The Philippine Bureau of Treasury and Thomson Reuters launche an electronic Tap facility module, a sub-component of the enhanced ADAPs. This will allow Government Securities Eligible Dealers (GSEDs) to electronically bid for additional offerings of government securities after a successful auction, commonly referred to as a Tap facility. The awarding process and reports generation will be automated to facilitate the issuance of additional securities.
In addition, Thomson Reuters will develop a fast, reliable and affordable application for small players in the market, such as insurance companies, rural banks, thrift banks and other financial institutions, to send their buy/sell instructions electronically, eliminating manual transmissions, to the Registry of Scripless Securities (RoSS). The facility will enable these institutions to download their securities account statement directly from the system. Thus, Thomson Reuters will soon offer a transparent and cost-efficient tool that will minimize their exposure to operational risks and manual processing of transactions. This solution is based on a secure and reliable network that will process instructions in real-time.
“Implementation of the ADAPs electronic tap facility module is another valuable market infrastructure aimed at enhancing the efficiency of the government in issuing additional GS (government securities) to the market,” says Roberto B. Tan, treasurer of the Philippines, Bureau of Treasury. “We commend Thomson Reuters for collaborating with the Bureau in this endeavour and for its continuing support in our commitment to further promote the growth and competitiveness of the country’s capital market”.
“Thomson Reuters is committed to continuing our investment to facilitate local market requirements,” says Rainer Fuchsluger, managing director, Thomson Reuters, Philippines. “The introduction of the TAP Facility will allow a more efficient auction process for government securities in the Philippines. The Bureau of the Treasury and all its Government Securities Eligible Dealers will now have more flexibility to offer local debt outside current regular auction hours”.
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