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WE fear the Philippine Stock Exchange (PSE) and the Securities and
Exchange Commission (SEC) are taking a step back in terms of making
the stock market a level playing field for investors—be they
retail or institutional, existing or potential.
A few weeks ago, the Exchange permitted
anonymous trades by brokers under the guise of ensuring fair play
and of boosting liquidity, claiming such was international best
practice. The PSE even cited the US, Japanese, Singapore, Thai and
Malaysian bourses as examples of markets that implement the same
policy, which in effect deters transparency.
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