Securities trading – Philippines
Key market-tradable securities
| Denomination currency | Maturity profile | Interest rate | Interest/Dividend payment frequency | Place of settlement | Form |
| Ordinary/Preferred Shares | |||||
PHP | n/a | n/a | Varies (quarterly, semi-annual, annual | PDTC or OTC | Immobilised |
| Government bonds | |||||
PHP, USD | Varies | Varies | Varies (quarterly, semi-annual, annual | BTr | Dematerialised |
| Corporate bonds | |||||
PHP | Varies | Varies | Varies (quarterly, semi-annual, annual | PDTC or OTC | Immobilised |
| Warrants | |||||
PHP | Varies | Varies | n/a | PDTC or OTC | Immobilised |
| Treasury bills | |||||
PHP, USD | Varies | Varies | Varies (quarterly, semi-annual, annual | BTr | Dematerialised |
| Depository receipts | |||||
PHP | n/a | n/a | Varies (quarterly, semi-annual, annual | PDTC or OTC | Immobilised |
Government securities (GS) and other fixed income instruments are traded through Government Securities Eligible Dealers (GSEDs) while commercial papers are directly purchased through the underwriters.
Since 1 June 2023, all domestic GS originally issued in the Philippines have to be assigned an ISIN instead of a local code. On the secondary market, the Bureau of the Treasury-National Registry of Scripless Securities (BTr-NRoSS) can process trades using either ISIN or local code.
All listed equities have an ISIN. Equities that are pending for listing might not yet be identified by ISIN codes on the Philippines market. While ISINs are available, local stock codes: Alpha (3 - 4 characters), a short name or acronym for securities issued by the PSE are widely used in the market for trading, pre-matching and settlement.
The Securities and Exchange Commission (SEC) has been appointed as the National Numbering Agency (NNA) for the Philippines and is responsible for allocating International Securities Identification Numbers (ISINs), as well as Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN) codes to all instruments in the market. The following key points are set out in the SEC’s guidelines on the allocation of financial instrument identifiers:
- Covered financial instruments include registered securities under the Securities Regulation Code (SRC) including tokenised or digital securities.
- Securities registered in accordance with the SRC are qualified for allocation of the security identifiers upon effectivity of the Registration Statements. Securities exempt from registration under the SRC are also qualified for the allocation of securities identifiers.
As the national numbering agency for the Philippines, the SEC shall ensure that financial instruments issued in the Philippines, including unlisted securities and resultant securities from a corporate action event, shall be allocated an ISIN, CFI or FISN code.
Exchange-traded securities
Ordinary and Preferred Shares, Bonds, Warrants, Depositories Receipts (PDRs), Exchange-Traded Funds (ETFs), Dollar-Denominated Securities (DDSs), and Real Estate Investment Trusts (REITs) are traded on the PSE.
Government securities and other fixed income instruments are traded through Government Securities Eligible Dealers (GSEDs) while commercial papers are directly purchased through the underwriters.
Trading platforms
PSEtrade XTS
PSEtrade XTS, which uses Nasdaq’s X-stream trading technology, is an electronic order matching system that connects brokers to the PSE. Trading is carried out through an “auto-match” system. The matching of trade instructions is performed as trades are received during trading hours from 9:30 PHT to 15:00 PHT. PSEtrade XTS uses open and standard protocols making it easier for Philippine market participants to link with trading systems in other countries and also increases the bourses' ability to provide a greater product range and increase trading performance and volume capacity. Using the appropriate application, the PSE will now have the ability to communicate with the systems of other bourses.
National Registry of Scripless Securities (NRoSS)
With the launch of the NRoSS system, the BTr has consolidated its primary auctions (previously, via Automated Debt Auction Processing Systems or ADAPS) and registry systems into NRoSS.
Bloomberg FIQ Trading System
In 2018, the Philippine Dealing and Exchange Corp. (PDEx) has replaced its X-stream Fixed Income Trading Engine and Trader Workstations powered by NASDAQ with Bloomberg-powered platform, Bloomberg FIQ Trading System.