PDTC, cash leg is settled outside of the system via the BSP’s RTGS system, PhilPaSS Plus.
Yes for BTr-NRoSS
At BTr-NRoSS, there is true DVP as cash leg is settled through SCB’s Demand Deposit Account with the BSP.
|Settlement penalty fees
|Refer to the Market Profile.
|Multi Market Securities
|Lending and borrowing
Currently, SBL transactions are bilateral in nature between broker to broker to avoid potential settlement fails.
|Liquidity Hub Connect
|Sale and purchase of rights
Rights are not tradeable in the Philippines.
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: Securities transfer is irrevocable once the book-entry transfer of shares in the depository is completed.
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.
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
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.