logo

Philippine Stock Exchange adopts Nasdaq Eqlipse Trading

Finextra22-05-2025
Nasdaq (Nasdaq: NDAQ) and The Philippine Stock Exchange, Inc. (PSE) (PSE:PM) today announced a significant expansion of their technology partnership, which will see PSE upgrade its trading infrastructure to Nasdaq's most advanced platform, Nasdaq Eqlipse Trading.
0
Nasdaq Eqlipse represents Nasdaq's investments to modernize, standardize, and strengthen its platform capabilities, application architecture, APIs and product integration. The modular trading platform allows market operators to incorporate complementary functionality, including pre-trade risk, advanced options pricing, and index calculations, with a flexible deployment model to help reduce operational heavy lifting and provide optionality around cloud adoption.
'With technology as a key area in our strategic agenda, it is important for PSE to work with a trusted service provider of market technologies. Given this, PSE opted to renew its partnership with Nasdaq to ensure continuity in offering a dependable trading system that meets all our current and future requirements,' said PSE President and CEO Ramon S. Monzon.
The recently launched Nasdaq Eqlipse platform is the fourth generation of its suite of multi-asset marketplace technology platforms, marking a major milestone in the company's five-year cycle of investment to develop and gradually roll out a fully interoperable suite of proven solutions across trading, clearing, central securities depository, and data intelligence. The harmonized portfolio enhances Nasdaq's ability to form deeper strategic technology partnerships with its clients, including more than 135 infrastructure providers around the world.
"The launch of Nasdaq Eqlipse following years of investment and development to reinforce our ability to enhance liquidity, transparency and integrity across global capital markets," said Magnus Haglind, Head of Marketplace Technology at Nasdaq. "Our technology partnership with PSE will help strengthen its market infrastructure, and we're excited to support their efforts to elevate Philippine capital markets on the global stage."
Modernizing the Philippine financial services ecosystem
Nasdaq holds deep technology partnerships across the Philippines, helping to drive modernization throughout the country's financial services industry. In addition to providing market infrastructure, Nasdaq's AxiomSL data and regulatory reporting platform helps both domestic and global institutions comply with their regulatory obligations, while its Nasdaq Calypso platform helps clients simplify their capital market operations.
R.G. Manalac, Senior Vice President, Asia Pacific at Nasdaq added: 'Our growing presence in the Philippines complements the country's extraordinary development as one of the fastest growing economies in the ASEAN region. With growth of course comes challenges and we are excited to be working with leading domestic and global banks in the Philippines as they continue to innovate and scale in this digital and increasingly AI driven age. Our solutions spanning across capital markets, regulation, and risk management continue to prove critical as these firms look to expand their businesses in a scalable and efficient manner.'
Around the world, Nasdaq's technology is used by 97% of global systematically important banks, half of the world's top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,800+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industrywide modernization.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

TRON's Nasdaq debut a dud; Ethena stablecoin coming to America
TRON's Nasdaq debut a dud; Ethena stablecoin coming to America

Coin Geek

timean hour ago

  • Coin Geek

TRON's Nasdaq debut a dud; Ethena stablecoin coming to America

Getting your Trinity Audio player ready... TRON's Nasdaq debut was a double-digit dive, while some 'offshore' stablecoins are looking to make their own splashy U.S. debuts. On July 24, Justin Sun, founder of the TRON blockchain, rang the opening bell at the Nasdaq stock exchange. The occasion marked TRON's Nasdaq debut, following last month's reverse merger with SRM Entertainment, a struggling theme park merchandise supplier that announced it would rebrand as Tron Inc. Clad in a tuxedo, Sun—who serves as Tron Inc's 'global advisor'—delivered some remarks ahead of the bell, declaring the occasion to have been 'his dream' for 15 years. He claimed TRON's ambition to match some of the Nasdaq media/tech giants was only just beginning, but the dream proved more of a nightmare, at least, for TRON investors. SRM's shares had languished below $1 all year, threatening its ability to remain on the Nasdaq. News of the TRON deal caused SRM shares to spike above $11, but the shares lost nearly one-fifth of their value in the week before the rebrand. And despite Thursday's hype, the shares took a dive shortly after the opening bell and never really recovered, closing trading down 10.7% to $8.74. Sun/TRON are increasingly tied to President Trump and his crypto ventures. Between the WLFI token of the Trump-linked decentralized finance (DeFi) project World Liberty Financial (WLF) and the president's $TRUMP memecoin, Sun has purchased over $100 million worth of Trump-affiliated tokens, garnering him a role as a WLF advisor and a chummy relationship with the president's sons Don Jr. and Eric. Earlier this month, the team behind $TRUMP announced that the token would soon be tradable on TRON after previously being available only on the Solana network. On July 23, that dream became reality courtesy of the LayerZero omnichain interoperability protocol and the 'global liquidity layer' Stargate Finance bridging protocol. The announcement was celebrated by Sun, who tweeted, 'All roads lead to #TRON. Let's take $TRUMP global.' The news didn't exactly light a fire under $TRUMP, the value of which fell on Thursday from around $10.30 to as low as $9.60 before staging a comeback. As of late Thursday, the token struggled to stay above the $10 mark. In fairness, some of that decline can be blamed on the recent unlocking of nearly $1 billion worth of the tokens, the sale of which might have boosted the president's bottom line by nearly $100 million. USDtb coming to 'Murica Well before Trump's signing of the GENIUS Act into law last week, crypto advocates were claiming that so-called 'offshore' stablecoin issuers would do whatever they needed to do to comply with the new rules of the road in order to gain/retain access to the U.S. market. Sure enough, Thursday brought word that Ethena Labs, issuer of the USDe and USDtb stablecoins, had struck a strategic partnership with digital asset custodian Anchorage Digital to launch USDtb in America as 'the first-ever stablecoin with a clear pathway to becoming' GENIUS-compliant. The Lisbon-based Ethena will utilize Anchorage's new turnkey stable-issuing platform to issue USDtb stateside. This will enable 'smoother integration with the U.S. financial system and provide institutions with more accessible, regulated pathways to hold USDtb.' Ethena CEO Guy Young claimed Anchorage, the only crypto operator currently possessing a U.S. bank charter, will help 'reinforce the foundation needed to continue scaling [USDtb] without compromising on speed, flexibility, or trust.' (USDtb's market cap is ~$1.45 billion, while USDe's cap is just under $7 billion.) Anchorage CEO Nathan McCauley said bringing USDtb to America's shores will help 'deliver even greater transparency and confidence' to Ethena's partners. Said partners could include Trump's WLF, with which Ethena struck a deal last December to incorporate sUSDe (a staked version of USDe) into the WLF platform (if and when it finally launches). Last month, Anchorage announced it had started 'a guided phase-out' of several stablecoins from its offering, including USDC, the second-largest stablecoin by market cap issued by Circle (NASDAQ: CRCL). Critics found this move more than a little suspect, given that Anchorage is part of the consortium supporting the Global Dollar Network behind the rival USDG stablecoin issued by Paxos. Back to the top ↑ Tether next? Tether, issuer of the market-leading USDT stablecoin, recently celebrated its token's market cap topping $162 billion (currently standing at $162.6 billion). USDT is the most well-known 'offshore' stablecoin, but Tether CEO Paolo Ardoino keeps claiming that the company has a plan to make USDT GENIUS-compliant. Ardoino previously floated the idea of issuing a new U.S.-focused stablecoin while preserving USDT's use as a dollar substitute in emerging markets. But Ardoino declared last week that Tether was 'working very, very hard to make sure we comply with the foreign issuer pathway within the GENIUS Act.' Ardoino doubled down on this claim this week, telling Bloomberg Television that Tether was 'well in progress of establishing our U.S. domestic strategy.' This strategy will focus on 'U.S. institutional markets, providing an efficient stablecoin for payments but also for interbank settlements and trading.' GENIUS gives foreign issuers a three-year window in which to become compliant, so Ardoino has some wiggle room in which to at least appear to be doing what Tether says it's willing to do. Like submitting reserves to a third-party audit, something Tether has never done, despite declaring four years ago that an audit was 'months, not years' away. GENIUS requires stablecoin issuers to hold fiat reserves in a narrow range of assets, mostly cash, U.S. Treasury bills, and their equivalents. But Tether's most recent 'attestation' of its reserves shows a variety of non-approved assets, including nearly $9 billion in 'secured loans,' nearly $8 billion in BTC tokens, and $4.5 billion in undefined 'other assets.' To comply with GENIUS, Tether would have to convert those 'other assets' to cash, call in its loans to parties unknown, and sell its BTC. That last action would prove particularly unpopular with the BTC faithful, given the downward pressure this would put on BTC's fiat price. Presumably, Michael Saylor can be relied on to borrow more billions to absorb this excess supply. Back to the top ↑ Stablecoin growth projections overly optimistic? Combined, USDT and Circle's USDC ($64.7 billion cap) account for the bulk of the total $266.1 billion in dollar-denominated stables circulating in the wild. GENIUS is expected to inflate the dollar-denominated stable cap, although the scale of that inflation is a matter of some debate. U.S. Treasury Secretary Scott Bessent has suggested this figure could surge to $3.7 trillion by the end of the decade, while less conflicted observers have suggested a mere half-a-trillion increase might be a better bet. That $500 billion forecast came courtesy of JPMorgan (NASDAQ: JPM) analysts, who suggested this week that Bessent's estimates were 'far too optimistic.' The analysts added that 'the idea that stablecoins will replace traditional money for everyday use is still far from reality.' The analysts warned that 'liquidity investors, whether retail or institutional, are not going to immediately jump into payment stablecoins as a cash alternative given their conservative nature in terms of how they manage their cash as a source of liquidity.' The analysts went on to say they found it 'hard to believe that the market could grow substantially larger over the next few years as the infrastructure/ecosystem that supports stablecoins is far from developed and will take time to build out. While adoption is poised to grow further, it might be at a slower pace than what some might anticipate.' Bank of America (BoA) (NASDAQ: BAC) issued a research note last week suggesting the dollar-denominated market cap could grow by a 'relatively modest' $25-$75 billion in the short term. The note added that it could take 2-3 years for broader adoption of stablecoins to really make itself felt. Back to the top ↑ Crypto, fintechs seek Trump's help v JPMorgan Back to JPMorgan, on July 23, a coalition of fintech and crypto firms sent a joint letter to the White House asking for help in kiboshing plans by the Wall Street banker to impose new fees for accessing bank customers' data. JPM announced the fees, which target third-party data aggregators like Plaid that serve as bank-to-fintech bridges, a couple of weeks ago. Crypto operators are rightfully concerned that the aggregators will pass on the costs of the fees. So the Blockchain Association, the Crypto Council for Innovation, and the Digital Chamber all added their names to the letter sent to President Trump. The letter begins with some flattery about the president consistently standing for 'innovation, competition, and individual freedom.' The letter then warns of the grave threat that 'large, incumbent banks' pose to life, liberty, and the pursuit of speculative riches. By suing to block implementation of the 'open banking rule,' these banks are allegedly 'exploiting regulatory uncertainty to preserve their market position.' In doing so, the banks are 'undermining [Trump's] agenda and denying Americans access to the future of finance.' The letter accuses the banks of 'debanking Americans,' raising the specter of the Operation ChokePoint 2.0 conspiracy theory and preying on the fact that Trump has railed against the debanking efforts allegedly implemented under Democratic presidents. Nonetheless, the letter claims this 'is not a partisan issue.' The letter urges Trump to act before July 29, the date by which the government is required to respond in court to the open banking lawsuit. The government is urged to 'ask the court to affirm that consumers, not big banks, control their financial data and have the right to access and share it with companies of their choice at no cost.' The open banking rule was finalized by the Consumer Financial Protection Bureau (CFPB) late last year. In May, the CFPB reversed its stance, claiming that the rule 'exceeds the Bureau's statutory authority and is arbitrary and capricious.' The irony quotient of the fintech/crypto letter is high, given the tech/crypto sectors' longstanding efforts to clip the CFPB's wings, with some calling for the outright abolition of the bureau. Back to the top ↑ Crypto council's homework submitted on time On July 23, Bo Hines, vice-chair of the President's Working Group on Digital Assets, tweeted that the Group's mandated 180-day report to the White House had been submitted and would be released publicly on July 30. That report was to cover a variety of crypto-related subjects, the most notable of which was how to achieve Trump's stated plans for a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. The former is to be made up of BTC already in the government's possession, while the latter is to be made up of other tokens under government control. The question of how much BTC the government controls became a major controversy last week when the U.S. Marshalls Service (USMS) released data showing slightly less than 29,000 BTC under its control. This alarmed many, including Sen. Cynthia Lummis (R-WY), who believed the actual figure was 198,012 tokens. However, as observers were quick to point out, the USMS held 'forfeited' assets, while the 198,012 total represented all assets 'seized' by the government through various criminal and civil enforcement actions. The ultimate ownership of many of these 'seized' tokens has yet to be determined. The blockchain analysts at Arkham felt the need to weigh in on this brouhaha this week, tweeting an accounting of known U.S. government digital wallets. The BTC tally matches that 198,000 figure, none of which has moved in four months, putting a cork in those 'the gubmint sold its BTC' rumors. But again , control over assets doesn't necessarily equate to ownership. Among the Working Group's remit for their report was to contemplate ways in which the BTC reserve might be augmented, aka via the acquisition of new tokens. The caveat was that this could only be accomplished by 'budget neutral' methods, so all eyes will be on what creative accounting the report's authors might concoct. Back to the top ↑ Watch: Teranode & the Web3 world with edge-to-edge electronic value system title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">

Wall St opens steady as investors prepare for August 1 deadline
Wall St opens steady as investors prepare for August 1 deadline

Reuters

time2 hours ago

  • Reuters

Wall St opens steady as investors prepare for August 1 deadline

July 25 (Reuters) - Wall Street's main indexes opened steady on Friday following record closes for the S&P 500 and the Nasdaq in the previous session, while investors looked for signs of progress in trade talks as they braced for the August 1 tariff deadline. The Dow Jones Industrial Average (.DJI), opens new tab rose 63.4 points, or 0.14%, at the open to 44757.28. The S&P 500 (.SPX), opens new tab rose 6.7 points, or 0.10%, at the open to 6370.01​, while the Nasdaq Composite (.IXIC), opens new tab rose 2.0 points, or 0.01%, to 21059.941 at the opening bell.

Wall St set for firm start as investors brace for August 1 deadline
Wall St set for firm start as investors brace for August 1 deadline

Reuters

time3 hours ago

  • Reuters

Wall St set for firm start as investors brace for August 1 deadline

July 25 (Reuters) - U.S. stock futures pointed to a steady open on Friday following record closes for the S&P 500 and the Nasdaq in the previous session, while investors looked for signs of progress in trade talks as they braced for the August 1 tariff deadline. At 08:09 a.m. ET, Dow E-minis were up 33 points, or 0.07%, S&P 500 E-minis were up 4.25 points, or 0.07%, and Nasdaq 100 E-minis were down 12.5 points, or 0.05%. The blue-chip Dow fell 0.7% in Thursday's session, but stayed close to its all-time high, last hit in December. All three major indexes were poised to cap the week on a high note, as a flurry of tariff agreements between the United States and its trading partners - including Japan, Indonesia, and the Philippines - helped drive markets to new highs. Expectations were rife the European Union would soon sign an agreement with Washington, while negotiations with South Korea gathered momentum ahead of the August 1 deadline set for most countries, as economies worldwide scrambled to avoid steep U.S. import tariffs. "Tariff headlines are driving market risk sentiment, fuelling a risk-on mood this week. However, some volatility near the August 1st deadline remains possible," a group of analysts led by Adam Kurpiel at Societe Generale said. A spate of upbeat second-quarter earnings also supported Wall Street's record run. Of the 152 companies in the S&P 500 that reported earnings as of Thursday, 80.3% reported above analyst expectations, according to data compiled by LSEG. However, there were a few setbacks during the week. Heavyweights Tesla (TSLA.O), opens new tab and General Motors (GM.N), opens new tab stumbled and were on track for their steepest weekly declines in nearly two months. Tesla CEO Elon Musk warned of tougher quarters ahead amid shrinking U.S. EV subsidies, while General Motors took a hit after absorbing a $1.1 billion blow from President Donald Trump's sweeping tariffs in its second-quarter earnings. Intel (INTC.O), opens new tab fell 7.5% in premarket trading on Friday after the chipmaker forecast steeper third-quarter losses than Street expectations and announced plans to slash jobs. All eyes will be on the U.S. Federal Reserve's monetary policy meeting next week, with bets indicating that policymakers are likely to keep interest rates unchanged as they evaluate the effects of tariffs on inflation. The central bank is under immense scrutiny from the White House, with President Trump leading a censure campaign against Chair Jerome Powell for not reducing borrowing costs, while often hinting that he would sack the top policymaker. In a surprise move, Trump escalated the pressure by making a rare visit to the Fed headquarters on Thursday, where he criticized its $2.5-billion renovation project. Uncertainty over Powell's tenure is prompting investors to assess potential market reactions in the event of a change in leadership at the central bank. According to CME's FedWatch tool, traders now see a nearly 60.5% chance of a rate cut as soon as September. Among other stocks, Newmont (NEM.N), opens new tab added 2.3% after the gold miner surpassed Wall Street expectations for second-quarter profit. Health insurer Centene (CNC.N), opens new tab posted a surprise quarterly loss, sending its shares tumbling 15%. Deckers Outdoor <DECK.N surged 13.1% after resilient demand for its sneakers and boots helped the Hoka parent beat first-quarter revenue and profit estimates. Paramount Global (PARA.O), opens new tab rose 1.3% after U.S. regulators approved its $8.4 billion merger with Skydance Media.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store