Philippine Dealing System

What Philippine Dealing System does

Philippine Dealing System Holdings Corp. (PDS Group) is the privately-held holding company for the Philippines' complete fixed-income capital-market infrastructure, headquartered in Makati City and operational since 1997. Through three wholly-owned subsidiaries — Philippine Dealing & Exchange Corp. (PDEx), Philippine Depository & Trust Corp. (PDTC), and PDS Academy for Market Development Corp. (PDSA) — the group provides electronic trading, clearing, settlement, depository, registry, and market-education services to fixed-income dealers, brokers, issuers, depository participants, and institutional investors.

The platform architecture spans Bloomberg FIQ (quote-driven and order-driven execution), PDSClear (multi-asset clearing linked to BSP's PhilPaSS for peso settlement and USD/RMB transfer services), PDTC depository with NoCD nominee structures, PDST and BVAL benchmark rate calculation, and a SEC-approved Distributed Ledger Technology (DLT) proof-of-concept registry that issued the Philippines' first digital bond. PDEx is a SEC-registered Self-Regulatory Organization and the sole organized secondary market for fixed income in the Philippines, dual-supervised by the SEC and BSP. Other infrastructure includes the Bond Forward Program, PDS REPO market, PDS SECLEND securities lending program, e-SIP issuance portal, and PDSConnect high-bandwidth access network. Market data is published in real time via PDS MarketPage and globally distributed through Thomson Reuters.

PDS generates revenue from trading and transaction fees charged to dealer and broker members, listing and enrollment fees from issuers, recurring depository and registry managed-service fees, and data monetization through benchmark rate publication and market-data distribution. Pricing is not publicly disclosed and requires SEC approval. PDS was fully acquired by the Philippine Stock Exchange in late 2023, consolidating Philippine equities and fixed-income infrastructure under a single owner following the 2022 merger of PSSC into PDEx. In 2007, Singapore Exchange (SGX) and PSE had each acquired 20% strategic stakes, with PSE later consolidating to full ownership.

Name

Philippine Dealing System

Legal name

Philippine Dealing System Holdings Corp.

Website

https://pds.com.ph

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

51–100 employees

Short description

Philippine Dealing System Holdings Corp. (PDS Group) is the Philippines' central fixed-income market infrastructure, providing electronic trading, clearing, settlement, depository, and registry services through subsidiaries PDEx and PDTC to dealers, brokers, issuers, and institutional investors.

Ownership category

akta.pro rank

Product category

Financial Market Infrastructure

NAICS

Securities and Commodity Exchanges (5232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Corporate Bond Trading Platforms (FSAFACAB)

akta.pro secondary industry

National CSDs & Domestic Settlement Systems (FSAFAGAA)

Keywords

• Fixed income trading
• Central securities depository
• Clearing and settlement
• Bond market infrastructure
• Securities registry services

Headquarters

HQ city

Makati

HQ country

Philippines

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Trading and Transaction Fees: Fees charged to trading participants (dealers and brokers) for transactions executed through PDEx platforms including fixed income trading, REPO transactions, and securities lending
2. Listing and Enrollment Fees: Fees charged to issuers for listing and enrollment of securities on PDEx, including corporate bonds, government securities, and other fixed income instruments
3. Depository Services: Safekeeping, settlement, and corporate action services for securities held in depository, including fees for dematerialization, pledge management, and collateral management
4. Registry Services: Recordkeeping and transfer agency services maintaining official records of registered security holders, including paying agency services for dividend and interest distributions
5. Data Services: Real-time publication of price and market statistics, benchmark rate calculations including PDST and BVAL reference rates, and market data distribution through Thomson Reuters and other channels

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

PDS Group is the Philippines' integrated financial market infrastructure provider, operating organized secondary-market trading, clearing and settlement, depository and registry, and securities services for fixed-income securities. Through its subsidiaries PDEx (trading) and PDTC (depository/registry), it delivers electronic trading platforms (Bloomberg FIQ, X-stream), REPO and securities lending programs, bond forward contracts, a CSD for safekeeping and corporate actions, benchmark rate calculation (PDST, BVAL), and digital issuance tools (e-SIP, DLT-based registry).

Product overview

The Philippine Dealing System Holdings Corp. (PDS Group) operates as a complete capital market infrastructure providing a comprehensive suite of integrated services through its three main operating subsidiaries. The core offering consists of Philippine Dealing & Exchange Corp. (PDEx) for trading services, Philippine Depository & Trust Corp. (PDTC) for securities services, and PDS Academy for market education. PDEx operates the organized fixed-income market providing electronic trading through platforms including PDS FI Quote, PDS FI Order, Bloomberg FIQ, and X-stream Trading System, complemented by PDS REPO (repurchase agreements) and PDS SECLEND (securities lending). PDTC provides Central Securities Depository (CSD) functions including depository safekeeping, registry recordkeeping, collateral management, and clearing through PDSClear. The group offers additional services including bond forward contracts, benchmark reference rate calculation (BVAL/PDST), fund transfer services including RMB transfer, and digital registry solutions using DLT. All services are connected through PDSConnect infrastructure and integrated with Philippine Payment and Settlement System (PhilPaSS), Bureau of Treasury RoSS, and global data distribution through Thomson Reuters.

Differentiator

Problem solved

Functional benefit

Products and services

• Philippine Dealing & Exchange Corp. (PDEx) - Organized Fixed Income Trading Market SEC-registered fixed-income securities market and Self-Regulatory Organization (SRO) providing organized secondary market trading of government and corporate debt securities through electronic trading platforms, with authority to create and enforce market rules.
• Philippine Depository & Trust Corp. (PDTC) Depository Services Central Securities Depository (CSD) services including safekeeping, settlement, corporate action processing, pledge management, and collateral management for equity and fixed income securities.
• PDTC Registry Services Recordkeeping and transfer agency services for issuers maintaining official records of registered security holders, with bundled payment services for dividends, interest, and principal distributions, including tax computation across multiple currencies and tax rates.
• PDS Fixed Income Trading Platform (Bloomberg FIQ) Electronic trading platform providing direct access to registered fixed income markets for dealers, brokers, and qualified investors, supporting multiple execution modes (quote-driven and order-driven) with pre-trade anonymity and matching engine.
• PDS REPO Market Program Repurchase agreement market supporting cash liquidity of financial institutions admitted as PDEx Members, providing secured short-term investment outlets with trades centrally captured and linked to settlement via PDSClear.
• PDS SECLEND Securities Lending Program Securities lending program supporting securities liquidity requirements of PDEx Member financial institutions through a lending pool with collateral management under a transfer-of-title legal arrangement managed via PDTC Depository.
• PDSClear Clearing System Clearing system determining fixed income security and monetary obligations of trading participants, with validation and reconciliation prior to settlement; supports alternative clearing modes across different asset classes and currencies.
• PDEx Bond Forward Program Market framework and infrastructure for Bond Forward Contracts traded, cleared, and settled through PDEx, including Bond Forward Trading Boards and bilateral netting system for net cash settlement with standard forward settlement dates.
• e-Securities Issue Portal (e-SIP) Web-based digital portal enabling issuers to streamline issuance and distribution activities for fixed income securities, providing paperless access to the local debt market and broader investor reach.
• PDS Data Services (PDS MarketPage) Electronic data services providing real-time price and transaction data publication for fixed income securities, with centralized market data capture and global dissemination through Thomson Reuters integration.
• PDST and PHP BVAL Reference Rates Benchmark rate calculation services generating PDST (Philippine Dealing System Treasury Reference Rates) and PHP BVAL Reference Rates used for valuing and marking-to-market interest rate-sensitive instruments, including government and corporate securities.
• PDS Pay / Fund Transfer Services Payment services enabling secure cash payments within the Philippine financial system and global payment systems, including real-time electronic transfer of USD and RMB, linking PDSClear to BSP PhilPaSS for peso settlements.
• RMB Transfer Service (RTS) Domestic Renminbi Transfer Service enabling real-time electronic transfer of RMB within the Philippines and with global payment systems through pioneer bank participants.
• Collateral Management System PDTC-accredited collateral management system accepting eligible assets for PDEx REPO and Securities Lending programs under transfer-of-title arrangement, monitoring adequacy of transaction cover against contractually agreed levels.
• PDS Academy for Market Development Corp. Market education and development subsidiary providing training programs, symposia, and market-based education, including the PDS Officers Development Program (six-month training for officership candidates) and investor education initiatives.
• Digital Registry and Digital Depository (DLT) Proof-of-concept digital registry and depository using Distributed Ledger Technology (Blockchain), enabling issuance of the country's first Digital Bond under an SEC-approved framework, with ESGPedia integration via STACS for ESG data.

Quantifiable outcome

• PHP 15.91 trillion Fixed Income Traded Volume recorded in 2025
• +2 more outcomes

Named customers10 records

Segments7 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature11 records

Partnerships

17 partnerships are on record, tiered core and minor.

• Taiwan Stock ExchangecoreStrategic or Co-development Partner · 1 January 2025Knowledge sharing and regional cross-training on capital market infrastructure, CSD operations, and market development best practices as part of Asia Pacific market collaboration
• Taiwan Securities DepositorycoreStrategic or Co-development Partner · 1 January 2025Regional cross training on securities depository operations and best practices
• Asia Pacific Group of CSDscoreStrategic or Co-development Partner · 1 January 2025Knowledge sharing and collaboration on central securities depository operations and market development
• Hong Kong Market Infrastructure OperatorscoreStrategic or Co-development Partner · 1 January 202424th Asia-Pacific CSD Group Cross Training Seminar hosted in Hong Kong
• Kazakhstan Market OperatorsminorStrategic or Co-development Partner · 1 January 202426th ACG Annual General Meeting in Almaty, Kazakhstan for CSD collaboration
• Japan Market Infrastructure OperatorscoreStrategic or Co-development Partner · 1 January 202429th Cross-Border Settlement Infrastructure Forum (CSIF) in Kumamoto, Japan
• Singapore Market OperatorscoreStrategic or Co-development Partner · 1 January 2024CFTC-MAS: 2024 Self-Regulatory Organization International Day in Singapore
• STACScoreTechnology or Integration · 1 January 2024Partnership to utilize ESGPedia platform for ESG data and sustainability-linked bond tracking
• Bloomberg Finance Singapore L.P.coreTechnology or Integration · 1 January 2018Bloomberg provides BVAL (Bloomberg Valuation) Reference Rates calculation for Philippine Peso Government Securities benchmark under agreement with Bankers Association of the Philippines
• Bank of China Limited, Manila BranchcoreStrategic or Co-development Partner · 1 January 2013Activated Domestic Renminbi (RMB) Transfer Service in the Philippines through PDS System for historic first RMB transfers
• Thomson ReuterscoreTechnology or Integration · 1 January 2011Strategic Cooperation Agreement signed in 2011 for efficient platforms for PDS FX Community; Thomson Reuters provides global distribution of PDEx market data
• Bankers Association of the Philippines (BAP)coreStrategic or Co-development PartnerBAP is benchmark administrator and owner of PHP BVAL Reference Rates; BAP engages PDEx as Benchmark Publication Agent for PHP BVAL rates
• Bangko Sentral ng Pilipinas (BSP)coreStrategic or Co-development PartnerBSP provides 'no-objection' letters enabling BSP-regulated entities to participate in PDS REPO and SECLEND markets; BSP oversees PDS Settlement Highway through PhilPass system
• Securities and Exchange Commission (SEC)coreStrategic or Co-development PartnerSEC grants SRO, exchange, and clearing authorities to PDEx; SEC provides regulatory oversight and approval for market programs and rules
• Bureau of the Treasury (BTr)coreStrategic or Co-development PartnerCollaboration on government securities market development, Registry of Scripless Securities (RoSS) administration, and retail treasury bond programs
• Money Market Association of the Philippines (MART)coreStrategic or Co-development PartnerMART partners with PDEx for GS Repo Market Program; PDEx serves as Data Publication Agent for BAP-MART GS REPO benchmark rates
• FINEX (Financial Executives of the Philippines)minorStrategic or Co-development PartnerContinuous cooperation on financial market education and industry development initiatives

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Market position

Competitive moat6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles30 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Philippine Dealing System