Bureau of the Treasury and Thomson Reuters launch electronic tap facility

Manila – The Philippine Bureau of Treasury and Thomson Reuters announced today the launch of 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 announced that it will develop a fast, reliable and affordable solution 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.

Mr. Roberto B. Tan, Treasurer of the Philippines, Bureau of Treasury, said: “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. 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”.

Mr. Rainer Fuchsluger, Managing Director, Thomson Reuters, Philippines, said: “Thomson Reuters is committed to continuing our investment to facilitate local market requirements. 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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