The Philippine Stock Exchange (PSE) has tapped another brokerage firm, Coherco Securities, for its online trading system called PSETradex.
PSE, together with the officials of Coherco Securities, launched on Tuesday the brokerage firm’s online trading platform CohercoTrade.ph, which will run using PSETradex.
“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,” Hans Sicat, PSE president and chief executive officer, said.
“This development also bodes well for online investors as they now have more online brokers to choose from,” he added.
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.
Earlier this month, the local bourse officially launched BA Securities Online as the first broker to offer the services of the online trading platform it developed.
Sicat said that PSETradex is an initiative of the bourse that aims to boost interest toward the country’s stock market, specifying that it as an “obvious course of action to meet our [PSE’s] goal of expanding the investor base in the stock market.”
“Against our peers, our retail participation rate indeed lags behind. This is the reason why we believe that expanding the online trading capability of our brokers can become a potent strategy to have more Filipinos invest in the market,” he added.
With PSETradex, the PSE expects the number trading participants with online trading services to grow in the coming months, which is also expected to support the increasing preference of retail investors to trade online.
Aside from a web-based trading management system, PSETradex will soon have a mobile component which will allow brokerage firms that will utilize the online trading solution to offer wireless market applications to their clients.