Auction for government securities shifts to NRoSS starting August 28.
THE Bureau of the Treasury (BTr) has issued a memorandum informing government securities eligible dealers (GSEDs) that starting August 28, the auction for government securities will now be made through its National Registry of Scripless Securities (NRoSS).
The BTr memorandum said the shift to the NRoSS system will help modernize the auction platform, as well as the registry of government securities. The shift was also explained to help eradicate possible operational risks, the BTr said.
'Please be informed that submissions of bids, confirmation of awards and settlement of results in government securities auctions shall be made through the NRoSS effective Tuesday, August 28, 2018. As such, all GSEDs shall ensure proper access and connectivity to the NRoSS to be able to participate in government security auctions moving forward,' the BTr memorandum said.
Under its current operational setting, the BTr uses two platforms to conduct the auction for government securities: the Automated Debt Auction Processing System (Adaps) and the Registry of Scripless Securities (RoSS).
The two platforms have been in operation for 20 years and were deemed to be lacking in the functionality that allows them to address current and foreseen business requirements to support the expanding capital market.
The BTr said the Adaps system will now be used for business continuity planning (BCP) purposes only.
'In case of the GSEDs' inability to access the NRoSS due to technical reasons, the current manual bidding process shall be observed. We will, however, require a certification from your IT [information technology] officer that access or connectivity to the NRoSS cannot be established, citing reasons thereof,' the BTr memorandum added.
The BTr has also issued the guidelines to aid GSEDs for the shift to the NRoSS under Treasury Circular 4-2018.
Government securities being auctioned off by the BTr include Treasury bills and Treasury bonds, among others.
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|Publication:||Business Mirror (Makati City, Philippines)|
|Date:||Aug 22, 2018|
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