Credit Suisse Philiipines to cease trading operations

MANILA, Philippines — Credit Suisse Securities (Philippines) Inc. plans to stop its trading operations by the end of next month.

Credit Suisse Securities (Philippines) has issued a notice of filing of applications for voluntary suspension of operations, request to withdraw registration as broker dealer, as well as cessation of trading operations.

This comes after the company secured on Nov. 22  a board approval to file the applications due to the cessation of its trading operations effective January 31, 2024.

The application for voluntary suspension of its trading operations has been filed with the Capital Markets Integrity Corp., while an application for withdrawal from registration as a broker dealer has been filed with the Securites and Exchange Commission.

Cessation of operations of the corporation, meanwhile, has been filed with the Philippine Stock Exchange Inc.

Credit Suisse Securities (Philippines), which caters to institutional clients, is a licensed broker dealer that is a member of the Philippine Stock Exchange Inc., Securities Clearing Corp. of the Philippines and the Securities Investors Protection Fund Inc.

Credit Suisse and Switzerland’s biggest bank UBS announced in March that they have entered into a merger agreement, with UBS being the surviving entity.

Credit Suisse has been a leading financial advisor to the government and major corporates in the Philippines since 1992, providing financing and advisory services spanning capital raising, liability management, merger and acquisition transactions as well as structured finance.

Credit Suisse in 2011 further expanded its footprint in the Philippines by establishing an onshore brokerage covering equity research, sales, sales trading and execution, to complement its investment banking business and provide an expanded range of products and services to its institutional and corporate clients.