By Doris Dumlao
Philippine Daily Inquirer
The Philippine Stock Exchange is to acquire a new surveillance platform to give more teeth to its market regulation department, which will be spun off into an independent regulatory company.
In a disclosure, PSE chair Hans Sicat said the new system—described as "dynamic, efficient, scalable, and reliable"—would enhance the capability of the local bourse to monitor stock trading activities and strengthen market integrity.
The new surveillance system is an advanced, fully automated system known as "EXTURE" developed by the Korea Exchange (KRX).
The purchase agreement with KRX will be completed by the first quarter of 2011 and is expected to be operational by the first quarter of 2012, Sicat said in a press statement.
The system will be used by the successor company of the PSE's market regulation department, which is currently in the process of incorporation.
“The PSE has taken a major leap in improving governance in the exchange by separating the regulatory and business functions through the incorporation of an independent and separate corporation that will supervise and monitor activities of trading participants," Sicat said.
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