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Many were surprised when we implemented the rules and penalized some the Trading Participants, they complained, Garcia said. The spot audit at the start of CMIC operations equalled to 54 Trading Participants and is now down to only nine. The audits exposed the violations of rules and Securities Laws by trading participants resulting in sanctions. The Capital Markets Integrity Corporation, an independent regulatory body of the Philippine Stock Exchange, reported a sharp drop in violations of Securities Laws and rules by trading participants. Herbosa said the updated SRC could be completed before the new year. CMIC conducts regular and spot audits on the PSE’s 133 active trading participants as part of its regulatory function.

The TMS, which was developed by the Korea Exchange, is aimed at enhancing the CMIC’s capability to monitor stock market transactions. MANILA, Philippines – A new state-of-the-art system to monitor transactions at the stock market was launched on Tuesday. The former PSE chair said joint efforts should be made between CMIC and brokers to increase the number of investors, which as of latest count was less than 1 percent of the Philippines’ 95-million population. The full rollout of the TMS system affirms CMIC’s role in enhancing market integrity and transparency. We also share CMIC’s advocacy in promoting investor education as we jointly develop a progressive Philippine capital market, PSE chair Jose Pardo said. Herbosa said the SEC itself would likewise soon acquire its own surveillance system to boost the fight against market abuses. But apart from alerts generated from surveillance systems, she said regulators would also act on tips, complainants and referrals.

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At the minimum, the system is designed to support a market of one million orders/trades per day. My dream is we will get to a point where we don’t have to sanction any of the trading participants because they will be following the rules, Garcia said. My dream is that we would never have to penalize any of the trading participants because they will be following the rules. We want to have a dialogue with them and know what their problems are, Garcia said.

It completes the picture of having a very independent and very smart academically inclined people who also have market expertise, Sicat said. In terms of the use of the board will just be an academic exercise but some people should understand how the market works on a practical basis. That will enhance the work of the CMIC because they will have a broader view of certain things. That has to lexatrade forex broker be finalized by the SEC, Sicat said. PSE President and Chief Executive Officer Hans Sicat said the Securities and Exchange Commission is thinking of adding two more slots in the CMIC’s board of directors to enhance the body’s functions. Sicat said the change in the number of CMIC’s board of directors from the current five to seven will be made by getting more market-savvy board members.

The audits exposed the violations of rules and securities laws by trading participants resulting in sanctions. The spot audit at the start of CMIC operations equalled to 54 trading participants and is now down to only nine. CMIC conducts regular and spot audits on the exchange’s earnings on forex over 133 active trading participants as part of its regulatory function. The Capital Markets Integrity Corp. , an independent regulatory body of the Philippine Stock Exchange , reported a sharp drop in violations of Securities Laws and rules by trading participants.

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While fostering the development of market-based economies, they also play an equalizing role as they provide venues for the greater number of people to share in investment opportunities as well as business and market risks. In December 2000, the justice department charged Tan and several other cohorts with price manipulation.

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But that has yet to be formalized and approved by the SEC. Meanwhile, PSE is looking to amend the board composition of Capital Market Integrity Corp. that focuses on monitoring and policing the equities market. For 2013, combined market capitalization of PSE-listed firms picked up nearly a tenth to P11.93 trillion from P10.93 trillion in 2012. Average daily turnover value jumped 45 percent to P10.52 billion from P7.26 billion in 2012. In broker 2011, PSE switched to a new electronic system PSETrade, replacing the Maktrade system that dates back to the unification of the trading operations of the Manila and Makati stock exchanges 15 years ago. The new trading system allows more trading transactions and also has a provision for commodities and derivatives trading. I think right now that particular project is put a bit at the backburner, said PSE president and CEO Hans B. Sicat.

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From 54 stockbrokers being audited when CMIC first started operations, the figure has declined to just nine trading participants as of last month. Garcia said CMIC continues to monitor dubious trading activities, which it submits to the SEC. These rules have been existing for a long time, Garcia said. The independently run broker regulation arm of the Philippine Stock Exchange is in talks with the Securities and Exchange Commission on strengthening lexatrade forex brokers reviews enforcement activities against erring stock-market players, a top official said. The SEC recently acquired a surveillance system to prevent and curb fraudulent trading activities. But investigating market irregularities is a tedious process, she said, adding that, The problem is in the gathering of evidence, you have to keep track of all the trades and it’s not only for a one-day period. We’ll probably be tracking from six months to one year.

The SEC had asked the PSE to submit not later than Aug. 28 a full and thorough report on the unprecedented trading halt that hit the exchange last month. If the minimum RBCA ratio or the minimum NLC is breached, a broker dealer must immediately notify the SEC and CMIC, and shall immediately cease doing business. Under the corporate day trading regulator’s rules, broker dealers should compute their RBCA ratio and financial requirements every day, as well as submit a report on their compliance every month. TRCR is the sum of the capital requirements for each of the various risk exposures of broker dealers, such as operational risk, credit risk and position risk.

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MARKET regulators found all broker dealers at the Philippine Stock Exchange, Inc. financially resilient despite sharp losses in late August, the Securities and Exchange Commission said in a statement. The stink is such that the Capital Markets Integrity Corp.—the independent watchdog of the Philippine Stock Exchange—recently ordered the suspension of DW Capital from trading directly or indirectly on the PSE. DW Capital, for its part, moved to partially quash the subpoena and requested for additional time to comply with the submission of documents.

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He cites another example of PSE firsts , such as the launching of an index futures product, currently traded in Singapore. Sicat says the PSE’s main mantra is to be a capital markets catalyst.

Even corporate regulators and the current crop of economic managers have called out the PSE leadership to clean up the ranks by reforming the way the stock market is run. Garcia said the number of brokers subjected to monthly spot audits likewise fell to 9 from 54 when the CMIC started.

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Speaking of changes, the Philippine Stock Exchange is reconsidering earlier plans to collapse its Capital Market Integrity Corp. into a division within the bourse. This sends a good signal that the PSE is continuing – and not backtracking – on efforts to improve governance. Corporate regulators are in talks to beef up the Capital Market Integrity Corp. , the market regulation unit of the Philippine Stock Exchange.