Friday September 27 2024
News Source: Global Exchanges
Focus: Stock Exchange Regulation
Type: General
Country: Philippines
On 26th September 2024, the Philippine Stock Exchange (PSE) proposed Rules for Global Philippine Depositary Receipts (GPDRs), which will be issued to govern the listing, trading, and clearing and settlement of said GPDRs.
The Exchange intends to launch GPDRs, which are instruments where the holder has an economic interest in an underlying security listed on an overseas exchange. While the GPDR holder does not possess voting rights in the underlying security, it has the option to convert the GPDR to the equivalent shares or units of the underlying security, subject to the requirements and procedures that will be determined by the GPDR Issuer.
Securities listed in the PSE may also be the subject of depositary receipts issued and traded in an overseas exchange in accordance with the rules and regulations of such overseas exchange.
The listing and trading of GPDRs are intended to provide local investors investment opportunities outside the Philippine market and allow them to build a globally diversified portfolio through GPDRs. Investors can buy and sell GPDRs quoted in Philippine pesos through any PSE Trading Participant during trading hours of the Exchange. Material information, including corporate actions, on the underlying security of a GPDR will be published on the PSE EDGE website.
Click on the above link for further information
