A PYMNTS Company

Philippines: Regulator nixes merger of Philippine stock, bond exchanges

By  |  March 28, 2016

The Securities and Exchange Commission on Monday turned down a bid to merge the stock and bond exchanges of the Philippines.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The SEC rejected Philippine Stock Exchange Inc.’s proposal to take over Philippine Dealing System Holdings, which owns the companies that operate the nation’s bond exchange.

    PSE failed to present “clear and convincing evidence” that it is exempt from a ban on ownership of more than 20% of the voting rights in an exchange, the SEC said.

    PSE also failed to show that the acquisition would not negatively affect PDS’ “ability to effectively operate in the public interest.”

    PSE chief executive Hans Sicat has touted benefits, including lower costs and increased efficiency, from a unified trading platform for the Philippine capital markets. Other markets in the region, such as Malaysia and Singapore, already run a single bourse for stock and bond trading, according to Sicat.

    Full content: The Manila Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.