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Philippine Dealing & Exchange Corp.

Philippine Dealing & Exchange Corp. Chunky Bank Cu. Danting. Parungao. Siajuat. Yap. About PDEx. Marketplace for fixed income securities Licensed by Securities and Exchange Commission (SEC) Provisions under Securities Regulation Code (SRC)

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Philippine Dealing & Exchange Corp.

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  1. Philippine Dealing & Exchange Corp. Chunky Bank Cu. Danting. Parungao. Siajuat. Yap

  2. About PDEx • Marketplace for fixed income securities • Licensed by Securities and Exchange Commission (SEC) • Provisions under Securities Regulation Code (SRC) • Trading securities platform (with ensured price discovery, transparency and investor protection)

  3. About PDEx • Electronic trades through X-stream (trading engine) • Current CEO: Vicente Castillo • Has almost a hundred trading participants (traders, brokers, banks) • Operations can be through Over-the-Counter (OTC), Reuters, or Brokers

  4. History • 2005 • MARCH • PDEx began trading operations in government securities with Negotiated Dealing System for the Inter-Dealer Market.

  5. History • 2006 • MARCH • Live operations on setting the new Philippine Dealing System Treasury Reference rates commenced. • JULY • SEC formally recognized PDEx as a Self-Regulating Organization (SRO)

  6. History • 2006 • SEPTEMBER • The system is enhanced with the introduction of Straight-Through-Processing (STP). • NOVEMBER • Auto-Matching System launched.

  7. History • 2007 • NOVEMBER • SEC expanded the SRO registration of PDEx to cover the Inter-Professional Market

  8. History • 2008 • FEBRUARY • PDEx’s SRO authority was expanded to cover its members in all markets within the PDEx Trading Systems • 2011 • Philippine Stock Exchange and PDEx started discussions on merging (Dumlao and Remo, 2011).

  9. History • 2013 • SEPTEMBER • Former Congressman Luis Villafuerte, Former Senator Aquilino Pimentel Jr., Former Budget Chief Benjamin Diokno and three other people filed a petition against PDEx which asks for a restraining order because of a “monopoly” that is happening in the bond training

  10. Rationale • Fully organized platform for the trading of private and public debt papers because of the overall view of the market. • Accessibility of banks when trading foreign exchange • An official familiar with the petitioners alleged that the PDEx was created under auspices of the BSP during the previous decade to serve as an ‘exit program’ for the late BSP governor Rafael Buenaventura (Term: July 6, 1999-July 3, 2005). (Lucas & Dumlao, 2013)

  11. Role in the Trading Market • Fixed Income Exchange (FIE) • a comprehensive financial market infrastructure that aims to provide an electronic platform for trading, clearing and settlement, and depository and custodianship of fixed-income securities and its derivatives

  12. Role in the Trading Market • X - Stream • Trading engine developed by Computershare Markets Technology and was customized for Philippine market conditions. • This trading engine provided a fully-automated trading and market management system, and made available to market participants through the existing banking network.

  13. Role in the Trading Market • X – Stream • Displays live bid and offer quotes and publishes transaction data to Trading Participants allowing for price discovery

  14. Trading in the Market • Starts at 9:00 am and ends at 4:00 pm • Virtual • Traders can communicate, negotiate, and deal transactions from their respective offices via Application Protocol Interface (API) or through screen terminals of the fixed income trading workstations (FITW) of PDEX • This eliminates errors in verbal or telephone confirmations of transactions between and among traders

  15. Sources • PDEx website (www.pdex.com.ph) • Dumlao, D & Remo, M. (2011, July 17). Unification of stock, bond exchanges pushed. Inquirer Business. Retrieved from: http://business.inquirer.net/7415/unification-of-stock-bond-exchanges-pushed. • Exchange rate. (2013). Retrieved from: http://www.bsp.gov.ph/downloads/Publications/FAQs/exchange.pdf. • Philippine Dealing & Exchange Corporation. (2013). Asianbondsonline. Retrieved from: http://asianbondsonline.adb.org/regional/guides/definition.php?term=Philippine+Dealing+%26+Exchange+Corporation+%28PDEx%29.

  16. Sources • Fixed Income Exchange Market in the Philippines. (n.d.). Retrieved from Trade Chakra: http://www.tradechakra.com/economy/philippines/fixed-income-exchange-market-in-230.php • PDEx: Antimonopoly petition won't disrupt markets. (2013, September 5). Retrieved from ABS-CBN News: http://www.abs-cbnnews.com/business/09/05/13/dof-ensure-anti-monopoly-case-vs-pdex-wont-affect-markets • Lucas, D. & Dumlao, D. (2013). Antimonopoly suit filed vs PDEx.Inquirer Business. Retrieved from: http://business.inquirer.net/141461/antimonopoly-suit-filed-vs-pdex

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