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The Philippine Stock Exchange (PSE) is targeting the rollout of cross-border trading for both local securities and shares of foreign-listed companies via depository receipts (DRs) next year.
PSE President and Chief Executive Officer Ramon Monzon said the initiative would be launched in the fourth quarter of 2024 after the bourse finalizes the regulatory framework with the Securities and Exchange Commission. I Photo: The Philippine Stock Exchange Facebook
PSE President and Chief Executive Officer Ramon Monzon said the initiative would be launched in the fourth quarter of 2024 after the bourse finalizes the regulatory framework with the Securities and Exchange Commission.
"These DRs will enable local investors to further diversify their portfolios. [DRs] will have underlying shares of foreign publicly listed companies at a one-to-one ratio," Monzon said during a forum on legislative reforms for the local capital market.
"Underlying shares from both the PSE and partner exchanges will be identified by issuers based on liquidity and potential demand."
Cross-border trading, according to Monzon, is also expected to bring in additional liquidity as "issuers from other exchanges create DRs with Philippine-listed companies as the underlying asset.
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