Timson Securities sets PSE debut

MANILA, Philippines - A new stock brokerage firm is set to debut in the local bourse following the exit of a foreign trading participant.

In a public notice, the Philippine Stock Exchange (PSE) said Timson Securities “has filed an application for admission as a corporate trading participant to the PSE through the acquisition of the trading rights of BNP Paribas Peregrine Securities Inc.”

It also sought for the approval of Philip T. Laude as Timson Securities’ nominee.

In 2010, Laude, a director of White Rabbit and Kendi Mint maker Candyman Inc., bought the trading rights of BNP Paribas.

BNP Paribas has been a dormant stockbroker since 2000 when the equities market suffered from a downturn.

“Pursuant to the PSE rules, the membership section will not accept comments on the application,” the local bourse said.

Under the PSE rules, brokerage firms must have P100 million in unimpaired capital, up from the previous P20 million.

To date, there are 134 active brokerage firms in the PSE.

The PSE index, which recorded 38 all-time highs on its way to growing 33 percent and closing at 5,812.73 last year, was the second best performing benchmark in Asia, next only to the 36.3 percent climb of Thailand’s SET index.

Since end-2012, the main index has jumped 12.4 percent to 6,533.95 as of Friday on the back of strong corporate earnings, robust economic growth and high liquidity in the financial markets.