The Philippine Securities and Exchange Commission has published draft rules for consultation that would establish a regulatory framework for market making in the Philippines. Market makers would have to be registered broker-dealers that are trading participants of an SEC-licensed exchange and accredited by that exchange, with at least PHP 100 million in unimpaired paid-up capital. They would provide firm, continuous two-way quotes in designated securities under an approved market-making agreement. The proposal would require market makers to meet exchange-set spread, quote-size and market-presence standards, maintain sufficient inventory and liquidity resources, appoint at least one designated specialist, and implement risk controls and real-time exposure monitoring. Exchanges would designate eligible securities, oversee incentive programs, publish market-making arrangements and performance standards, and conduct real-time and post-trade surveillance. Market makers would also face five-year recordkeeping requirements, prompt reporting of material risk events and prohibitions on manipulation, misuse of nonpublic information and collusion. Comments on the proposed rules are due by July 7, 2026.
2026-06-18Philippine Securities and Exchange Commission
Philippine Securities and Exchange Commission launches consultation on market-making rules with PHP 100 million capital floor
The Philippine Securities and Exchange Commission is consulting on rules for exchange-accredited market makers, including a PHP 100 million minimum capital requirement and continuous two-way quoting obligations. The framework would impose risk management, reporting, recordkeeping and market-conduct requirements, supported by exchange surveillance. Comments are due by July 7, 2026.