PSE inks deal for new trading system
The Philippine Stock Exchange (PSE) has finalized its plan to acquire a new and world-class trading system from NYSE Euronext Technology SAS (NYXT), the world’s leading provider of technology solutions for exchanges.
The PSE and NYXT signed on Wednesday the new trading system license, implementation and maintenance agreement.
“This new trading system will exponentially improve the capacity of the PSE to handle any future sharp increase in our value turnover,” said PSE president and chief executive officer Francis Lim.
“Moreover, this new system has the capability to handle sophisticated capital market instruments, including those that are only in the development stage.”
The agreement came roughly a month after PSE entered into a memorandum of understanding with NYSE Euronext, parent of NYXT, for cooperation and sharing of information and experience on trading system architecture.
Lim noted that the agreement will serve as basis for PSE’s acquisition of NYXT’s trading application, called NSC®. Developed by the NYXT, the NSC® trading application is used today by major exchanges to trade a wide range of cash, debt and derivative instruments.
According to Lim, NSC® will replace the PSE’s current trading system, called the Mak Trade. A version of the NSC®, which will be customized for PSE’s use according to its requirements, will be completed and launched sometime in the middle of next year.
“The launch of this new trading application will prepare our market for future waves of growth,” Lim stressed.
Source: ABS-CBN Online, http://www.abs-cbnnews.com/storypage.aspx?StoryId=127483