The Philippine Dealing & Exchange Corp. (PDEx) is a dealing exchange for major banks in the Philippines. The primary exchange of the country for all sectors is the Philippine Stock Exchange.
PDEx is licensed by the Securities and Exchange Commission (SEC) as an Exchange under the provisions of the Securities Regulation Code (SRC). It acts as an electronic trading platform for the Philippine peso and the United States Dollars.[2] In this capacity, PDEx provides a centralized & efficient infrastructure for trading securities which ensures price discovery, transparency, and investor protection. In July 2006, SEC formally recognized PDEx as a Self-Regulatory Organization (SRO) in the Inter-Dealer Market and is thus vested with the responsibility of formulating the requisite market rules, undertaking surveillance and enforcing compliance in the inter-dealer market. In November 2007, the SEC expanded the SRO registration of PDEx to cover the Inter-Professional Market, and in February 2008, its SRO authority was expanded to cover its members in all markets within the PDEx Trading Systems.
Trading on the PDEx platform is done through a state-of-the-art trading engine called X-Stream[3] that was developed by NASDAQ OMX. Trading Participants are provided a front-end system (the Fixed Income Trading Workstation, FITW) through which quotes can be entered and/or amended and where transactions are eventually executed. The electronic system displays live bid and offer quotes and publishes transaction data to Trading Participants allowing for price discovery.