Nyse Euronext (NYX) CEO Duncan L. Niederauer and Philippine Stock Exchange (PSE) Chairman Jose C. Vitug have signed a memorandum of understanding (MOU) that establishes cooperation between the two exchange companies to explore new opportunities in trading system architecture and technology, exchange traded products, market participant connectivity and market data management.
The MOU, signed at a historic ceremony at the New York Stock Exchange observed by Philippines President, H.E. Gloria Macapagal-Arroyo, also covers the PSE’s intention to purchase new trading system technology from NYSE Euronext and its affiliates.
“We welcome this opportunity to partner with Mr. Vitug and his colleagues at the Philippines Stock Exchange,” says Niederauer. “We are committed to the success of this alliance, which will benefit and create growth opportunities for both markets and their respective customers.”
“Which will bring closer together the world’s biggest stock market and Southeast Asia’s oldest stock market. This historic MOU will provide us a common base to explore together a whole new frontier of opportunities, from which we can re-energise our markets for future waves of growth,” says Vitug.
“We in the PSE have very high hopes that our collaborative and cooperative understanding with the world’s leading stock market operator will help hasten the transformation of the PSE into a premier exchange,” says Francis Ed. Lim, president and CEO, PSE. “Each possible area of mutual cooperation identified in the MOU will hopefully serve as guide in pursuing definitive agreements in the future. This represents the recognition of each party of the important role that the other will play in developing our respective stock markets.”
The MOU also includes details on the PSE’s acquisition of a new trading system from NYSE Euronext and its affiliates, which was announced in April 2008.