PSE officially closes trading floor, shifts to digital trading

THE Philippine Stock Exchange has bid farewell to its physical trading floor in Bonifacio Global City in Taguig, as it shifts to “floorless” or purely virtual trading starting Monday, June 27, 2022.Starting next week, traders will conduct activities off-site instead of their trading booths, fully adopting the remote setup brought about by the pandemic.“I understand this is a sentimental moment for everyone who found comfort and security in being at a trading floor. Decades-long friendships have been built and nurtured over the years among the trading participants and traders on this floor, and this should not, and hopefully will not, end,” PSE president and chief executive officer Ramon Monzon said during the closing ceremony.“The PSE may be among the few exchanges to have retained a trading floor to this day but in the end, technology finally prevailed…. All good things must come to an end, but this does not mean that we should forget the past. After all looking back is crucial to moving forward,” he said.It can be recalled that during the height of the pandemic in 2020, the PSE closed down its trading floor, implemented a remote trading setup, and shortened trading hours due to the health crisis.While the stock exchange shifted to “floorless trading,” bell ringing ceremonies for new listings would still be conducted in the headquarters.PSE data showed that online stock market accounts grew 23.8 percent to 1.16 million in 2021, accounting for 71.5 percent of total accounts.Majority or 74.7 percent of total trades in 2021 were done online, accounting for 21.45 million trades amid the pandemic.The value of online trades in 2021 reached P744.49 billion, 44 percent higher than the P518.27 billion in 2020.The trading floor in BGC opened in February 2018, unifying the two separate trading floors previously located in the Tektite building in Ortigas Center and Ayala Tower One in Makati City. (CSL)