"It is work, work and more work for us. We do not want the capital market and stock exchange to suffer just because of the selfish actions of a few," an official of the PSE said.
"We must rise above petty differences. A productive and efficient workforce spurs economic recovery and the bourse is an integral part of the effort to boost growth," he said.
The stock exchange, he assured, would remain steadfast in its objective to attract more investors and capital. "We can only hit our target if we work hard and earn the confidence of stock traders."
He said the holding of the elections last March 9, which is being questioned by a group of brokers who could not accept defeat, was above board and in accordance with the PSE’s by-laws and the Securities Regulation Code.
This was confirmed by PSE special nominations committee chairman Edgardo Guevarra in a letter addressed to PSE president Ernest Leung in which he said that "in the whole process, no objections have been interposed by any party and all directors have been legally elected in accordance with the by-laws of the exchange and applicable laws."
"This is not just a matter of honoring the results of the elections, which were held in an open and democratic manner. This is about respecting the law. Sour grapes, have no place in our society," the PSE official said.
Ma. Vivian Yuchengco, PSE chairman, said they have readied a number of reform measures at the PSE, which was wracked by scandals, the worst of which was the Best World price stock manipulation.
Charges of insider trading, fraud and manipulation have been filed against businessman Dante Tan, Belson Securities Inc., Securities 2000, Inc. and PCCI Securities Brokers Corp. as well as Tan’s partners Eduardo Lim Jr., Hermogenes Laddaran, Eduardo Co, Jimmy and Mario Juan, Raul de Castro and Federico Galice.
"We want to avoid a repeat of the BW scandal that nearly pulled down the stock market that’s why we are instituting some reforms to restore integrity in our bourse," Yuchengco said.
She said the so-called old boys’ club network abetted stock manipulation. "We have to break up the network and make trading more responsive to the needs of the market in general and investors in particular."
Many traders at the bourse consider Yuchengco as a reformist who has the guts to go against the well-entrenched boys club network.
She has the support of no less than President Arroyo, who has sought the dismantling of this group to protect investors.
"What is at stake here is the reform of the system in the stock exchange… dispelling the perception of an old boys’ club. (It’s about) following the rule of law," the President has said.
Yuchengco said one such reform to be instituted is for PSE to go public, which is in compliance with Securities Regulation Code. Yuchengco was co-chairman of the committee that worked for the conversion of the PSE into a stock corporation.
She said they are already conducting spadework on the IPO (initial public offering) of PSE shares. "We have lots of work to do in preparation for an IPO. This is no easy task."
PSE president Ernest Leung, in an earlier interview, said they would start working on the IPO proposal by June. He added that the offering might not be possible this year because of the tedious preparations involved.