Another broker offers online, mobile stock trading
MANILA, Philippines - A second online trading platform, CohercoTrade.ph, was launched by the Philippine Stock Exchange (PSE) on Tuesday, October 22, further boosting efforts to promote stock trading among internet-savvy individual investors.
In a statement, the PSE said Coherco Securities would use its off-the-shelf trading platform, PSETradex, developed to help cut the learning curve of traditional brokerage firms facing hurdles in putting up their own online trading platform.
"We’re pleased that Coherco Securities trusted PSETradex to be their online trading system provider. The PSE is now realizing its goal of enabling trading participants to provide online trading options to their investors," said PSE President and chief executive officer Hans B. Sicat.
"This development also bodes well for online investors as they now have more online brokers to choose from,” he added.
CoheroTrade.ph follows the August launch of BA Securities' BASecOnline, the first online trading platform to go live using the PSETradex.
Both plan to offer online and mobile-based stock trading soon.
More online traders
Through PSETradex, the PSE envisions the number of trading participants with online trading services to continue growing. The PSE said more retail investors prefer to trade online.
PSE earlier reported a 48.2% surge in online investor accounts in 2012 to 78,216 from 52,720 a year ago. Total online transaction value in 2012 rose 18.8% to P195.75 billion from P164.75 billion in 2011.
Online trading also comprised 6.7% of the total value in the stock market, less block sales. Retail investors trading online had an annual income of less than P500,000 and most of which come from the younger age group.
The exchange developed PSETradex to help traditional brokerage firms hurdle the challenge of putting up an online platform that allow retail clients to personally post their buy and sell orders online and on their own.
PSETradex is an internet-based trading management system developed by the Exchange that allows users to trade shares of stock, monitor and manage their stock portfolio, and get real-time market information.
Aside from a web-based trading management system, PSETradex will soon have a mobile component which will allow brokerage firms that will utilize this trading solution to offer wireless market applications to their clients. - Rappler.com