Nyse Euronext (NYX) CEO Duncan L. Niederauer and Philippine Stock Exchange (PSE) Chairman Jose C. Vitug today signed a memorandum of understanding (MOU) that establishes cooperation between the two exchange companies to explore new opportunities in trading system architecture and technology, exchange traded products, market participant connectivity and market data management.
The MOU, signed at a historic ceremony today at the New York Stock Exchange observed by Philippines President, H.E. Gloria Macapagal-Arroyo, also covers the PSE's intention to purchase new trading system technology from NYSE Euronext and its affiliates.
"We welcome this opportunity to partner with Mr. Vitug and his colleagues at the Philippines Stock Exchange," said Mr. Niederauer today at the historic signing ceremony. "We are committed to the success of this alliance, which will benefit and create growth opportunities for both markets and their respective customers."
Mr. Vitug hailed the MOU, "which will bring closer together the world's biggest stock market and Southeast Asia's oldest stock market." Mr. Vitug added: "This historic MOU will provide us a common base to explore together a whole new frontier of opportunities, from which we can re-energize our markets for future waves of growth."
Mr. Francis Ed. Lim, PSE president and CEO, said: "We in the PSE have very high hopes that our collaborative and cooperative understanding with the world's leading stock market operator will help hasten the transformation of the PSE into a premier exchange". Mr. Lim added that "each possible area of mutual cooperation identified in the MOU will hopefully serve as guide in pursuing definitive agreements in the future. This represents the recognition of each party of the important role that the other will play in developing our respective stock markets."
The MOU also includes details on the PSE's acquisition of a new trading system from NYSE Euronext and its affiliates, which was announced in April 2008.
Areas of possible cooperation:
Under the terms of the NYX-PSE MOU signed today, areas of possible cooperation involve the sharing of information and experience on new stock markets products and services. The MOU also embodies the common goal of both companies to provide investors worldwide protection and operating fair, orderly and efficient markets. The MOU was drafted in the spirit that international cooperation between the two exchange companies will facilitate the development and efficient operation of all securities markets operated by the exchange groups.