Letter of Securities and Exchange Commission Re SCCP
PSE MEMO FOR BROKERS NO. 408-99 • Philippine Stock Exchange • Memo for Brokers • Dec 29, 1999
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December 29, 1999 PSE MEMO FOR BROKERS NO. 408-99 FOR : All Member-Brokers RE : Letter of Securities and Exchange Commission Re SCCP Please find attached copy of the letter of SEC Chairman-Perfecto R. Yasay Jr., dated December 21, 1999, addressed to all Member-Brokers, regarding clearing and settlement-with the Securities Clearing-Corporation of the Philippines (SCCP). We invite your attention in particular to the last paragraph thereof which states: "In view of the foregoing, we have directed the SCCP that only clearing members will be allowed to clear and settle their Exchange trades directly to the SCCP system effective 7 January 2000. Brokers who opt not to become clearing members are therefore directed to designate a clearing member, on or before 31 December 1999, who will clear and settle their trades and communicate such choice to SCCP management within the same period." LexLib For your information and appropriate action. (SGD.) JOSE FERNANDO T. ALCANTARA Officer In Charge
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