The Philippine Stock Exchange Inc. (PSEI), the operator of the country’s only stock exchange, has tapped Nasdaq OMX to implement a new trading system starting mid-2015, a statement on Tuesday showed.
The agreement involves Nasdaq OMX’s X-stream Trading technology, which will replace the current platform used for trading of equities and exchange traded funds.
The PSE is currently using PSEtrade—the trademark for the NSC V900 platform of NYSE Technologies—that it started using in mid-2010.
That system, in turn, replaced the MakTrade system used by the bourse in the 1990s.
“We are delighted to partner with Nasdaq OMX for this important undertaking,” Hans B. Sicat, PSE President and CEO, said in the statement.
“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.
Nasdaq OMX’s exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across the United States, Europe, Asia, Australia, Africa and Middle East. Miguel R. Camus