MANILA, Philippines - The Philippine Stock Exchange (PSE) has chosen NASDAQ OMX's trading technology to replace its current platform by mid-2015.
In a statement, the PSE said it signed an agreement with NASDAQ OMX to deliver its X-stream Trading system.
The new system will power PSE's trading platform by the middle of 2015. The PSE's platform currently trades equities and ETFs.
"We are delighted to partner with NASDAQ OMX for this important undertaking... As the operator of the stock market, we need to ensure that we continue to provide the best and most responsive technology for all our stakeholders and we believe the solution provided by NASDAQ OMX is consistent with this objective," Hans B. Sicat, PSE President and CEO, said.
NASDAQ OMX is a leading provider of trading, exchange technology, information and public company services. Its exchange technology, which includes trading, clearing, CDS and market surveillance, is used in 100 markets around the world.
Lars Ottersgard, Senior Vice President, Market Technology at NASDAQ OMX, said they are committed to helping support the PSE as it expands its business.
"The Philippines continues to be an important market in ASEAN, as well as an attractive prospect for regional and international capital – PSE is the heart of its country’s market. We look forward to working with them in reaching their business goals and delivering the most widely deployed trading technology on the market," Ottersgard said.