6 banks interested in listing ETFs on PSE


Posted at Dec 21 2012 05:06 PM | Updated as of Dec 22 2012 01:06 AM

MANILA, Philippines - Six local and foreign banks have expressed interest in listing exchange traded funds (ETFs) on the Philippine Stock Exchange.

PSE president and chief executive officer Hans B. Sicat on Friday said as the firms are now consulting with the local bourse, an ETF listing on the exchange is possible within the first quarter of next year.

An ETF, which is a basket of assets, is traded much like a stock on a bourse.

Sicat said the PSE is hoping to issue the first draft of ETF rules by January after the Securities and Exchange Commission last month approved a set of guidelines for ETFs.

Under said SEC measures, firms planning to offer ETFs should have a minimum capitalization of P250 million.