PSE to upgrade to Nasdaq system next yr

MANILA, Philippines - The operator of the country’s stock exchange is replacing its electronic trading system next year as it moves to expand its trading capabilities and offerings.

In a disclosure, the Philippine Stock Exchange (PSE) said it signed an agreement for Nasdaq OMX to deliver the industry-leading trading technology X-stream Trading to the local bourse operator.

Starting mid-2015, the new system will power the PSE’s trading platform, which currently trades equities and exchange-traded funds using the Nouveau Système de Cotation developed by a unit of the New York Stock Exchange.

“As the operator of the stock market, we need to ensure that we continue to provide the best and most responsive technology for all our stakeholders and we believe the solution provided by Nasdaq OMX is consistent with this objective,” said PSE president and CEO Hans B. Sicat.

“We are dedicated to supporting PSE as they evolve and expand their business to better serve the market participants in the region,” said Lars Ottersgård, senior vice-president for market technology of Nasdaq OMX.

Ottersgård said the Philippines remains an important market in ASEAN, as well as an attractive prospect for regional and international capital. Hence, the company is looking forward to working with the PSE in delivering the most widely-deployed trading technology on the market.

The PSE’s current trading system was deployed in July 2010, replacing the Maktrade system that dates back to the unification of the trading operations of the Manila and Makati stock exchanges almost two decades ago.