PDS Group Celebrates PhP 1 Trillion Milestone for the Corporate Securities Market

1 Trillion - TEC and NG

06 December 2018, Makati Philippines – The 25th listing event in the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market has set two milestones by being the inaugural bond issuance on the upgraded PDTC Fixed Income Registry System and bringing the Total Outstanding Face Amount of Corporate Securities listed on PDEx to PhP 1 Trillion.

The listing of Bank of the Philippine Island’s (BPI) PhP 25 Billion Bonds on PDEx officially makes 2018 the record holder for the highest volume of listings in a single year at PhP 210 Billion, exceeding the 2017 figure of PhP 207 Billion.

The PDS Group would like to thank the entities that fueled the growth of corporate bonds, including the Securities and Exchange Commission (SEC) for providing the 2008 SEC OTC Implementing Rules and Regulations (IRR) framework that formed the kernel for the corporate bond market, and later notably boosting it with the 2015 Securities Regulation Code IRR; the Issuer community for their faith in the secondary market and making available more issues to add as investment opportunities for Philippine investors; and the committed market intermediaries and liquidity supporters for their commitment in assuring investors that entry and exit mechanisms for their investments are in place.

PDS Group Officer-in-Charge Ma. Theresa B. Ravalo and PDEx President and COO Antonino A. Nakpil stressed the unity of purpose of all the stakeholders, Regulators, Intermediaries, Issuers, and Infrastructure in supporting the principled approach to market development while nurturing investors.

“The unity and support for principles are what would sustain all our initiatives moving forward, and guide us in assessing changes from the promise of new technologies or alternative structures and engagements, in the near term and through the next ten years,” said Mr. Nakpil.

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PDS Press Release – PhP 1 Trillion -FINAL

PDEx’s New Trading System to Attract Foreign Investors to Local Currency Fixed-Income Securities

08 November 2018, Makati Philippines – On 29 October 2018 the PDS Group launched its new trading and surveillance system for the Fixed Income Market, the Bloomberg FIQ, providing more innovative tools that would streamline transactions and communication among its Trading Participants.

The Philippine Dealing & Exchange Corp. (PDEx), the Philippine Securities and Exchange Commission (SEC)-registered fixed income market operator and a Self-Regulatory Organization, had appointed Bloomberg as its new technology partner for the electronic trading system for the corporate and government bonds traded in its market, as well as the surveillance system for the market using the regulatory oversight features of the Bloomberg platform.

PDS Group Officer-in-Charge Ma. Theresa B. Ravalo remarked: “After more than a decade of ties with NASDAQ, the PDS Group and its trading community bade goodbye to the X-stream Fixed Income Trading Engine and Trader Workstations on the system’s last day of operation for PDEx last Friday, 26 October 2018. We express our sincerest gratitude to our long-time and reliable partner, NASDAQ, whose technological capability and expertise were a key pillar in our market’s development. And as we start this new chapter, we also thank our market participants for the continuous support for our efforts to improve the financial market infrastructure. With Bloomberg FIQ, we are collectively more than ready to take advantage of new opportunities as these emerge.”

PDEx President and COO Antonino A. Nakpil said: “We at the PDS Group are certain that this new partnership with Bloomberg will bring benefits to the stakeholders of the SEC-registered marketplace, our trading participants and issuers. This transition shall allow our community to capitalize on Bloomberg’s strength in fixed income markets and increase awareness of PHP-denominated government securities and corporate bonds among global fixed income market professionals.”

Ms. Ravalo and Mr. Nakpil also expressed thanks to the community of Fixed Income Trading Participants that actively participated in the key preparatory activities to pave the way toward a smooth transition, and to the SEC, the Bureau of the Treasury, the BAP and the BSP for their invaluable support for the successful launch of the Bloomberg FIQ Platform for the PDEx Fixed Income Market.

The launch was made possible after the SEC approved amendments to the PDEx Rules that had been submitted earlier during the several months of preparatory activities for this major transition. The approved rule amendments aligned the PDEx Rules with the new trading system. The complete set of PDEx Rules containing the amended portions with the document name “PDEx Rules for the Fixed Income Market as Amended Revised 29 October 2018.pdf” are accessible at the following link: http://www.pds.com.ph/index.html%3Fpage_id=852.html.

This major shift also coincides with the retirement of the PDST Reference Rates which were calculated and published by PDEx daily. For its new set of Reference Rates, the Bankers Association of the Philippines (BAP), as the Benchmark Administrator, has engaged Bloomberg to be the Benchmark Calculation Agent and use its BVAL Evaluated Pricing Service to calculate the PHP BVAL Reference Rates every day. The BAP has also engaged PDEx to be its Benchmark Publication Agent to publish the PHP BVAL Reference Rates – Benchmark Tenors, PHP BVAL Rates Government Securities (Bills), and PHP BVAL Rates Government Securities (Bonds) once daily at 5:00 PM on the PDS MarketPage and PDS website.#

PDEx Launches New FI Trading System FINAL

PDEx Launches New Trading System for Fixed Income Market Following SEC Approval of Amended PDEx Rules

29 October 2018, Makati Philippines – The Philippine Dealing & Exchange Corp. (PDEX) launched the new trading system provided by Bloomberg for the PDEx Fixed Income Market, the Bloomberg FIQ Trading System.

PDEX, the Philippine SEC-registered fixed income market operator appointed Bloomberg as the technology partner for the electronic trading system for the government and corporate bonds traded in its market, as well as the surveillance system for the market using the regulatory oversight features of the Bloomberg platform.

The launch was made possible after the Securities and Exchange Commission approved amendments to the PDEx Rules – Definition of Terms, Rule 1, and Rule 3 which had been submitted earlier during the several months of preparatory activities for this major transition. The approved rule amendments serve to streamline the PDEx Rules and align them with the new trading system. The complete set of PDEx Rules containing the amended portions with the document name “PDEx Rules for the Fixed Income Market as Amended Revised 29 October 2018.pdf” has also been posted at this link: http://www.pds.com.ph/index.html%3Fpage_id=852.html.

PDS Group Officer-in-Charge Ma. Theresa B. Ravalo remarked: “After more than a decade of ties with NASDAQ, the PDS Group and its trading community bade goodbye to the X-stream Fixed Income Trading Engine and Trader Workstations on the system’s last day of operation for PDEx last Friday, 26 October 2018. We express our sincerest gratitude to our long-time and reliable partner, NASDAQ whose technological capability and expertise were a key pillar in our market’s development. And as we start this new chapter, we also thank our market participants for the continuous support for our efforts to improve the financial market infrastructure. With Bloomberg FIQ, we are collectively more than ready to take advantage of new opportunities as these emerge.

PDEx President and COO Antonino A. Nakpil said: “We at the PDS Group are certain that this new partnership with Bloomberg will bring benefits to the stakeholders of the SEC-registered marketplace, our trading participants and issuers. This transition shall allow our community to capitalize on Bloomberg’s strength in fixed income markets and increase awareness of PHP-denominated government securities and corporate bonds among global fixed income market professionals.”

Ms. Ravalo and Mr. Nakpil also expressed thanks to the community of Fixed Income Trading Participants that actively participated in the key preparatory activities to pave the way toward a smooth transition, and to the SEC, the Bureau of the Treasury, the BAP and the BSP for their invaluable support for the successful launch of the Bloomberg FIQ Platform for the PDEx Fixed Income Market.

This major shift coincides with the retirement of the PDST Reference Rates which are calculated and published by PDEx daily. For its new set of Reference Rates, the Bankers Association of the Philippines (BAP), as the Benchmark Administrator, has engaged Bloomberg to be the Benchmark Calculation Agent and use its BVAL Evaluated Pricing Service to calculate the PHP BVAL Reference Rates every day. The BAP has also engaged PDEx to be its Benchmark Publication Agent to publish the PHP BVAL Reference Rates – Benchmark Tenors, PHP BVAL Rates Government Securities (Bills), and PHP BVAL Rates Government Securities (Bonds) once daily at 5:00 PM on the PDS MarketPage and PDS website.#

PDEx Launches New FI Trading System FINAL

PDS Group Rolls Out X-stream Trading System Version 4.0

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Makati Philippines – The PDS Group has launched the PDEx Trading System, X-stream version 4, as scheduled on July 24, 2017.

The key improvements in X-stream version 4 are primarily directed to the Fixed Income (FI) community of traders and salesmen and delivers new functionalities to allow:
• Associated Persons (Compliance Officers) to view and access relevant data from the system
• FI Broker salesmen to upload so-called bulk orders coming from several clients,
• FI Broker salesmen from branch sites to send orders for Head Office risk checks before proceeding to order execution,
• FI Dealer traders to upload orders for multiple securities, facilitating market making, and
• The trading system to automatically block orders or trades falling on non-eligible settlement dates, designated for each individual debt security, thereby reducing errors and cancellations of trades falling within the so-called “closed periods”.

The cutover to the new version was without incident and the enhanced trading system interfaced seamlessly with the existing data publication and clearing and settlement systems, allowing Fixed Income and Foreign Exchange (FX) market operations to proceed as normal.

This migration to the enhanced version was preceded by months of internal preparations from acceptance testing to connectivity testing to the key downstream systems and months of pre-implementation external activities to prepare market participants for the live date. Trading Participants, including those outside Metro Manila, were briefed on this development and participated in the required FI User Training and the preparations culminated in weeks of Market Wide Tests for FI and FX dealers.

In a statement, Mr. Robert Frojd, Regional Manager, Southeast & South Asia of Nasdaq said, “Our long-time partnership with the PDS Group has given us opportunities to leverage our technological capabilities and provide our service expertise to an emerging market like the Philippine debt market. With a shared vision of delivering the best market solutions for the financial community, we are proud to partner with the PDS Group in harnessing the power of the PDEx infrastructure today and beyond.”

For his part, PDS Group President and CEO Cesar B. Crisol said: “We are thankful to the PDS working team for their hard work and dedication, to the market community’s cooperation and participation in this market exercise, to our regulators for their continuous support for our efforts to improve our infrastructure, and of course to our system provider, NASDAQ, who apart from delivering the improvements, have assisted us from the pre-launch activities to the actual cut-over and post-launch monitoring period.”

“This upgrade in our trading platform is part of our promise to power an integrated and orderly market across financial sectors in the Philippines. As the market continues to grow, we shall continually strive to provide the investors, issuers, and intermediaries the enhanced platforms to address their financial objectives,” Crisol added. #

Press Release – X-stream v4_ FINAL

National Privacy Commission Holds Briefing on Data Privacy Act of 2012 for the PDS Community

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30 May 2017, Makati City – As part of its efforts to provide a venue for market dialogue and sharing, the PDS Group hosted a briefing for its market community. The session was conducted by the National Privacy Commission of the Philippines (NPC), through the NPC Commissioner Raymund Enriquez Liboro, to provide market community participants a clearer understanding of the Republic Act No. 10173 otherwise known as the “Data Privacy Act of 2012” and its Implementing Rules & Regulations (Data Privacy Act).

In his welcome remarks, PDS Group President and CEO Cesar B. Crisol said, “As we uncover the significant aspects of this legislation, let us take to heart our roles as information collectors, holders, and processors to follow the strict rules on transparency, legitimacy, and proportionality in the conduct of these activities. At the end of the day we are not just operating for profit, but equally committed to upholding customer protection.”

The event was held at the PDS Group Assembly Hall and was attended by the PDS Issuer Community, Underwriters, PDEx Brokers, and PDEx Dealers. #

Press Release_Data Privacy Act Briefing FINAL

PDS Group Bids Farewell to BSP Governor Tetangco on His Last Days in Office

Testimonial Dinner - Photo Release

23 May 2017, Makati Philippines – The PDS Group hosted a Testimonial Dinner for the Honorable BSP Governor Amando “Say” M. Tetangco, Jr., as he leaves his post after a long and esteemed career at the helm of BSP. The PDS Community paid tribute to a staunch supporter of its efforts and a courageous overseer of the banking community.

PDS Group President and CEO Cesar B. Crisol said in his welcome remarks, “We at PDS could not see the end of your term without paying homage to the inspiration you gave us and the valor you showed both in regulation and by our side in times of turmoil.  We are thankful for the opportunity to look back on your dozen years at the helm of the BSP and offer our thanks for your partnership, your strength, and wish you every good thing as you move forward.”

To further honor the occasion, guests from the regulatory and market communities were invited to share a few words to offer their thanks and wish the Honorable Governor well on his journey outside the BSP.

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Testimonial Messages were given by (from left) PDS Group Chairman Nestor V. Tan, former Securities and Exchange Commission (SEC) Chairperson Fe B. Barin, SEC Chairperson Teresita J. Herbosa, one of the PDS Group’s Founding Directors, Leonilo G. Coronel, and PDS Group President & CEO Cesar B. Crisol.

As PDS’ humble thanks for Governor Say’s friendship and wisdom as a guiding light in the PDS enterprise, the PDS Group gifted him with the Tower of Recognition and presented a Memorial Book to remember his friendship and partnership.

BSP and PM

The Testimonial Dinner ended with Governor Say’s response speech (left photo) and a warm toast led by PDS Chairman Emeritus Cesar E.A. Virata (right photo).

The event was held at Makati Diamond Residences and was graced by the members of the Monetary Board, officials from the Bangko Sentral ng Pilipinas, PDS Boards of Directors and Governors, PDS Management Team, and past and present members of the banking community. #

Testimonial Dinner - Group Photo

Press Release – PDS Testimonial Dinner FINAL

PDS Group and Bond Pricing Agency Malaysia to Deliver Bond Pricing and Information Services Across Philippines and Malaysia

26 October 2015, Makati City, Philippines, – The Philippine Dealing System Holdings Corp. (PDS Group) and Bond Pricing Agency Malaysia (BPAM), market leaders in delivering price and market statistics for the Philippine and Malaysia fixed income markets respectively, entered into an agreement to make available their bond pricing and information services through a link to each other’s websites. This is the first collaboration between the Philippines and Malaysia to further promote and support the bond markets of the region.

The exchange of website links shall widen the reach of the clients of both BPAM and PDS Group to information across each other’s domestic bond markets. This improved access to online market data and information would serve to heighten investors’ awareness of the Philippine and Malaysian bond markets. Cross-promoting bond markets between the two countries will contribute towards the growth of the intra-regional bond market.

In a statement, PDS President & CEO Cesar B. Crisol stated that this “exchange of links and the reciprocal dissemination of market information from established sources to each other’s stakeholders is one more step forward toward the development of a regional ASEAN+3 Bond Market”. For his part the Chief Executive Officer of BPAM, Meor Amri Meor Ayob said “BPAM is proud to be a part of this collaboration which unites the leading national sources on bond data and valuation. Our traders, issuers and investors will have the opportunity to venture into neighboring bond markets with more confidence and armed with readily available information. It is also important to bear in mind that, in order for Asia to firmly take its place in the global economy as the most dynamic region in the 21st century, creating and maintaining efficient and cooperative relations will be more important than ever”.

Based in Kuala Lumpur, BPAM is the first and only registered bond pricing agency accredited by the Securities Commission of Malaysia. Over the last 10 years, BPAM has progressively developed its core business to become the principal source of valuation and reference data on the Malaysian sukuk and bond markets. BPAM’s services are delivered to both global and local institutions.

The PDS and BPAM website links shall be launched on 26 October 2015. In the PDS Group website, the BPAM link shall be found under the “REGIONAL LINKS” main tab (http://www.pds.com.ph/index.html%3Fpage_id=23024.html), while in the BPAM website, the PDS link shall be found under the “GLOBAL MARKETS” (http://www.bpam.com.my/MB/B4105.asp).#

About BPAM
Established in 2004 under the name Bondweb Malaysia Sdn Bhd, BPAM is currently the only registered bond pricing agency as accredited by the Securities Commission of Malaysia. BPAM is the market leader in delivering evaluated pricing and bond data services on the Malaysian Fixed Income market, and currently serve over 100 local and international financial institutions. BPAM works with a wide range of strategic partners ranging from financial institutions and intermediaries, academia, global information vendors, research houses, media organizations and training providers.

About PDS Group
Powered by state-of-the-art technology, PDS provides a full suite of services, from trading to clearing and settlement, and post settlement across different asset classes. Its activities span the breadth of financial markets including equities, fixed income, and foreign exchange. It also offers learning facilities to equip its communities in keeping pace with market development and professional practice, here and abroad. The PDS Group is composed of the Philippine Dealing System Holdings Corp., the holding company, and its operating subsidiaries: Philippine Dealing & Exchange Corp., Philippine Depository & Trust Corp., Philippine Securities Settlement Corp., and PDS Academy for Market Development Corp.

Press Release PDS Group and BPAM FINAL 10-26-15

PDS Group and Thomson Reuters Partnership to fuel the FX Market Community

Photo Release Enhanced FX Market Services_resized

09 January 2015, Makati City, Philippines – The Philippine Dealing System Holdings Corp. (PDS Group) and Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, jointly launched the Enhanced Foreign Exchange (FX) Market Services for the PDS FX Community. This milestone event marks the fruition of the strategic agreement between PDS and Thomson Reuters to deliver enhanced products and services to members of the PDS FX Community in the Philippines.

With the inclusion of systems powered by Thomson Reuters, the enhanced FX Spot Market Infrastructure will provide PDS FX Members alternative modes of trade execution for FX Spot USD/PHP transactions: the FX Spot Conversational/Chat format and the FX Spot Matching format in addition to the existing Fixed Format mode in the current PDS FX Workstation.

All FX Spot USD/PHP transactions executed through any of the three modes on the PDEx and Thomson Reuters systems will be captured and consolidated electronically for price and data publication and will be linked straight through to the PDS settlement system for clearing and settlement authorization.

These alternative trading modes will also improve business continuity for the FX Spot Market and pave the way for the electronic trading, clearing and settlement of more FX currency pairs through the PDS Infrastructure, thereby enhancing efficiency and liquidity.

On top of these service features, PDS and Thomson Reuters will also provide capabilities for USD/PHP FX Swap Matching and the straight through processing of USD/PHP FX Swap transactions to the FX clearing and settlement system.

This innovative partnership will build on Thomson Reuters’ global FX capabilities, technological strength, and expertise in information distribution, and PDS Group’s robust and integrated systems.

“The PDS Group is pleased to bring into live production the integrated FX Spot market infrastructure and FX Swap market infrastructure that now includes the systems powered by our Strategic Ally, Thomson Reuters,” remarked PDS Group President & CEO Cesar B. Crisol. “We are excited to expand our footprint in the foreign exchange market and today is just the beginning of a new era for FX, and we fervently believe the market shall experience the enhanced execution efficiency, increased market liquidity and expanded distribution capability facilitated by the new features.”

“Thomson Reuters is excited to be working with PDS and the FX trading community to embark on the new era of electronic trading in the Philippines,” said Simon Soo Hu, Sales Director, Malaysia and Philippines, Thomson Reuters. “The establishment of a single electronic liquidity pool for Philippines Peso together with automated trade capture will bring efficiency and transparency and promote long-term growth of the interbank foreign exchange market.”

With over 1,100 subscriber organizations, Thomson Reuters Matching is the leading anonymous electronic trade matching system for the professional community, offering unbiased access to real time executable prices on more than 80 currency pairs.

Also present in the event were the Deputy Governor of the Bangko Sentral ng Pilipinas (BSP), Honorable Nestor A. Espenilla, Jr. and Bankers Association of the Philippines – Open Market Committee (BAP-OMC) Chairman Antonio C. Moncupa, Jr., who both shared a few words.

“The BSP is deeply committed to crafting an enabling environment that nurtures the creativity of financial institutions in line with serving the interests of the public. The launching of better infrastructure that we are doing today is a way to enrich such an environment,” said BSP Deputy Governor Espenilla. “We expect that the enhanced infrastructure that we are launching today for the foreign exchange market should benefit not just trading participants but the economic and financial consumer as well.”

On the other hand, BAP-OMC Chairman Moncupa said, “We extend our appreciation and joy for having this Infrastructure because it is another step to making the market more efficient. We at the BAP are one with the BSP in our concern with service providers, PDEx and all the Infrastructures, in pushing forward the agenda toward a more efficient market and fulfilling our role as financial intermediary while contributing to the economic development agenda of this country.”

PDS Group
Powered by state-of-the-art technology, PDS provides a full suite of services, from trading to clearing and settlement, and post settlement across different asset classes. It also offers learning facilities to equip its markets and communities in keeping pace with market development and professional practice, here and abroad. PDS Group, the Complete Capital Market Infrastructure, is composed of a holding company, the Philippine Dealing Systems Holdings Corp. and operating subsidiaries: Philippine Dealing & Exchange Corp. (PDEx) – Trading Services Arm, Philippine Depository & Trust Corp. (PDTC) – Securities Services Arm, Philippine Securities Settlement Corp. (PSSC) – Payment and Transfer Services Arm, PDS Academy for Market Development Corp. (PDSA) – Market Education and Development.

Thomson Reuters
Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world’s most trusted news organisation. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges.  For more information, go to http://thomsonreuters.com.

CONTACTS

Socorro B. Lerer
Chief Legal Officer and
Director for Communications
PDS Group
+632 884 5048
non.lerer@pds.com.ph

Eunice Lam
Corporate Affairs Manager, Asia Pacific
Thomson Reuters
+852-2843 6939
eunice.Lam@thomsonreuters.com

PDS-TR Enhanced FX Market Services_Press Release

PDS Group ties up with First Metro, The Bureau of the Treasury, Thomson Reuters, and MART to promote financial literacy among tertiary schools in the Philippines

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The PDS Group joined hands with First Metro Investment Corporation (FMIC), the Bureau of the Treasury (BTr), Thomson Reuters, and the Money Market Association of the Philippines (MART) in promoting capital markets awareness and education through the conduct of a virtual trading tournament among college students.

The Bond Trading Challenge will foster broader knowledge and deeper understanding of the essential role that the fixed income securities market plays in the global economy, while also reinforcing financial literacy that will facilitate informed investment decisions for investors.

Treasurer Rosalia V. De Leon, who delivered the welcome remarks, said: “I would like to commend First Metro for doing this exercise. It is a pioneering measure to be able to educate and the same time to raise consciousness amongst our students about the bond market. Hopefully we could also have this kind of engagement later on with FMIC and PDEx. I was also looking forward to another bourse game eventually among our traders being the coaches of these students.”

For his message on behalf of FMIC, the project organizer, FMIC President Roberto Juanchito T. Dispo said: “In line with our advocacy to raise awareness of the Philippine capital markets, we now take the students, the future investors or possibly capital markets practitioners, to another arena where they can practice portfolio investment and management through bond trading. As the leading bond house and fixed income trading and brokering house, we want to share our expertise by giving the students practical experience in the fixed income market,”

PDS Group President & CEO Cesar B. Crisol remarked: “We at the PDS Group are privileged to contribute to the effort for this Bond Trading Challenge, a significant initiative for the overall Investment Literacy Program, empowering students, our future investors and market players, with the basic theoretical and practical aspects of bond trading and portfolio management. Without hesitation, we took hold of this opportunity to bring to the table our end-of-day price and transaction data from the secondary market for fixed income securities toward the successful conduct of the trading tournament.”

“Thomson Reuters is fully committed in ensuring the success of this event. We will be providing the necessary tools, content, and support so that the participants will be able to make sound investment decisions. Our management has expressed much interest given its alignment with our main thrust which is to focus and support whatever activity that will benefit and grow the financial markets,” said Thomson Reuters Senior Manager Miguel B. Marquez.

MART President Reynaldo B. Montalbo, Jr. said: “For the Money Market Association, education has always been one of the main objectives of the association, considering that not everybody knows the fixed income market. Unknown to most people is that it is even bigger than the stock exchange. This contest is of most importance not only to MART but also to all players in the industry because now there is a public venue where all of the information will be presented to the potential investing public and potential professionals within the industry.”

The said parties sealed their commitment through the signing of a Memorandum of Agreement (MoA) on 18 August 2014 at the PDS Group Assembly Hall, The Enterprise Center, Makati City. Present at the signing ceremony and the ringing of the PDS ceremonial bell were Treasurer Rosalia V. De Leon, FMIC President Roberto Juanchito T. Dispo, Thomson Reuters Senior Manager Miguel B. Marquez, and MART President Reynaldo B. Montalbo, Jr., with PDS Group President & CEO Cesar B. Crisol.

The joint effort arose out of the organizations’ shared vision and goal to bring more awareness and information about the fixed income market to the mainstream public and through this specific effort, increase the student-participants’ investment management knowledge. #

PDS Group promotes financial literacy thru Bond Trading Challenge_FINAL

A First in the Philippine Financial Market: RMB Transfers through PDS System

RTS Milestone Event picture

 

08 August 2014, Makati City Philippines – The Philippine financial market witnessed in full swing the country’s first Renminbi (RMB) Transfers executed by the six pioneer banks enrolled in the PDS RMB Transfer System (RTS): BDO Unibank, Inc. (BDO), East West Banking Corporation (EWBC), Land Bank of the Philippines (LBPH), Metropolitan Bank & Trust Company (MBTC), Rizal Commercial Banking Corp. (RCBC), and Security Bank Corporation (SBC). The historic first transfers are expected to herald another banner year for the RMB business and to generate greater participation among market participants.

This milestone event marked the first step for the trajectory envisioned by Bank of China Limited (BOC-MNL) and PDS Group for the creation of the Philippine Domestic RMB market, which started with the signing last October 2013 of the documents that would seal the partnership between the BOC and the PDS Group in the creation of the country’s capabilities to host RMB as a currency of our markets and communities. This alliance has been hard at work in creating the Domestic RMB Community of users that could form the foundation for a broader community and RMB marketplace as these efforts progress. The RMB initiative is seen as a potential vibrant contributor to the improvement of our financial capabilities and the development of the Philippine financial system as a whole.

Leaders in the financial sphere gathered together as participants and witnesses to this event. PDEx member bank representatives sealed their commitments as trailblazers of the Domestic RMB Community, including BDO Executive Vice President Pedro M. Florescio III, EWBC Senior Vice President & Banking Group Head Ernest Uy, LBPH Executive Vice President of Treasury and Investment Banking Sector Rabboni Francis B. Arjonillo, MBTC Senior Executive Vice President and Head of Financial Markets Sector Fernand Antonio A. Tansingco, RCBC President & CEO Lorenzo V. Tan, and  SBC Executive Vice President Eduardo Olbes. The mere push of a button using this new infrastructure will enable members of this community to transfer RMB funds from the Philippines to cross border destinations in China and around the world.

With BOC-MNL and PDS Group’s strategic alliance, further projects await our RMB market in the Philippines that will expand opportunities for our financial sector. Future plans include the trading of RMB in our domestic foreign exchange market, and later, the trading of RMB-denominated fixed income securities in the bond market. #

A first in the Philippine Financial Market – RMB Transfers through PDS System FINAL