The Philippine Stock Exchange, Inc. (“PSE” or the “Exchange”) is a private organization that provides and ensures a fair, efficient, transparent and orderly market for the buying and selling of securities. PSE traces its roots from the country’s two former bourses: the Manila stock exchange (“MSE”) and the Makati Stock Exchange (“MkSE”).
Founded in March 1927, the MSE was the first stock exchange in the Philippines and one of the oldest in Asia. Originally housed in downtown Manila, the MSE moved to Pasig City in 1992. The MkSE, on the other hand, was established in May 1963 and became the second bourse to operate in the country. It was based in Makati City, a budding business district during those days.
While trading the same listed issues, MSE and MkSE remained separate entities for almost thirty years. December 23, 1992 marked a milestone for the Philippine capital market when the MSE and MkSE were unified to become the PSE. At present, PSE maintains two trading floors — one in Makati City and another in its head office in Pasig City. Even with two trading floors, PSE maintains a “one-price, one-market” Exchange through the MakTrade System.
This is a single-order-book system that tallies all orders into one computer and ensures that these orders match with the best bid/best offer regardless of which floor the orders were placed. MakTrade likewise allows PSE to facilitate the trading of securities in a broker-to-broker market through automatic order and trade routing and confirmation. It also keeps an eye on any irregularity in the transactions with its market regulation and surveillance databases.
The Term Paper on World Cities
A world city is a large city that has outstripped its national urban network and has become part of an international global system. They have become powerful nodal points for the multiplicity of linkages, and interconnections that sustain the contemporary world economies, social and political systems. The result is a new world system of cities acting as ‘organising nodes’. In other words, they ...
In June 1998, the Securities and Exchange Commission conferred to the PSE the status of a Self-Regulatory Organization, which allows the PSE to implement its own rules and impose penalties on erring trading participants and listed companies. In 2001, or a year after the Securities Regulation Code of 2000 was enacted, the PSE was reorganized and transformed…
