MANILA, Philippines – In an effort to “provide the best and most responsive technology,” the Philippine Stock Exchange (PSE) is replacing its current trading platform with NASDAQ OMX’s (Nasdaq: NDAQ) trading technology, X-stream Trading, the local bourse announced Tuesday, July 1.
PSE and NASDAQ signed an agreement for the latter to power PSE’s trading platform, which currently trades equities and Exchange-Traded Funds (ETFs).
NASDAQ OMX is the creator of the world’s first electronic stock market and its technology powers more than 80 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions.
X-stream Trading, which will replace PSE’s current platform, Nouveau Système de Cotation Trading System Core Products, is expected to go live in mid-2015.
“We are delighted to partner with NASDAQ OMX for this important undertaking,” PSE President and CEO Hans Sicat said.
The Philippines is an important market in the Association of Southeast Asian Nations (ASEAN) region as well as an attractive prospect for regional and international capital, and PSE is “at the heart” of the country’s market, NASDAQ OMX Senior Vice President for Market Technology Lars Ottersgård, said.
“We are dedicated to supporting PSE as they evolve and expand their business to better serve the market participants in the region …. We look forward to working with them in reaching their business goals and delivering the most widely deployed trading technology on the market,” Ottersgård added.
NASDAQ OMX is home to more than 3,200 listed companies with a market value of over $8 trillion and more than 10,000 corporate clients. Its exchange technology, including trading, clearing, Central Securities Depository (CSD) and market surveillance systems, is in operation in over 100 marketplaces across USA, Europe, Asia, Australia, Africa, and the Middle East.
The PSE has 260 publicly listed companies and 134 active trading participants. Trading in the PSE runs from 9:30 am to 3:30 pm daily with a recess from 12:00 noon to 1:30 pm. PSE maintains a trading floor at its principal office at the Ayala Tower One in Makati City. – Rappler.com
NASDAQ trading floor image from Wikipedia