The Philippine Stock Exchange Inc. (PSE) has selected NASDAQ OMX technology for its new trading platform which will go online by the middle of next year.
In a statement, PSE said it and NASDAQ OMX have signed an agreement for NASDAQ OMX’s industry-leading trading technology, X-stream Trading.
“We are delighted to partner with NASDAQ OMX for this important undertaking,” said PSE president and chief executive officer Hans Sicat.
”As the operator of the stock market, we need to ensure that we continue to provide the best and most responsive technology for all our stakeholders, and we believe the solution provided by NASDAQ OMX is consistent with this objective,” he added.
As of June 2014, the PSE has 260 publicly listed companies and 134 active trading participants.
Trading in the PSE is from 9:30 a.m. to 3:30 p.m. daily, with a midday break of from 12 p.m. to 1:30 p.m. It currently maintains two trading floors, one at the PSE Centre (Tektite), Ortigas Center in Pasig City, and one at its principal office at the Ayala Tower One in Makati City’s Central Business District.
Lars Ottersgård, senior vice president for market technology of NASDAQ OMX, said the company is dedicated in supporting PSE as it evolves and expands.
“The Philippines continues to be an important market in ASEAN, as well as an attractive prospect for regional and international capital – PSE is the heart of its country’s market.
We look forward to working with them in reaching their business goals and delivering the most widely deployed trading technology on the market,” Ottersgård said.
Overall, NASDAQ OMX is home to more than 3,200 listed companies with a market value of over $8 trillion and more than 10,000 corporate clients.