Did you know that PLDT (NYSE: PHI) (PSE: TEL), a regular NYSE equity, is really traded on the PSE? ?

PinoyPolitico: Did you know that PLDT (NYSE: PHI) (PSE: TEL), a regular NYSE equity, is really traded on the PSE? ?
I understand that the United States Congress needs to pass laws with more teeth and provide funding for both the United States Securities & Exchange Commission and the U.S. Federal Trade Commission (ie. baby toys). That said the U.S. SEC is ineffective, per example of Sarbanes-Oxley, most Series 7 Licensed Brokers (Citi Smith Barney), etc. have told me that because the rules are so vague Sarbanes-Oxley passed by Congress in the wake of Enron is a joke. I believe that someone whom steals US$ 5000 from a petty cash box (and I think the amount is actually just above $ 500, for grand theft, can get 20 years in jail, while U.S. investors are legally manipulated as consumers we always want a larger return. I am tired of being in a global economy that does not respect U.S. investors, yet they list on our stock exchange. I would love to know why Philippine Long Distance (PLDT) (NYSE: PHI) (PSE: TEL) is allowed to list on the NYSE and even recommended by 2008 Wall Street Journal’s Smart Money magazine which failed basic due diligence as the Chairman of PLDT has not been on the Wharton Board of Overseers for years which was a major selling point for many people. It seems that this Manuel Pangilinan and the Salim Group (beneficial owners of PLDT) should be checked out and suspended from the NYSE?

Philippine Stock Exchange, Inc. (“PSE” or the “Exchange”) is a private organization that provides and ensures a fair, efficient, transparent and orderly market for the buying and selling of securities.

PSE traces its roots from the country’s two former bourses: the Manila Stock Exchange (“MSE”) and the Makati Stock Exchange (“MkSE”). Founded in March 1927, the MSE was the first stock exchange in the Philippines and one of the oldest in Asia. Originally housed in downtown Manila, the MSE moved to Pasig City in 1992. The MkSE, on the other hand, was established in May 1963 and became the second bourse to operate in the country. It was based in Makati City, a budding business district during those days.

While trading the same listed issues, MSE and MkSE remained separate entities for almost thirty years. December 23, 1992 marked a milestone for the Philippine capital market when the MSE and MkSE were unified to become the PSE.

At present, PSE maintains two trading floors — one in Makati City and another in its head office in Pasig City. Even with two trading floors, PSE maintains a “one-price, one-market” Exchange through the MakTrade System. This is a single-order-book system that tallies all orders into one computer and ensures that these orders match with the best bid/best offer regardless of which floor the orders were placed. MakTrade likewise allows PSE to facilitate the trading of securities in a broker-to-broker market through automatic order and trade routing and confirmation. It also keeps an eye on any irregularity in the transactions with its market regulation and surveillance databases.

In June 1998, the Securities and Exchange Commission conferred to the PSE the status of a Self-Regulatory Organization, which allows the PSE to implement its own rules and impose penalties on erring trading participants and listed companies.

In 2001, or a year after the Securities Regulation Code of 2000 was enacted, the PSE was reorganized and transformed from a non-stock, member-governed organization into a shareholder-based, revenue-generating corporation. Along with this rebirth came the separation of the Exchange’s ownership and trading rights, opening the doors for new market participants. On December 15, 2003, PSE shares were listed by way of introduction.

The Philippine Central Depository, established in March 1995, provides the securities settlement system for both debt and equity instruments of the Exchange. Its computerized book-entry-settlement system paved the way for a safe and efficient scripless trading.

Assuming the role of settlement coordinator and risk manager for broker transactions as well as administrator of the trade guaranty fund is the Securities Clearing Corporation of the Philippines (“SCCP”). SCCP is the clearing and settlement agency for depository eligible trades in the Exchange.

Companies are listed in the PSE on the First Board, Second Board or the Small and Medium Enterprises Board. To help the investing public keep track faster of industry performance, listed companies are classified into the following sectors: Financial, Industrial, Holding Firms, Property, Services, and Mining and Oil. More importantly, PSE has adopted an online daily disclosure system to improve the transparency of listed companies and ensure full, fair, timely and accurate disclosure of material information from all listed companies.

To address public demand for speedy access to information on the securities market, the PSE’s website, www.pse.com.ph, provides comprehensive market data, stock quotations, dividend declarations, trading activities, and other pertinent information on the PSE, tradin

Answers and Views:

Answer by capwest5a
Yes, I did know that.