The brokers’ poll was conducted from April 12 to 17 by the Floor Trading and Arbitration Committee "to determine the real sentiment of the PSE trading participants on the most acceptable trading schedule."
FTAC chairman Eddie Gobing said 59 out of the 116 brokers, or 51 percent of the total, voted to continue with the current schedule. It was only last Feb. 20 when the PSE started to implement afternoon trading in response to a clamor, mainly from foreign brokers.
Trading, or the buying and selling of stocks, was traditionally held only from 9:30 a.m. to 12 noon on weekdays, except holidays. But some brokers felt there was a need to stretch trading further in the afternoon in order to attract more volume as this would align the local market with trading in other parts of the world.
Another 25 brokers (21.5 percent) said they would prefer the extended trading to be held from 2 p.m. to 4 p.m. while 22 (or 19 percent) favored the 1:30 p.m. to 3 p.m. schedule. The remaining 10 brokers (8.5 percent) did not select from among the three defined choices.
In a meeting by the PSE board of directors two weeks ago, a consensus was arrived at to let the general membership decide on any revisions in the afternoon session by doing the survey. A number of foreign brokers – whose trades account for nearly half of the total daily turnover – said a 2 p.m. to 4 p.m. schedule would be more favorable to them since they would be able to catch up on early trading in the Western markets.
However, a later schedule would also mean that trades would be better off done off-site, or without using the PSE trading floor for the Exchange to save on cost. While practically all foreign brokers are equipped with the infrastructure for off-floor trading, the same cannot be said of the local majority, but much smaller, brokerage houses.
Hence, despite the survey results, the decision on the final trading schedule will still rest on the PSE board, which means it could rule in favor of a 2 p.m. to 4 p.m. session if more weight is given to foreign brokers.