The Securities Clearing Corporation of the Philippines (SCCP) is responsible for the clearing and settlement of securities executed on the Philippine Stock Exchange (PSE).
SCCP performs the role of a Central Counterparty (CCP) by assuming the obligations of both parties to a trade and ensuring settlement.
To support these roles, SCCP carries out the following functions:
January 23, 1996
It was incorporated on January 23, 1996 to operate as a central securities clearing institution in the Philippines and thereby manage and support the clearance of trades in securities listed and executed on the PSE or other official securities market in the Philippines.
January 3, 2000
SCCP started its commercial operations on January 3, 2000 and was granted its permanent license by the SEC to operate on January 17, 2002, formalizing its role as a key financial market infrastructure supporting the Philippine capital markets. SCCP is authorized by the SEC to impose fines and penalties and other sanctions as approved by the SCCP Board of Directors to ensure compliance by its Clearing Members of its rules and regulations.
May 29, 2006
With the implementation of its Central Clearing and Central Settlement system on May 29, 2006, SCCP established and strengthened its core clearing framework, including the adoption of the Central Counterparty (CCP) model and the Delivery-versus-Payment (DVP) Model 3 settlement mechanism.
March 23, 2023
SCCP successfully migrated to a new clearing and settlement system on March 23, 2023 utilizing the Millennium Post Trade platform, enhancing system capability, efficiency, and scalability of clearing operations.
August 24, 2023
SCCP implemented the T+2 settlement cycle effective Trade Date of August 24, 2023, reducing the settlement timeline for equity trades and aligning with international best practices to improve market efficiency and reduce settlement risk.
