The so-called opposition bloc earlier contested the plan to acquire an $800,000 computer system for its clearing and settlement system, noting that the purchase of the new hardware is not practical at this time given the current low trading volume, with no sign of any improvement in the market in the foreseeable future.
"We, therefore, request that this project be held in abeyance until the performance of our market has reached a substantial volume justifying the acquisition of the said system," the brokers said.
"What is the real reason for this haste? The present system is doing fine for the present market volume that we have. As we have already stated, there is no urgent and critical necessity for the new system," the five-man group said.
Aside from Coyiuto, the other brokers include Eddie Gobing, Federico Lim, Harry Liu and Edwin Luy.
"We will just tie up a substantial amount of PSE money in a system that we may not be able to utilize to its full capacity given the lean trading volume we have, with no sign of improvement in the near or medium term," the brokers said.
In a circular to brokers, the PSE settlement committee justified that the new system will reduce the transaction costs to the brokers and lower the break-even operating levels to the Securities Clearing Corp. of the Philippines (SCCP), a 51-percent PSE subsidiary.