The Philippine Stock Exchange (PSE) has announced plans to replace its current trading platform with Nasdaq OMX’s X-stream Trading Technology.
Upgrading to Nasdaq’s exchange technology will provide PSE, which currently offers trading in ETFs and equities, with trading, clearing CSD and market surveillance systems. PSE is expected to go with X-stream, live mid-2015.
As recently as May, Instinet’s algorithmic trading platform was similarly integrated into the Philippines market. The introduction of X-Stream marks another addition to the increasingly prominent ASEAN market, which in recent years has strongly outperformed expectations – with the Philippine market in particular experiencing an impressive 11% growth in 2012 alone.
"We are dedicated to supporting PSE as they evolve and expand their business to better serve the market participants in the region," said Lars Ottersgård, senior vice president, Market Technology, Nasdaq OMX. "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 PSE in reaching its business goals and delivering the most widely deployed trading technology on the market."
Hans B. Sicat, president and CEO, PSE, added: “We are delighted to partner with Nasdaq OMX for this important undertaking. 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.”