|
By Chino S. Leyco, Reporter
LOCAL stock brokers will soon be
allowed to trade on other Southeast Asian exchanges, after six
bourses in the region, including the Philippines agreed to
electronically link their markets.
In a disclosure Thursday, the
Philippine Stock Exchange (PSE) said the tie-up would be through the
establishment of an Association of Southeast Asian Nations (Asean)
board, which will let the neighboring bourses to effectively work
together and help draw more investments.
The agreement comes amid extreme
volatility in global financial markets arising from failures in the
US housing market.
Besides the PSE, Bursa Malaysia,
Ho Chi Minh Stock Exchange of Vietnam, Indonesia Stock Exchange,
Singapore Stock Exchange and the Stock Exchange of Thailand will
take part in the Asean board.
Earlier, the PSE announced that
it signed a new trading system license, implementation and
maintenance agreement with NYSE Euronext Technology SAS (NYXT), a
provider of technology solutions for bourses.
This new trading system will
improve the capacity of the PSE to handle any future increase in its
value turnover as the new system has the capability to handle
sophisticated capital market instruments, including those that are
only in the development stage.
The agreement with NYXT came
roughly a month after PSE entered into a memorandum of understanding
with NYSE Euronext.
Under the deal, both parties
agreed to explore various areas of possible cooperation, including
sharing of information and experience on trading system
architecture.
NYXT, a company registered in
France, is a wholly owned subsidiary of NYSE Euronext, the world’s
largest exchange operator.
PSE said the agreement is a basis
for PSE’s acquisition of NYXT’s trading application, called NSC®,
a trading application that major exchanges use to trade a wide range
of cash, debt and derivative instruments.
|
