« Back  

XVIII. Arbritration
     An Officer for the Week will be appointed among participating institutions with the primary responsibility of ensuring the enforcement of these trading rules and the resolution of minor disputes. The Officer of the Week shall be the most senior treasury representative of the institution for that business or his designate. All Fixing Banks must endeavor to settle all disputes amongst themselves.

However, in the event that the dispute cannot be resolved, the Officer of the Week will be responsible to elevate the matter to a MART Arbitration Committee following the prescribed procedures on arbitration. If so required, the MART President shall determine the need for and shall call a special arbitration meeting. This will be composed of the following: MART President or designate, BAP Open Market Committee Vice Chairman or designate, and the BAP Money Market Sub-Committee Chairman or designate.


XIX. Revisions
Fixing Banks may propose revisions to these rules by simply informing the Professional Markets Subcommittee of the Money Market Association of the Philippines, who shall determine the necessity for such revision.

Whenever any amendment or new Rule is adopted, such amendment or new Rule shall be attached to the original Trading Rules for Fixing Banks duly signed by all member Fixing Banks.


XX. Contingencies
  1. Fixing Banks may be allowed to deal outside the designated trading system only under the following situations:
    1. System failure in either party's location;
    2. Power outage in either party's location
  2. Fixing Banks who were not able to deal using the designated trading system due to these reasons may transact their deals over the phone, or other media. The seller of the securities shall have the responsibility of immediately furnishing transaction details to the endorsed Service Provider. The Service Provider shall in turn map these deals not later than 1:00pm and furnish the MART with a list of these deals.
  3. In case settlement date is declared a no clearing day, then settlement shall be moved on to the next banking day. Such transaction shall be termed as value next banking day and settlement shall be adjusted only in terms of the revised remaining tenor while the yield agreed on deal date remains the same. This transaction shall also be inputted in the designated trading system on trade date and not considered a forward transaction.
  4. In the event of a system wide breakdown of the designated trading system disabling trading for the whole session, benchmarks of the previous trading day will apply.
  5. Done deals where system wide breakdown lasts for only a fraction of the trading day, shall still be mapped until 1:00 PM. If this is not possible, then the same procedures shall be followed as in item no. 1 above.

XXI. Suspension/Removal
  1. The MART board shall have the sole authority to decide on the removal or suspension of a Fixing Bank.
  2. The membership of a Fixing Bank in the fixing process may be revoked or suspended for failure to comply with the required commitments.
  3. Membership may also be revoked or suspended if the Fixing Bank is found unethical in its dealing practices.
  4. The erring Fixing Bank must be proven to be consistently in defiance of its commitments and obligations.
  5. A Fixing Bank who no longer wishes to participate in the fixing process shall inform the MART Board of Directors in writing.
« Back