|
THE
Bangko Sentral ng Pilipinas (BSP) gave Security Bank
Corp. its derivatives license under the new circular to
allow it to offer sophisticated derivative instruments
in the local market.
The BSP
circular, issued earlier this year, required financial
institutions to renew licenses on or before January 2009
and secure a permit to continue offering derivative
products to clients.
The
policy redefines the authorities accorded the license
holder as dealer, end-user or broker while ensuring the
necessary safeguards to determine client suitability and
manage risk are in place.
Being
the first local bank to secure a derivatives license
under the new policy, Security Bank’s in-depth knowledge
and expertise in providing hedging and derivatives
solutions is once more in focus.
“Security Bank has expanded its hedging and derivatives
product offering to provide more solutions to an
increasingly sophisticated sector of investors,” the
bank’s senior vice president, treasurer and treasury
group head Rafael Algarra Jr. said.
“We are
committed to provide better, responsive and innovative
financial solutions to suit the needs of diverse clients
and in specific industries and business sectors where
our expertise is most needed as a valued financial
advisor,” he added.
Meanwhile, Security Bank has received the Special
Recognition for Advocacy Support–Conference on Hedging
Facilities for Exporters during the 2008 BSP Annual
Stakeholders’ Awards.
The
citation recognizes the bank’s support in the BSP’s
information- and education-campaign initiative to
promote hedging and derivatives products to help address
the concerns of local export companies as they struggle
to deal with foreign-exchange fluctuations and rising
inflation.
Algarra
said, “We welcome opportunities to participate and
contribute our knowledge in enhancing the local market’s
awareness about some of the more sophisticated financial
instruments available in the capital markets.” |
