PDEx sets up new systems for trading, surveillance

MANILA, Philippines — The Philippine Dealing and Exchange Corp. (PDEX) launched a new electronic trading system for government and corporate bonds.

It also launched a surveillance system for the market using the regulatory oversight features of the Bloomberg platform.

Ma. Theresa Ravalo, officer-in-charge of the PDS Group, said the Bloomberg FIQ trading system replaced the X-stream Fixed Income Trading Engine and trader workstations through a tie up with Nasdaq effective Oct. 26.

“We express our sincerest gratitude to our long-time and reliable partner, Nasdaq whose technological capability and expertise were a key pillar in our market’s development. And as we start this new chapter, we also thank our market participants for the continuous support for our efforts to improve the financial market infrastructure,” Ravalo said.

The launch was made possible after the Securities and Exchange Commission approved amendments to the PDEx rules streamlining and aligning them with the new trading system.

“With Bloomberg FIQ, we are collectively more than ready to take advantage of new opportunities as these emerge,” Ravalo added.

PDEx president and COO Antonino Nakpil said the new partnership with Bloomberg would bring benefits to the stakeholders of the SEC-registered marketplace, trading participants, and issuers.

“This transition shall allow our community to capitalize on Bloomberg’s strength in fixed income markets and increase awareness of PHP-denominated government securities and corporate bonds among global fixed income market professionals,” Nakpil said.

 The major shift coincides with the retirement of the PDST reference rates that are calculated and published by PDEx daily.

For its new set of reference rates, the BAP, as the benchmark administrator, has engaged Bloomberg to be the benchmark calculation agent.