Philippine bond market adopts Nasdaq OMX surveillance
The Philippine Dealing and Exchange has chosen a Nasdaq system to monitor its fixed income markets and make sure that any market abuse is swiftly discovered and dealt with.
Nasdaq OMX’s SmartsOnline market surveillance technology uses real-time market information to monitor and check for any potential issues. The exchange already uses Nasdaq’s X-stream trading platform, which is also used by other global exchanges including New Zealand.
Founded in 2001, the Philippine Dealing and Exchange is based in Makati City and is a platform designed for banks. It is not to be confused with the Philippine Stock Exchange, which is the country’s primary market for all participants and is also based in Makati City, on the northern island of Luzon.
“The Philippine domestic bond market is proud to partner up again with Nasdaq OMX in bringing order and a level playing field to the local community of fixed income market stakeholders,” said Vicente Castillo, chairman and chief executive at PDEx. “Nasdaq OMX has been our infrastructure partner since we open the market in 2005. Due to the power of its surveillance systems and the natural synergies with our platform this selection was an easy choice.”
The Philippines is a member of the Association of Southeast Asian Nations, which also includes Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. As part of the ASEAN initiative, the six ASEAN members signed up to a trading link project that should allow investors to access each other’s markets without membership in each country. So far, Singapore, Malaysia and Thailand are live on the system, with the other members expected to follow later this year.