THE PHILIPPINE Stock Exchange, Inc. (PSE) is simplifying rules for trading participants that wish to suspend operations while Luzon is under quarantine.
In a memorandum issued last week and uploaded on its website, the operator of the local bourse said trading participants may now apply for voluntary suspension of operations by e-mailing the PSE and the Securities Clearing Corp. of the Philippines (SCCP).
The application must contain minimum information, namely the reason for the voluntary suspension, dates of non-operation, contact numbers for clients to call during the period, and the name of the successor broker or correspondent broker and their corresponding arrangements, as may be applicable.
The letter to the PSE and the SCCP must also contain proof that the trading participant has notified its clients of the voluntary suspension of operations, as outlined in the application.
Once the suspension takes effect, the PSE will disable the order posting of all trading accounts of the trading participant in the PSEtrade trading system. But during the period, the trading participant may still access market data in the system. — Denise A. Valdez
