Stock brokerage Globalinks suspended on “continuing” capital shortfall

Philippine Stock Exchange, Bonifacio Global City, Taguig City, December 29, 2022. INQUIRER PHOTO / NINO JESUS ORBETA

MANILA, Philippines – The market regulation arm of Philippine Stock Exchange has suspended trading participant Globalinks Securities & Stocks Inc. (G_Link), citing “continuing” capital deficiency.

The involuntary suspension of this 34-year-old stock brokerage house took effect on July 9, Capital Markets Integrity Corp. (CMIC) president Gerard Sanvictores said in an advisory posted on the same day.

The suspension was “due to continuing breaches” of the capitalization requirements, CMIC said.

As such, G_Link’s access to the trading system of the local exchange, the depository online system and the clearing facilities has been restricted.

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Transfer of securities

But transfer of securities from G_Link to another brokerage firm as well as done-through sell transactions of clients may be allowed, subject to CMIC approval.

“However, trades by related parties of, and proprietary trading by, G_Link shall be prohibited,” Sanvictores said.

CMIC has directed G_Link to immediately inform its clients of the involuntary suspension and “assist them in such a manner that their interests are not unduly prejudiced.” /dda

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