PSE permanently closes the trading floor

Philippine Stock Exchange Inc. (PSE) held a bell ringing ceremony to mark the closing of its trading floor on Friday, June 24th. trading platform. The PSE will switch to no-deal trading from Monday, June 27th.

In his message during the ceremony, PSE President and CEO Ramon S. Monzon mentioned that not only is the physical closure of the trading floor, but the 64-year history of having a trading floor in the local stock market is also coming to an end. Although the Manila Stock Exchange (MSE) was organized in 1927, the first official mention of it having a trading floor was in 1958, when the MSE moved to the Filipinas Building at Moraga Square in Manila. MSE divided the sixth floor area of ​​said building into three sections: the exchange offices, the public section, and the trading floor. A 1964 MSE publication that recounts its history also mentions that members of the exchange were assigned to one booth on the trading floor that had direct telephone lines to their respective offices. It was described that on one wall of the floor there were boards for posting quotes and completed transactions, and on the other wall there were boards for data on registered shares, including mining firms’ production reports.

The exchange opened its single trading floor in February 2018 when its headquarters moved to PSE Tower in Taguig City. Prior to this, PSE had two trading floors – one in Makati City and the other in Pasig City.

mr. Monzon said that when the exchange moved to the PSE Tower, only 85 of the 132 active TPs were using the kiosks and dealer facilities. “Due to the COVID-19 pandemic, these over 80 TPs experienced remote trading first hand when we had to drop the minimum due to the lockdown. This clearly demonstrated to TP that seamless trading can take place as long as they are connected to the PSE trading platform. Finally, when it came time to renew their leases on the trading floor, only 29 out of 85 TPs renewed their leases, making it more practical for everyone to switch to full no-trade.”

“The use of this sales floor may not have been long-lived, but we will be repurposing this 695-square-meter space for more productive use by our stakeholders,” Mr. C. Monzon also said in his message.

Pictured: PSE President and CEO Ramon S. Monzon and Director of PSE and the Philippine Association of Securities Brokers and Dealers, Inc. Chairman Ma. The closing ceremony of the trading floor was held by Vivian Yuchengko. With them are PSE officials and nominal bidders.