THE Securities and Exchange Commission (SEC) finally gave the new trading platform of the Philippine Stock Exchange (PSE) the green light after having its rollout deferred so the system could be tested and evaluated some more.
The PSEtrade XTS will be launched on June 22, from an original rollout date of June 1, the PSE noted in a statement, saying the corporate regulator gave the bourse the nod to proceed with the system
“The PSE has been working closely with the SEC on the implementation of the new system to ensure that their requirements from a regulatory standpoint are addressed,” PSE President and Chief Executive Officer Hans Sicat said.
“We shall continuously provide the SEC with updates and information they need as we launch PSEtrade XTS to ensure its successful implementation,” he added.
The new PSE trading terminal, developed by National Association of Securities Dealers Automated Quotations (Nasdaq) OMX, uses the Nasdaq’s Xstream Trading technology the same platform used over 100 stock markets across United States, Europe, Asia, Australia, Africa, and the Middle East.
Bursa Malaysia, Singapore Exchange, and the Indonesia Stock Exchange already have the same system in place.
The PSE started beta testing the PSEtrade XTS last December and the certification process early this year to reduce the risks involved in switching platforms and ensure that the system is ready for migration and meets the requirements of the exchange.
Local brokerages were involved in the tests last March, including mock trading to determine the efficiency levels of the system.