July 26, 2010 / 8:47 AM / 9 years ago

UPDATE 1-Philippine new trading system hit by a glitch

* Main stock index .PSI ends nearly flat, down 0.06 percent

* Bourse’s launch of new trading system (NTS) hit by glitch

* Bourse replaces 17-yr-old electronic trading system (Updates with market close)

MANILA, July 26 (Reuters) - The Philippine Stock Exchange (PSE) said on Monday that a spike in the main index .PSI was in fact a glitch that followed the launch of a new trading system and so should be ignored.

The stock exchange said the main index closed down 2.07 points, or 0.06 percent, at 3,414.03 points.

In early trading, the exchange feed showed that the main index had surged 15.3 percent to a record high of 3,937.39 points. The reading stayed in place during the entire trading session, which lasted two and a half hours.

“Like any new technology system, the PSE’s migration to NTS (new trading system) had its birth pains and glitches which were deemed minor by the NTS Project Team,” PSE Chief Operating Officer Val Antonio Suarez said in a statement.

The glitch affected the data feed for the electronic board on the stock exchange floor and the PSE website. Individual stock readings were not affected.

Suarez said the new trading system was designed to enable trade on a wide range of cash, debt and derivative instruments which was not possible on the former electronic platform introduced in 1993 shortly after the PSE was created to unify the country’s two bourses.

The new system uses a trading software product developed by the NYSE Technologies SAS, the commercial technology unit of NYSE Euronext which operates the New York Stock Exchange. (Reporting by Rosemarie Francisco; Editing by Neil Fullick)

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