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Philippine FX Derivatives Market Planned by Exchanges

A derivatives market for Philippine foreign exchange, fixed income and equities is to be jointly developed by the Philippine Stock Exchange (PSE) and the Philippine Dealing System (PDS) Holdings Corp.

The exchange partners intend to present a regulatory, product and settlement framework within 90 days.

PDS runs the country’s fixed income trading and FX settlement platform and counts PSE as well as Singapore Exchange as shareholders (Squawkbox, 26 November, 2007). Its electronic trading system is provided by Sweden’s exchange operator and technology vendor, OMX.

At present, the Philippines does not have a futures and options exchange but the PDS/PSE initiative, the presence of SGX as a major shareholder, and OMX’s technology, have significantly boosted the infrastructure available for such an exchange.

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