PSE-PDEx merger to happen in 3 months – BAP

The merger of the equities and fixed income market exchanges is happening in the next three months after hurdles among the major shareholders were ironed out.

 

The merger of the Philippine Stock Exchange and Philippine Dealing & Exchange Corp. (PDEx) is one of the major projects of the Bankers' Association of the Philippines (BAP) this year, president Lorenzo Tan said during the Management Association of the Philippines economic briefing in Makati City on Tuesday.

 

"This has been going on for 20 months. I think we already have more than 54 percent of the shareholders of the bonds exchange selling to the PSE," he said.

 

"Hopefully, within the next three months we will transfer control of the bond exchange to the PSE," he added.

 

The PDS Group operates PDEx, the Philippine platform for trading bonds and currencies, while the PSE is the sole trading floor for the equities market.  

 

BAP is one of biggest shareholders of the PDS Group.

 

In September 2014, PSE president and CEO Hans Sicat said the merger was taking longer because of governance issues, particularly in board representations. – VS, GMA News