ADDITIONAL DERIVATIVE AUTHORITIES GRANTED UNDER BSP CIRCULAR NO. 594 DATED 8 JANUARY 2008 (As of 4 May 2016)
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1 ADDITIONAL DERIVATIVE AUTHORITIES GRANTED UNDER BSP CIRCULAR NO. 594 DATED 8 JANUARY (As of 4 May 2016) Universal and Commercial Banks with Type 1 Expanded Dealer Authority Bank 1. ANZ Banking Group Ltd. 11 November With conditions 2. Citibank, N.A. 27 November With conditions 3. Deutsche Bank AG 23 February With conditions 4. The Hongkong and Shanghai Banking Corporation 21 January With conditions 5. ING Bank, N.V. 22 January With conditions 6. JP Morgan Chase Bank, N.A. 13 February With conditions 7. Standard Chartered Bank 15 October With conditions Universal and Commercial Banks with Type 2, 3 and/or 4 Additional Derivatives Authority 1. BDO UNIBANK, INC. A. TYPE 2 LIMITED DEALER AUTHORITY, WITH CONDITIONS (Stand-Alone Only) Forwards 22 May Including Non-deliverable forwards 22 May Including Forward Rate Agreements Bonds 22 May Limited to ROPs and US Treasuries as underlying bonds Swaps 22 May - 22 May - Credit 22 May For Credit Default Swaps, underlying limited to ROPs, investment-grade sovereigns and investment-grade corporates
2 Page 2 of 17 Options 22 May Limited to plain vanilla European options 22 May Limited to plain vanilla European options Bonds 22 May Limited to plain vanilla European options with only ROPs and US Treasuries as underlying bonds B. TYPE 3 LIMITED USER AUTHORITY, WITH CONDITIONS Credit-Linked Structures Range Accrual/Swaps Credit 22 May limited to investment-grade sovereigns and investmentgrade corporates/financial institutions with active CDS quotes in Bloomberg/ Reuters 22 May - B. TYPE 3 LIMITED USER AUTHORITY Bond Linked Notes/Bond Linked Deposits Bond 11 April 2012 Bond option embedded in the note or deposit should be limited to European bond options with underlying bond limited to ROP and investment-grade sovereigns, corporates and financial institutions
3 Page 3 of BDO PRIVATE BANK, INC. A. TYPE 2 LIMITED DEALER AUTHORITY, WITH CONDITIONS Forwards 8 June 13 April 2011 Including Non-deliverable forwards involving USD/PHP only Bonds 8 June Limited to ROPs and US Treasuries Swaps 8 June Including Cross Currency Swaps 8 June - Credit 8 June Limited to total return swap and credit default swap with only ROPs and investment grade sovereigns and corporates/financial institutions as underlying assets Options 8 June Limited to plain vanilla European options Swaps 8 June Limited to plain vanilla European swaptions Bonds 8 June Limited to plain vanilla European options with only ROPs and US Treasuries as underlying bonds Asset Swap, 28 August Absolute sale of bonds under this structure is limited to: a. Those issued offshore by the Philippine government, i.e. ROPs, and other Philippine resident entities, and b. Entities with investment grade rating.
4 Page 4 of 17 B. TYPE 3 LIMITED USER AUTHORITY, WITH CONDITIONS Credit-linked structures Credit 8 June limited to ROPs and investment grade sovereigns and investmentgrade corporates/ financial institutions with active CDS quotes in Bloomberg/ Reuters 3. BANK OF AMERICA, N.A. TYPE 2 LIMITED DEALER AUTHORITY, WITH CONDITIONS (Stand-Alone Only) Swaps 8 June Including Cross Currency Swaps 8 June - 4. BANK OF THE PHILIPPINE ISLANDS A. TYPE 2 LIMITED DEALER AUTHORITY (Stand-Alone Only) Forwards 6 February Including Non-deliverable forwards Swaps 6 February 1 March 2011 Including Non-deliverable swaps 6 February - -
5 Page 5 of 17 TYPE 3 LIMITED USER AUTHORITY, WITH CONDITIONS Credit-Linked Structures Credit 6 February limited to sovereigns and investmentgrade corporates/financial institutions with active CDS quotes in Bloomberg/ Reuters Options 3 April 2012 Limited to plain vanilla European options on major currencies. Bonds 3 April 2012 Limited to plain vanilla European options; underlying sovereign bonds with external credit rating equivalent to or higher than ROP bonds, and investment grade corporate bonds Swaps Credit 3 April 2012 reference limited to sovereigns with external credit rating equivalent to or higher than ROP with CDS actively quoted in major trading platforms. Credit 3 September reference limited to investment grade corporates with CDS actively quoted in major trading platforms. 5. THE BANK OF TOKYO MITSUBISH UFJ, LTD. A. TYPE 2 LIMITED DEALER AUTHORITY, WITH CONDITIONS (Stand-Alone Only) Forwards 23 April Including non-deliverable forwards; Currencies are limited to PHP, USD, and JPY only Swaps 23 April Including Cross Currency Swaps; Currencies are limited to PHP, USD, JPY, EUR, SGD, AUD, CHF, and
6 Page 6 of 17 GBP only Interest rates 23 April Currencies are limited to PHP, USD, and JPY only Interest rates 13 June 2012 Currencies are limited to EUR, SGD, AUD, CHF and GBP, in addition to those previously approved. Options 23 April European Currency Options: a. Range forwards b. Leverage c. Knock-Out d. Combination of knockout and leverage, where currencies are limited to PHP, USD, JPY, EUR, SGD, AUD, CHF, and GBP only Structured Product Structured Yield Deposit 23 April Currencies are limited to PHP, USD, and JPY only Structured Product Mixed Loan (Loan with embedded interest rate swap) Interest rate swap 13 June 2012 Currencies are limited to PHP, USD, JPY, EUR, SGD, AUD, CHF and GBP 6. CHINA BANKING CORPORATION TYPE 2 LIMITED DEALER AUTHORITY Swaps 13 September Limited to plain vanilla 13 September Limited to plain vanilla Cross Currency Swaps or Cross Currency Interest Rate Swaps
7 Page 7 of CTBC BANK (PHILIPPINES) CORPORATION TYPE 2 LIMITED DEALER AUTHORITY (Stand-Alone Only) Forwards 12 March 2012 Options 12 March 2012 Including non-deliverable forwards Limited to plain vanilla European options only, including vanilla combinations 8. MAYBANK PHILIPPINES, INC. TYPE 2 LIMITED DEALER AUTHORITY (Stand-Alone Only) Forwards 8 April 2014 Swaps 8 April 2014 Including cross currency swaps Interest rates 8 April 2014 Including basis, forward starting and amortizing swaps Options Interest rates 8 April 2014 Including caps and floors Swaptions Interest rates 8 April METROPOLITAN BANK & TRUST COMPANY TYPE 2 LIMITED DEALER AUTHORITY Forwards 5 August 5 August Bonds 17 March April 2015 Including Non-deliverable Forwards Including Forward Rate Agreements Limited to Bonds issued or unconditionally guaranteed by:
8 Page 8 of 17 a. Republic of the Philippines b. Investment grade sovereigns c. Investment grade corporates d. Philippine Government Owned and Controlled Entities e. Philippine corporates Provided that the bond issuances have active quotes in major trading platforms Swaps 5 August Credit 5 August 5 August Credit 17 March April 2015 Including Cross Currency Swaps limited to sovereigns and corporates rated at least A or its equivalent; - Only stand-alone credit default swap referenced to: a. Republic of the Philippines b. Investment grade sovereign bonds c. Investment grade corporate bonds Provided that the reference entities have active CDS quotes in Bloomberg/Reuters Options 17 March 2011 Limited to European options, including vanilla combinations (Caps and Floors) 13 April 2015 Includes: Option combinations i.e. collar, cap spread, put spread May involve: a. Use of cash/securities as collateral for counterparty risk b. Pairing with a loan or investment transaction with Metrobank
9 Page 9 of 17 Bonds 13 April 2015 May involve: a. Physical or cash settlement b. Use of cash as collateral for counterparty risk references: a. Republic of the Philippines bonds b. Securities issued or unconditionally guaranteed by investment grade sovereigns and investment grade corporates Asset Swap, 17 March April 2015 Absolute sale of bonds issued or unconditionally guaranteed by: a. Republic of the Philippines b. Investment grade sovereigns c. Investment grade corporates d. Philippine Government Owned and Controlled Entities e. Philippine corporates Provided that the bond issuances have active quotes in major trading platforms 10. MIZUHO CORPORATE BANK, LTD. MANILA BRANCH TYPE 2 LIMITED DEALER AUTHORITY, WITH CONDITIONS (Stand-Alone Only) Forwards 23 February 2010 Swaps 23 February 2010 Including plain vanilla forwards, forwards with option on delivery date, and Average forwards regardless of tenor Including Coupon Swaps and Cross Currency Swaps 23 February
10 Page 10 of PHILIPPINE NATIONAL BANK A. TYPE 2 LIMITED DEALER AUTHORITY Type of Derivatives Forwards 9 May 2014 Specifically, non-deliverable forwards only. Swaps Interest rates 9 May RIZAL COMMERCIAL BANKING CORPORATION A. TYPE 2 LIMITED DEALER AUTHORITY Forwards 18 November 2011 Swaps 18 November 2011 Including NDF and Par forwards Including Amortizing and Forward Starting Cross Currency Swap 3 June Non-Deliverable Swaps 18 November 2011 Including Amortizing and Forward Starting Interest Rate Swaps Options Bonds 3 June Limited to plain vanilla European Options on ROPs and US Treasuries 3 June Limited to plain vanilla European Options, but including deliverable and non-deliverable modes of settlement Asset Swaps, Interest Rates 3 June Absolute sale of bonds under this structure is limited to investment grade names and Philippine corporates B. TYPE 3 LIMITED USER AUTHORITY
11 Page 11 of 17 Credit-linked Notes Credit 18 November 2011 reference limited to ROPs and investment grade sovereigns/corporates with CDS actively quoted in Bloomberg/Reuters Forwards Bonds/Interest Rate 18 November 2011 limited to ROPs, sovereigns rated at least BB+, and investment grade corporates with active quotes in Bloomberg/ Reuters Swaps Credit 18 November 2011 Including Credit Default Swaps. limited to ROPs, sovereigns rated at least BB+, and investment grade corporates with CDS actively quoted in Bloomberg and Reuters Option-Linked Notes Bond Option- Linked Notes 3 June reference limited to USD, EUR, JPY, CHF, GBP & AUD Bonds 3 June bond limited to investment grade names 13. SECURITY BANK CORPORATION A. TYPE 2 LIMITED DEALER AUTHORITY, WITH CONDITIONS (Stand-Alone Only) Forwards 13 August Including Non-deliverable forwards Gold Bond 13 August 20 December 20 December Including Forward Rate Agreements bond shall be limited to: a. ROPs b. TNs and RTBs c. US Treasuries Swaps 13 August Including Cross Currency Swaps
12 Page 12 of August - Non-deliverable Swaps 20 December Currency pairs shall be limited to: a. USD/PHP; b. USD/Major Currencies; and c. USD/ Asian Regional Currencies. Options 13 August Limited to European options only; Combinations shall exclude barrier options Bonds Combination of any of the above Nondeliverable/netsettled/cash settled European Options Bonds Gold 20 December For currency options, the currency pairs shall be limited to the following: a. USD/PHP b. USD/Major currencies c. USD/ Asian Regional Currencies For bond options, the underlying will be limited to the following: a. ROPs and BSP27 b. US Treasuries c. Indonesian Sovereign Bonds Deliverable and non-deliverable American Options Bonds Gold 20 December For currency options, the currency pairs shall be limited to the following: a. USD/PHP b. USD/Major currencies c. USD/Asian Regional Currencies For bond options, the underlying will be limited to the following: a. ROPs and BSP27 b. US Treasuries c. Indonesian Sovereign Bonds
13 Page 13 of 17 Exotic (Barriers Digitals) Options and 20 December Limited to the following: a. Anytime Down and In Vanilla b. Anytime Down and Out Vanilla c. Anytime Up and In Vanilla d. Anytime Up and Out Vanilla e. At Expiry Knock In Vanilla f. At Expiry Knock out Vanilla g. Digitals/Binary h. Down and In Digital i. Down and Out Digital j. Up and In Digital k. Up and Out Digital Asset swaps Bond 20 December bonds shall be limited to: a. ROPs and BSP27; b. Issuances of bank-approved Philippine corporate bonds; and c. Issuances of bank-approved sovereign bonds. B. TYPE 3 LIMITED USER AUTHORITY Credit-Linked Notes Credit 13 August limited to sovereigns and corporates rated at least A or equivalent Range Accrual/Swaps 13 August - Options 7 February 2012 Forwards Bonds 7 February 2012 limited to major currencies, provided that transactions whose underlying currency pairs involve the Philippine Peso should only be undertaken for hedging limited to US Treasuries Gold 7 February 2012 Swaps Credit spread 7 February CDS limited to those with active
14 Page 14 of quotes in major trading platforms; Reference assets are limited to sovereign bonds with external credit rating equivalent to or higher than ROP bonds; Transactions should only be undertaken for hedging 14. SUMITOMO MITSUI BANKING CORPORATION TYPE 2 LIMITED DEALER AUTHORITY Swaps, 7 March 2016 Limited to interest rate swaps and cross currency swaps; Currencies are limited to PHP, HKD, USD, JPY, EUR, GBP and SGD 15. UNION BANK OF THE PHILIPPINES TYPE 2 LIMITED DEALER AUTHORITY, WITH CONDITIONS (Stand-Alone Only) Forwards 8 October Including Non-deliverable forwards 8 October Including Forward Rate Agreements and Outright Forward Forward (OFF) Swaps 8 October Including Cross Currency Swaps 8 October - Options 8 October Limited to European options; Counterparties are limited to financial institutions authorized by the BSP as dealer of options under Cir. No October Limited to European options; Counterparties are limited to
15 Page 15 of 17 financial institutions authorized by the BSP as dealer of options under Cir. No. 594 Bonds 8 October Limited to European options; limited to ROPs, investment grade sovereign and corporate bonds; Counterparties are limited to financial institutions authorized by the BSP as dealer of options under Cir. No. 594 Swaps 8 October Limited to European swaptions; Counterparties are limited to financial institutions authorized by the BSP as dealer of options under Cir. No. 594 Thrift Banks with Type 3 and/or 4 Additional Derivatives Authority 1. HSBC SAVINGS BANK (PHILS), INC. A. TYPE 3 LIMITED USER AUTHORITY, WITH CONDITIONS Forwards 19 November Swaps 19 November Limited to plain vanilla Limited to plain vanilla; Includes Cross Currency Swaps 19 November Limited to plain vanilla Options 19 November Limited to plain vanilla where Bank is option holder 19 November Limited to plain vanilla where Bank is option holder B. TYPE 4 SPECIAL BROKER AUTHORITY, WITH CONDITIONS
16 Page 16 of 17 Forwards 19 November Including European Forward Extra Swaps 19 November Including Cross Currency Swap, High Yield Reserve Asset Options 19 November Including European Forward Extra 19 November Includes caps, floors, and swaptions 2. PHILIPPINE BUSINESS BANK, INC., A SAVINGS BANK TYPE 3 LIMITED USER AUTHORITY Swaps 31 May 2011 Limited to plain vanilla Swaps 3. PHILIPPINE SAVINGS BANK TYPE 3 LIMITED USER AUTHORITY Forwards 19 August Swaps 6 January 2011 Limited to plain vanilla (do not include Non-deliverable forwards) Limited to plain vanilla 7 March 2012 Limited to a maximum tenor of one (1) year only and solely for hedging and managing interest rate exposures 4. STERLING BANK OF ASIA, INC. (A SAVINGS BANK) TYPE 3 LIMITED USER AUTHORITY, WITH CONDITIONS Forwards 11 September Including Non-deliverable forwards Swaps 11 September -
17 Page 17 of UNITED OVERSEAS BANK PHILIPPINES TYPE 3 LIMITED USER AUTHORITY Forwards 28 June Limited to plain vanilla Swaps 28 June Limited to plain vanilla currency swaps Trust Department with Type 3 Additional Derivatives Authority 1. BDO UNIBANK INC. TRUST AND INVESTMENT GROUP TYPE 3 LIMITED DEALER AUTHORITY Swaps 7 May Limited to Cross Currency Swaps 2. BDO PRIVATE BANK WEALTH ADVISORY AND TRUST GROUP TYPE 3 LIMITED USER AUTHORITY Type of Derivatives Asset Swaps, Interest Rates 25 February 2015 securities shall be limited to: those issued offshore by the Philippine government, i.e. ROPs, and other Philippine resident entities, and, entities with investment grade rating
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