PSE defers roll out of new trading system
The Philippine Stock Exchange, Inc. (PSE) deferred the roll out of its new trading system, the PSEtrade XTS because the Securities and Exchange Commission (SEC) wanted the bourse to further test the XTS system.
The Exchange originally scheduled the launch of the XTS platform last June 1 and said the PSE will announce the new launch date once it receives confirmation from the SEC. The bourse said deferment will not affect its regular trading schedule of the PSE.
“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,” said the PSE.
The new trading engine developed by NASDAQ will replace the current PSEtrade platform which has been provided by NYSE Euronext Technologies SAS and used by the market since 2010.
“The shift to XTS is one of our major projects in our strategic plan. This upgrade brings us closer to our technology goals for the Exchange,” said the PSE.
The June 1 launch date was set following a series of market rehearsals that have been conducted since March. The PSE will hold one more market rehearsal on May 23 to provide market participants more opportunities to get used to the system before its launch.
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.
“The market testing we conducted the last few weeks provided our market participants the opportunity to test the features and functions of the PSEtrade XTS in a simulated trading session. We look forward to a smooth and seamless transition to the new system,” the PSE added.