In the move to embrace digital “floorless” trading, the Philippine Stock Exchange (PSE) closed its trading floor last Friday, June 24 in Bonifacio Global City in Taguig.
Image Credit: Businessmirror
Ramon Monzon, PSE President and CEO, had stated that during the move to the PSE Tower back in 2018, only 85 out of 132 active trading participants had availed of booths and dealer room spaces.
That was up until when COVID occurred back in 2020 when the PSE had closed down its trading floor and had implemented a floorless trading setup remotely.
“With the COVID-19 pandemic, these 80 plus TPs experienced offsite trading firsthand when we had to go floorless due to the lockdowns. This clearly demonstrated to the TPs that seamless trading can be done so long as they are connected to the PSE’s trading platform. Finally, when the time came to renew their leases at the trading floor, only 29 of the 85 TPs renewed their leases, making it more practical for everyone to go on a full floorless trading.” – Ramon Monzon, PSE President and CEO
Moreover, Monzon had stated that when on-site trading on the floor had slowly returned when restrictions began to ease up, less than a third of trading participants had renewed their leases.
The event held for the closing of the PSE trading floor was said to be a sentimental moment for traders but also a step in the right direction as technology has now allowed for traders to work remotely.
The trading floor is said to be repurposed but the ticker and LCD screens will remain with the ceremonial ringing of the bell, according to ABS-CBN News.
Source: Yugatech
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