MANILA, Philippines – It’s an end of an era for the Philippine Stock Exchange (PSE), as it closed its trading floor in Bonifacio Global City in Taguig on Friday, June 24 to embrace digital.
Starting next week, traders will conduct activities off-site instead of their trading booths, embracing the remote setup brought about by the coronavirus pandemic.
“I understand this is a sentimental moment for everyone who found comfort and security in being at a trading floor. Decades-long friendships have been built and nurtured over the years among the trading participants and traders on this floor, and this should not, and hopefully will not, end,” PSE president and chief executive officer Ramon Monzon said during the closing ceremony.
“The PSE may be among the few exchanges to have retained a trading floor to this day but in the end, technology finally prevailed…. All good things must come to an end, but this does not mean that we should forget the past. After all looking back is crucial to moving forward,” he added.
In 2020, the PSE closed down its trading floor, implemented a remote trading setup, and shortened trading hours due to the pandemic. Trading resumed physically when restrictions eased, only 29 of 86 trading participants, decided not to renew their leases.
While the PSE shifted to “floorless trading,” bell ringing ceremonies for new listings would still be conducted in the headquarters.
PSE data showed that online stock market accounts grew 23.8% to 1.16 million in 2021, accounting for 71.5% of total accounts. (READ: Pandemic entices Filipinos to trade stocks)
Majority or 74.7% of total trades in 2021 were done online, accounting for 21.45 million trades amid the pandemic.
The value of online trades in 2021 reached P744.49 billion, 44% higher than the P518.27 billion in 2020.
The trading floor in BGC opened in February 2018, unifying the two separate trading floors previously located in the Tektite building in Ortigas Center and Ayala Tower One in Makati City. – Rappler.com