THE Philippine Stock Exchange Inc. (PSE) is deferring the roll out of its new trading system on the orders of regulator Securities and Exchange Commission (SEC), until the trading platform has undergone further tests.
In a statement, the PSE said the launch of the PSEtrade XTS was deferred from the original launch on Monday, June 1.
“While we are eager to use the new trading engine, we have to push back our start date to give way to the additional test requirements of the SEC. We are confident that we will get the commission’s go signal very soon so we can proceed with the much awaited transition to XTS,” PSE President and CEO Hans Sicat said.
The delay will have no impact on the normal schedule of trading. A new launch date will be announced as soon as an SEC confirmation is received, according to the PSE.
PSEtrade XTS is a trading platform developed by National Association of Securities Dealers Automated Quotations (Nasdaq) OMX, a global exchange technology solutions provider.
Beta tests were done last December, and a certification process was started this year to reduce the risks in switching platforms and ensure that the stock exchange is ready to migrate to a new system that meets its requirements.
Local brokerage firms used the PSEtrade XTS in mock trading last March to test its efficiency.