THE PHILIPPINE Stock Exchange has deferred the rollout of its new trading system, originally scheduled for June 1 (Monday), to pave the way for further testing as required by corporate regulators.
The new trading system, PSEtrade XTS, is a new trading engine developed by NASDAQ which will replace the current PSEtrade platform which has been provided by NYSE Euronext Technologies SAS and used by the market since 2010.
“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 (Securities and Exchange Commission),” said PSE president Hans Sicat.
“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,” Sicat added.
The deferment will not affect the regular trading schedule of the PSE, the PSE assured, adding it would announce the new launch date once it receives confirmation from the SEC.
PSEtrade XTS is prepared to handle more volumes and trades even as the local stock market has seen the number trades increase almost five-fold from 2010. The new system also provides for same-day recovery in case the disaster recovery site is utilized. It is also capable of facilitating new products and services that are being planned to be rolled out by the exchange.
In July 2014, the PSE announced that it will use NASDAQ’s X-stream Trading technology to power its new trading engine.
NASDAQ’s exchange technology operates in over 100 market places across USA, Europe, Asia, Australia, Africa, and the Middle East. NASDAQ’s trading technology is also used by Southeast Asian bourses like Bursa Malaysia, Singapore Exchange, and the Indonesia Stock Exchange.