third party custodian
Mam:
This is to comment on the statement of Asst. Gov. BSP Espelita during a debate last night at Channel 11 between Atty Elna Cruz about the third party custodian.
Mr. Espelita mentioned that BSP is order to develop capital market has to create six (6) more lanes to be represented by the six (6) BSP accredited third party custodians as against only one lane represented by BTr RoSS.
Mr. Espelita failed to note that under the present system, there are already forty one (41) lanes represented by forty one (41) GSEDs that serve as ways to flow government securities to the secondary markets/investors. By reducing the number of lanes from forty one (41) to only six (6) third party custodians will limit the flow of investment to secondary markets, thus the proposal of BSP is contrary to their goal of developing capital market.
posted by Nina at 9:14 AM
4 Comments:
It is also funny when they keep refering to Bancap. Is that the only basis for their proposal????
Maybe we should ask the lawyer from Bangko Sentral because he came from Bank of Commerce.
2:56 PM
Now that you have refuted the BSP article point-by-point, will the businessworld and other newspapers care to print your reply? I doubt it. What a pity. It is so obvious that the people pushing for the third party custodianship has launched a massive PR campaign to hush your replies and present themselves as THE Solution.
I am also very suspicious and wary with the timing of the alleged survey showing that BSP is the "most honest" government agency while demeaning other government agencies. What perfect timing! Surveys should always qualify their statements as to the bases used for their conclusions.
The heat is on. These people,including the media, should realize that there is always a time for reckoning. And that time is coming, very soon.
11:59 AM
I was a bit disappointed when Nesting came out with a very simplistic approach to the reason why the capital markets have depth. Nesting totally disregarded friction costs and dept of funds in play and just centered on safetly issues instead. Also of note is the fact that he kept on harping on the custody fees and failed to mention the transactional fees including money movement fees that are inherent in custodianship arrangements with the 6 custodians including the PDTC.
Attorney, full facts please!
3:51 PM
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11:13 AM
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