PSE cancels stock trades due to a problem in the systems
The Philippine Stock Exchange called off trading on Tuesday due to a technical issue that affected 43 stockbrokers.
“Please note that trading at PSE is canceled on January 4, 2022 due to technical issues encountered while establishing the connection between the NASDAQ trading engine and the Flextrade front-end system,” said PSE President Ramon Monzon , in a notice.
“PSE continues to work and coordinate closely with representatives of NASDAQ and Flextrade to identify the underlying cause of the production issue described above and find the appropriate resolution,” he said.
Monzon said the exchange has made every effort to resolve the issue. It was unclear when trading would resume.
The PES said 43 out of 125 local exchange participants were unable to log into the exchange’s trading engine.
“Article VIII, Section 2 of the PSE Revised Trading Rules provides that the Exchange may halt trading in the Market if at least one-third of the Users-Trading Participants cannot access the Trading System,” said Monzon.
The Philippines Stock Exchange’s flagship index fell 1.1% to 7,042 on Monday, the first trading day of 2022, as Metro Manila was placed under stricter quarantine rules from May 3-15. January due to the sharp increase in COVID-19 cases.
Meanwhile, PES said it was named Southeast Asia’s Best Stock Exchange for 2021 in the Marquee Awards of the 15th Best Deal and Solution Awards 2021 by institutional investment magazine Alpha Southeast Asia. .
“With a record number of equity offerings both in transaction size and a wide range of asset classes entering the market, the Philippine Stock Exchange has emerged as the top stock exchange in Southeast Asia. High-profile historical issues like the $305 million IPO of MREIT and the 55.8 billion peso IPO of FMCG-focused Monde Nissin Corp. are, in fact , prime examples of how best to create shareholder value. With a stronger corporate governance framework in place led by the PSE and a continued push to raise standards for timely disclosure, the PSE is well positioned among issuers and investors, both local and foreign,” said declared Alpha Southeast Asia.