THE Philippine Stock Exchange (PSE) on Sunday said it is deferring the rollout of its new trading system scheduled to accommodate the need of the Securities and Exchange Commission (SEC) to test the new system.
The PSE said it will announce the new launch of the trading system called PSEtrade XTS, which was supposed to have its launch on Sunday, when it received confirmation from the SEC.
“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. 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,” PSE President and CEO Hans B. Sicat said.
“The deferment will not affect the regular trading schedule of the PSE,” he said. Since early this year, the PSE has been testing its new system provided for by Nasdaq, or National Association of Securities Dealers Automated Quotations.
The PSE also started its Broker System Certification on January 6, with the exchange targeting a 100-percent certification rate for market players.
“The PSE also conducts weekly update session for brokers with their own trading execution platforms. The session provides brokers with the avenue to ask their questions and to report on their development milestones,” it said.
“We are optimistic that the first, as well as the succeeding tests, will be successful and that everything will proceed in time for our target launch in May,” Sicat said earlier.
PSE has also revised its trading rules to enhance risk management processes in preparation for new order types that it will introduce for its migration to new trading platform PSETrade XTS.
The said changes may include enhancements to risk-related areas pertaining to managing error accounts and instituting controls in preparation for the introduction of new order types such as market orders, among others.