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