The Philippine Stock Exchange Inc. (PSE) through its unit, Securities Clearing Corporation of the Philippines (SCCP), has entered into a software license and maintenance agreement as well as a consultancy services agreement with Millennium IT Software (Private) Ltd., a subsidiary of the London Stock Exchange Group.
Millennium IT Software will provide the PSE with customizable Millennium Post Trade solutions and Millennium Risk products which 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.
In September, the board of SCCP approved the issuance of 2 million shares worth P200 million, while the PSE will fully pay its unpaid subscription of P50 million.
The amount will partially fund the purchase of the new clearing and settlement system, the PSE said.
SCCP acts as a clearing and settlement agency for the PSE.