The Philippine Dealing & Exchange (PDEX), the country's first ever fixed-income exchange, has licensed Computershare's X-stream trading system.
PDS Holdings Corporation, which owns PDEX, will operate the market for fixed-income securities, foreign exchange and a number of derivative products. The exchange is expected to be operational by the second quarter of 2004.
The vendor will provide the exchange with a fully automated trading and market management system that will be made available to all the market participants through the existing banking network.
Leonilo Coronel, executive of the The Bankers' Association of the Philippines, says: "X-stream trading technology will provide seamless and secure connectivity with the centralised clearing and settlement system, and will ensure the efficiency and indeed success of the markets."
Computershare says its X-stream platform is capable of processing many thousands of orders per second and can also be quickly configured to support completely new product classes.