The Philippine Stock Exchange (PSE) on Wednesday said its wholly-owned subsidiary has inked a software license, maintenance and consultancy agreement with a Sri Lanka-based trading platform supplier to upgrade its system.
The Securities Clearing Corp. of the Philippines (SCCP) inked the deal with Millennium IT Software (Private) Ltd. (Millenium IT), the fully-owned technology business sector of the London Stock Exchange Group since 2009.
SCCP serves as the clearing and settlement agency for all trades executed in the exchange.
It is under the regulatory supervision of the Securities and Exchange Commission.
In a disclosure, the PSE said the deal with Millennium IT allows for the customization, use and maintenance of SCCP of Millennium Post Trade solutions and Millennium Risk products.
It will replace SCCP’s current clearing and settlement, risk and collateral management systems.
“The installation of this new clearing and settlement system will enable SCCP to improve and enhance the services it provides to the market,” the PSE said.