ASEAN+3 Bond Market Guide 2017

Philippines

• Verlag: Asian Development Bank
• Jahr: 2017
• ISBN:
  9789292579708
• Thema: Business
• Thema: Bonds

ASEAN+3 Bond Market Guide is a comprehensive explanation of the region's bond markets. It provides information such as the history, legal and regulatory framework, specific characteristics of the market, trading and transaction (including settlement systems), and other relevant information. The Bond Market Guide 2017 for the Philippines is an outcome of the support and contributions of ASEAN+3 Bond Market Forum members and experts, particularly from the Philippines.

Appendix 1
Group of Thirty Compliance

The Group of Thirty recommendations were originally conceived as the group’s Standards on Securities Settlement Systems in 1989, detailing in a first-of-its-kind report nine recommendations for efficient and effective securities markets covering legal, structural, and settlement process areas. The recommendations were subsequently reviewed and updated in 2001 under the leadership of the Bank for International Settlements and through the efforts of a joint task force of the Committee on Payment and Settlement Systems and the Technical Committee of the International Organization of Securities Commissions. Compliance with the Group of Thirty recommendations in individual markets is often an integral part in securities industry participants’ and intermediaries’ due diligence process.

Table A1: Group of Thirty Recommendations—Compliance for the Philippines

Recommendation		Implemented
1	Eliminate paper and automate communication, data capture, and enrichment.	No, not all bonds are dematerialized or immobilized.
2	Harmonize messaging standards and communication protocols.	No, the local CSD and most local market participants do not use SWIFT.
3	Develop and implement reference data standards.	No, there is no securities’ numbering agency for bonds. The Bureau of the Treasury issues its own ISIN-like numbering for government securities, while PDEx assigns the series name following the same convention for listed corporate securities.
4	Synchronize timing between different clearing and settlement systems and associated payment and foreign exchange systems.	Yes
5	Automate and standardize institutional trade matching.	Yes, for government and listed corporate bonds
6	Expand the use of central counterparties.	No
7	Permit securities lending and borrowing to expedite settlement.	Yes
8	Automate and standardize asset servicing processes, including corporate actions, tax relief arrangements, and restrictions on foreign ownership.	No
9	Ensure the financial integrity of providers of clearing and settlement services.	Yes
10	Reinforce the risk management practices of users of clearing and settlement service providers.	Yes
11	Ensure final, simultaneous transfer and availability of assets.	Yes, existing central bank regulations on investments in fixed income securities by foreign investors only allow the foreign investors to contract a FX deal to sell pesos and buy foreign currency upon actual receipt of the license to be issued by the central bank.
12	Ensure effective business continuity and disaster recovery planning.	No
13	Address the possibility of failure of a systematically important institution.	No
14	Strengthen assessment of the enforceability of contracts.	Yes
15	Advance legal certainty over rights to securities, cash, or collateral.	Yes
16	Recognize and support improved valuation methodologies and closeout netting arrangements.	Yes
17	Ensure appointment of appropriately experienced and senior board members (of the boards of securities clearing and settlement infrastructure providers).	Yes
18	Promote fair access to securities clearing and settlement networks.	Yes
19	Ensure equitable and effective attention to stakeholder interests.	Yes
20	Encourage consistent regulation and oversight of securities clearing and settlement service provide...