The Korea Exchange (KRX) will develop a new online disclosure system for the local bourse after the Philippine Stock Exchange (PSE) sealed a partnership with KRX to tap its technological expertise.
In a statement, the PSE announced that it has partnered with KRX to enhance the local bourse’s disclosure engine, which will be used by listed companies to disseminate their required disclosures.
Under the new agreement, KRX will be engaged to design and develop the new online disclosure system of the PSE, which will be called PSE Electronic Disclosure Generation Technology, or PSE Edge.
According to PSE, the new disclosure system will make use of electronic templates so that disclosure information can be easily integrated real-time, upon release to the public, in various systems such as the PSE website and trading terminals, and the systems of data vendors and analysts.
“KRX has proven to be very dependable partner for our systems and we are excited to engage them again for this important technology investment of the PSE. As we move toward becoming a world class exchange, it is important that we partner with a global leader for exchange technology solutions,” said Hans Sicat, PSE president and chief executive officer.
The new disclosure system will replace the current online disclosure system (ODiSy), where disclosures are submitted online in PDF format.
The bourse cited that it is working with the Securities and Exchange Commission to enable the simultaneous submission by listed companies of disclosures to the PSE and SEC.
“Unfortunately, with the current system, investors and analysts will still have to manually encode information from the PDF format into their Excel file or other automated systems if they want to do further analytics on company disclosures,” Sicat said.