The Securities Clearing Corp. of the Philippines (SCCP), fully-owned subsidiary of the Philippine Stock Exchange Inc., has transitioned its clearing and settlement system to the Millennium Post Trade solution.
The shift to the new system, completed on March 27, is seen enhancing SCCP’s clearing, settlement, risk and collateral management capabilities.
The Millennium Clearing and Millennium Risk products are provided by LSEG Technology, a unit of the London Stock Exchange Group.
“We are pleased with the smooth migration to the new clearing and settlement system and the outcome of the first week of handling post trade operations using the new system,” PSE president and CEO Ramon S. Monzon said.
The new system can accommodate any settlement cycle and multi-currency assets and capable of settlement of multiple trade dates in a single settlement date. The post-trade infrastructure uses ISO industry messaging standard and provides its users with collateral management information. The system is also connected to the PSE trading engine, which makes real time marking to market possible in the future.
“With this technology, we are gearing up to update our settlement cycle from the current T+3 to T+2,” Monzon said.
Prior to the roll out of the new system, SCCP conducted several training and industry-wide testing sessions with clearing members, settlement banks, the Philippine Depository and Trust Corp. and the PSE.
The SCCP is now one of over 25 financial market infrastructure and financial services firms that use LSEG Technology’s trading and post-trade products.
