The Philippine Securities and Exchange Commission has issued draft rules establishing a regulatory framework for market making in listed securities. Only commission-licensed trading participants of an exchange would qualify, subject to minimum unimpaired paid-up capital of PHP 100 million, sufficient trading experience, a sound regulatory and legal record, and a valid market-making agreement with an authorized party. Market makers would have to maintain firm, executable two-sided quotations during trading hours and sufficient inventory to support liquidity, subject to limited exceptions for disruptions and other exceptional circumstances. They would also face disclosure, recordkeeping and reporting obligations, while exchanges would monitor performance, report compliance to the commission and adopt implementing rules subject to its approval. Exchanges could offer reduced transaction fees, liquidity rebates and enhanced trading facilities as incentives. Comments on the draft rules are due by July 7, 2026.
2026-06-22Philippine Securities and Exchange Commission
Philippine Securities and Exchange Commission consults on market-making rules with PHP 100 million capital threshold
The Philippine Securities and Exchange Commission is consulting on rules for market making in listed securities, including a PHP 100 million minimum capital requirement for eligible trading participants. Market makers would have to provide continuous two-sided quotations, maintain sufficient inventory and meet reporting obligations. Comments are due by July 7, 2026.