PSE plans online trading platform for brokers
MANILA, Philippines – The project, called the Online Service Bureau (OSB), aims to provide online trading services for trading participants that can in turn be offered to investors. The project is currently in the process of soliciting proposals from local and international solution providers, the PSE said in a press statement on Tuesday.
To date, most trades in the country are still done via phone calls or physical interaction with stockbrokers or agents. The OSB seeks to take advantage of the Internet and the continuous growth of online transactions by allowing investors to place their orders to brokers online.
“The PSE is at the forefront of improving trading infrastructure and services to our trading participants. With the implementation of extended trading in the fourth quarter, we hope that this new service will further expand brokers’ reach to investors and boost activity in the stock market in a significant way,” PSE president and chief executive officer Hans Sicat said in a press statement.
In 2010, online accounts of investors grew by 25.8 percent to 35,559 compared to the previous year. Online trades represented 16.3 percent of the total number of stock market transactions last year.
The OSB also proposes to provide cost efficient services for both PSE and trading participants. The PSE sees the implementation of the OSB providing an opportunity for trading participants to offer services to their clients and potentially increase market activity without the need for expensive investments in technology.
With the introduction of the OSB, an investor himself can enter and monitor his own order online. The investor can monitor orders using a number of channels such as mobile phones, tablet personal computers and laptops.
“This offered solution should enable PSE to provide reliable and responsive services to trading participants and their clients. Our TPs need not worry about setting up the technology infrastructure and manpower resource to support such service for their clients,” said Rachelle Blanch, vice president and head of PSE’s market operations division.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.