*  *  *  “Globalisation refers to an evolving pattern of cross-border activities of firms, involving international investment, trade and collaboration for the purposes of product development, production and sourcing, and marketing. It is driven by firm strategies to exploit competitive advantages internationally, use favourable local inputs and infrastructure, and locate in final markets.
Accreditation of third party custodians The BSP subsequently issued regulations on the pre-qualification criteria for banks and NBFIs that will operate as securities custodians and defined the functions and responsibilities of each. It is important that we develop the custodian as an important agent in the capital market that can facilitate the lending and borrowing of securities.