The Philippine Stock Exchange (PSE) is preparing for the maiden rehearsal of its new trading system PSEtrade XTS this month.
PSEtrade XTS is a new trading terminal of the PSE developed by National Association of Securities Dealers Automated Quotations (Nasdaq) OMX, a global exchange technology solutions provider.
The first rehearsal will include local brokerage firms and is scheduled within this month. PSE said it has been conducting regular broker training since November last year to ensure all brokers and firms trading in the local market will participate.
“To date, only a fourth of the total number of trading participants have yet to finish their training,” PSE said, noting it has to work with brokerage firms to achieve a 100 percent certification rate in its application for Broker System Certification.
A weekly updating session for brokers will also be carried out where concerns, questions and reports about the PSEtrade XTS can be aired to support continuing development of the system.
“We are pleased that the preparations for the new trading system are moving as scheduled. We are grateful for the support extended to our team by the broker community and the data vendors to make sure that all goes well,” PSE President and Chief Executive Officer Hans B. Sicat said in a statement.
The rehearsal sometime this month will be the first of many tryouts conducted before the anticipated full roll-out of PSEtrade XTS in May.
“We are optimistic that the first as well as the succeeding tests will be successful and that everything will proceed in time for our target launch in May,” Sicat said.
PSE conducted the new system’s beta testing in December last year and the systems certification process at the start of 2015 to reduce risks in changing platforms, ensure that the system is ready for migration, and is in compliance with the requirements of the exchange.