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Home » Market Community » Inter-Professional Repurchase Agreement Program Participants – Apply

Eligibility

  • All PDEx Trading Participants shall be entitled to become Repo Trading Participants.  These shall include Financial Institutions or Qualified Investors, with limitations as follows:
    • Financial Institutions with Quasi-Banking license (FIQB)
      • FIQBs can participate as Repo Buyers against any other FIQB or FINQ as Repo Seller as provided under these Rules. They may likewise participate as Repo Sellers on an unrestricted basis against any other FIQB or FINQ as Repo Buyer.
  • FIQBs can participate as Repo Sellers against any QIB as a Repo Buyer, Provided, That the FIQB’s Aggregate Repo Amount borrowed from QIBs cannot exceed its Tier 1 Capital Limit, or such other limit as may be imposed by the BSP. The FIQB shall be provided a utility under the Program to monitor its aggregate limits against its own Tier 1 Capital Limit.
  • Financial Institutions without Quasi-Banking license (FINQ)
    • FINQs can participate as Repo Buyers on an unrestricted basis against any other FIQB or FINQ as Repo Seller.
  •  FINQs may be allowed to participate as Repo Sellers as may be allowed by PDEx and their relevant regulatory authorities having jurisdiction over their activities.
  •  Qualified Investor (QI) – QIs may only participate as Repo Buyers

Requirements:

  • Board approval/Trust Committee resolution/or the  equivalent covering:
    • authority to participate in the PDEx Inter-Professional REPO Market Program as a REPO Buyer and/or Repo Seller
    • to open a depository acct and execution of all acts necessary to complete participation in the Program
  • Submit all documentary requirements
  • Have a Cash Settlement Bank with BSP (DDA) or such other acceptable Cash Settlement Account under the Program
  • Appoint at least one for each the following:
    • Repo Trader
    • Repo Credit Officer
    • Repo Settlement Officer
    • eCS System Administrator
  • Attend Respective User Training on PDS Systems
  • Have such other qualifications as shall be required by PDEx
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