Hi! I am Nina Lasala, former Treasurer of the Philppines. This blog is meant to be an open forum for investors, fellow finance professionals, and other interested parties to discuss the state of Philippine Debt Management.

Thursday, June 02, 2005

In the interest of...........

Reproduction of BAP's May 16, 2005 letter to all Member Banks



May 16, 2005

TO: ALL MEMBER BANKS

Re: Ownership of the MART1 and MRTN Data

This is to inform you that the BAP BOARD at its meeting on May 12, 2005 adopted the following resolution pertaining to the ownership of the MART1 benchmark and who has the right to dispose of it.

RESOLUTION NO. 2005-09

RESOLVED that the BAP Board has determined
that the data comprising the MART1 belongs to
BAP member banks through the BAP, therefore
the BAP has the right to dispose of these data
in whatever manner it deems appropriate in the
interest of public information and transparency.

The foregoing resolution has been adopted to respond to the concern of a few banks which has premised its signing of the PDEx subscription agreement on the resolution of this issue. Appropriate BAP committeess will recommend to the Board how to address potential issues that may arise in determining future interest rate benchmarks and how they will be disseminated.

The Board reiterates its earlier position through BAP BOARD Resolution No. 2005-08 that all member banks submit their subscription agreement with PDEX immediately.

Please be guided accordingly. Thank you.


L.G. CORONEL
Executive Director

8 Comments:

Anonymous Anonymous said...

NINA, how can the BAP appropriate for themselves UNILATERALLY something that is NOT theirs? What perversion has become so prevalent among the bank regulators that they have assumed roles, functions and now intellectual properties that are not theirs in the first place? IS MART just going to merely stand aside and let this happen?

9:26 AM

 
Anonymous Anonymous said...

Of course the BAP will say this. The baby in PDS is crying because the big bad market doesn't want to play with him.

The PDS has bungled the entire reforms process. Instead of calling the PDS to account for the inability to the project to soar, the BAP continues to reward the PDS with mandate after mandate. At what point does the BAP call the PDS to account for its actions?

Perhaps in another lifetime.

Face it folks, the main contention behind every issue in this "financial reforms" fiasco is not the exchange or the custody. It is the issue of "where did a handful of people obtain the right to have their ideas and intentions become the law of the land."

Join the Exchange, or else... Accept the circulars, or else... Do not argue with our logic, or else... Shell out as much money as we want you to, or else... Is this proper governance and responsibility? Honestly, perhaps we should all opt for "else"...

If the senate will not investigate this usurpation of authority, perhaps the courts of law should be given the change to bring a just conclusion to this entire comedy of errors.

7:45 PM

 
Anonymous Anonymous said...

isn't this information public?

i mean raw data like MART1 is public information. maybe someone in bap just wants to kick out bloomberg and telerate and run after their busines. galing naman!

as the song goes, "nice work if you can get it...and you can get it if you try"

9:01 AM

 
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