The Philippines Stock Exchange held a bell ringing ceremony at the exchange’s premises this week as BA Securities becomes the first Philippines stock broker to deploy the platform.
The new trading facility will provide investors with real-time market capabilities. PSETradex, a web-based trading system offers trade execution, reporting, monitoring and generally analysis functionality.
“The launch of the PSETradex is a very welcome development. We view this as a new opportunity to tap into the retail investing market not just locally but especially offshore such as China, Hong Kong and Singapore,” commented BA Securities Inc. President Bryan Lao Ang in his speech during the bell ringing ceremony of the launch.
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“The PSETradex is an initiative of the PSE that presented itself as an obvious course of action to meet our goal of expanding the investor base in the stock market. Against our peers, our retail participation rate indeed lags behind. This is the reason why we believe that expanding the online trading capability of our brokers can become a potent strategy to have more Filipinos invest in the market.” PSE President and CEO Hans B. Sicat said in a statement.
Philippines, the world’s 40th largest economy is a key ‘up and coming’ destination. Analysts at Goldman Sachs expect the 90 million plus nation to sit in the top 20 economies by 2050. The country has been slow to react to enhancements in e-trading in comparison to neighbours, Malaysia or Indonesia however with BA Securities starting a new trend, progress in Philippines financial markets is adamant.
E-trading Global Markets
Trading in global markets such as FX and CFDs is uncommon in Philippines, the market hasn’t caught onto the worlds most liquid asset class like other nations in Asia, however with increasing awareness of electronic trading and a growing investor base, Philippines is set to become a key destination for firms looking at new business opportunities.
Forex Magnates expects FX and CFD trading to grow 4% annually for the next three years in Philippines.