PSE New Trading Rules

Dear BPITrade client:
The Philippine Stock Exchange (PSE) has scheduled to put its New Trading System (NTS) in
place by July 26, 2010. The NTS will replace the PSE’s current trading system. In line with this,
we would like to inform you of the following changes you will encounter in BPI Trade as a result of
the PSE's shift to the new system:
1) New Market Phases:
9:00 - 9:30 Market Pre-Open No matching can occur during this phase. No
cancellation will be allowed.
9:30 -11:57 Continuous Trading All orders are automatically matched as soon as they
enter the order book and a counterpart can be found.
11:57-11:59 Market Pre-Close Orders are accepted but no matching of orders occur
during this phase. Orders will be matched at the
closing price during the Trading-at-Last
11:59-12:00 Market Pre Close /
No Cancellation Period Modification and Cancellation of orders are restricted
12:00-12:10 Trading-at-Last Matching is executed only at a fixed price, which is the

closing price determined at the Market Pre-Close
2) Market Segments
Normal Market - This is equivalent to the Main Board in the old trading system. Under
NTS, the Normal Market is where Board lot orders are traded. Stocks
are prefixed with N.
e.g. MER (Meralco)= NMER
NI (Nihao Mining) = NNI
I (I Remit) = NI
Oddlot Market - This is equivalent to the Odd Lot Board in the old trading system.
Under NTS, the Oddlot Market is where orders with volume or quantity
less than the defined Board lot are traded.
e.g. MER (Meralco) = OMER
OV (Philodrill) = OOV
V (Vantage) = OV
Both markets are defined separately and are independent from one another during
trading. One security is defined separately in the Oddlot Market and Normal Market. Each
will have their own Bid/Offer prices.
3) Posting of orders
•In BPITrade, online orders for the Normal Market will have to be entered with prefix N
e.g. NBPI - Bank of the Philippine Islands, NALI - Ayala Land Inc., NAC - Ayala
Corporation
•The price of the of an order should always be within the Trading Thresholds:
High Threshold - will replace the term Ceiling price
Low Threshold - will replace the term Floor Price
•
•Because of substantial changes in the new Oddlot Market, oddlot orders will not be accepted
in BPITrade at this time (pending further revisions to the BPITrade system) and will require
manual posting through Traders. Please note the following:
1.Partial matching of oddlot orders will be allowed.
2.Oddlot trades will no longer be subjected to minimum commission.
3.Oddlot order posting will only be allowed during the Continuous Trading Period.
4.Oddlot market will have its own closing price but will adopt the price of the Normal
market during opening.
New Boardlot and price Fluctuation
PRICE
From To Tick Size Lot Size
0.001 0.01 0.0001 1,000,000
0.011 0.05 0.001 100,000
0.051 0.25 0.001 10,000
0.255 0.50 0.005 10,000
0.51 5.00 0.01 1,000
10.02 20.00 0.02 100
20.05 50.00 0.05 100
50.05 100 0.05 10
100.10 200 0.10 10
200.20 500 0.20 10
500.50 1000 0.50 10
1001 2000 1.00 5
2002 5000 2.00 5
5005 up 5.00 5
4) Opening and Close Price Calculation
•Both Opening and Closing prices will be calculated by NTS, taking into account the volumes of
the matched and unmatched orders, market pressure and the last traded price.
5) Market Information
Due to the limited Market Data made available to the Brokers on the NTS Terminals, the following
changes will be in effect:
•Online posted orders can no longer be viewed by the Traders in the NTS Terminals
•Modification or cancellation of online posted orders can only be done through BPITrade.
•Modification or cancellation of manually-posted orders can only be done through the traders in
the NTS Terminals.
•Manually-posted orders shall have a status of "EM" (Earmarked) in the Order Information
Screen.
•Matched manually posted orders will be displayed in Order Information after the BPITrade End of
Day process.
•PSE will no longer transmit Side Information (Buy/Sell); as a result, the following features will not
be available in BPITrade:
1.Top Buy and Sell
2.Side Information (Buy/Sell) on the Ticker and on the 5 Last Matched trades in the Stock Info
Page
•Dividend declarations will no longer appear in the Stock Info Page
The above changes will be implemented upon the launching of the New Trading System. Should
you have further clarifications about these new rules, please feel free to contact our Traders at
816-9190/92 or 845-5541/43.
Thank you.
Sincerely
BPI Trade

PSE New Trading Rules

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Dear BPITrade client:

1) New Market Phases:

12:00-12:10 Trading-at-Last Matching is executed only at a fixed price, which is the

New Boardlot and price Fluctuation

4) Opening and Close Price Calculation

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