PSE says tech guy’s resignation not due to glitches

THE PHILIPPINE Stock Exchange said on Thursday that the resignation of its chief technology officer was due to a personal decision to pursue “other ventures” and had nothing to do with the recent technical glitches at the local bourse.

“Mr. Emmanuel Caintic’s resignation came at an inopportune time and we want to clarify that his resignation was in no way related to the events in the past days pertaining to the trading halt. We would have wanted for him to continue to help us even in other capacities, but we also have to respect his decision,” PSE chief operating officer Roel Refran said in a press statement.

“We wish him well and if needed or if there are opportunities in the future, we would welcome tapping his expertise again,” Refran said.

Trading glitches occurred at the PSE on Aug. 18, 24 and 25, resulting in three occasions of market trading halt. The longest trading halt happened last Tuesday – from 10 am to 2:55 pm – frustrating many traders.

The PSE noted technical issues on the transmission of trading data in the front-end trading terminals that prompted these trading halts. While the trading engine provided by NASDAQ was fully functioning, the PSE said the front-end trading terminals used by trading participants as their primary order execution interface or as their back-up system experienced technical issues.

The PSE did not provide any reason for Caintic’s resignation when it first disclosed this on Wednesday. The disclosure was, in turn, triggered by the board’s acceptance of the resignation that day.

On Thursday, the PSE issued a new disclosure that said: “Mr. Caintic cited personal reasons for his resignation expressing his desire to move on to other ventures.”

Meanwhile, Refran said the PSE would provide the Securities and Exchange Commission with information on the technical incidents.
 
“We observe reporting procedures when these types of issues arise, including providing them incident reports as soon as possible.  We have been in constant communication with the SEC and will provide them their information requests within the set timelines,” Refran said.

SEC chair Teresita Herbosa said on Wednesday that the corporate watchdog had ordered the PSE to submit by the end of this week, a “full and thorough report on these glitches and trading halts.”

PSE president Hans Sicat, for his part, has apologized to all stakeholders for the trading disruptions on Tuesday. He explained that the trading halt was “the right thing to do” to be fair to all market players.