KUALA LUMPUR (June 7): N2N Connect Bhd (N2N) has inked an agreement with the Philippines Stock Exchange Inc (PSE) to provide exchange-wide online trading, direct market access and advanced trading tools for the latter's trading participants (TP)s and their clients.
In a reply to a query from Bursa Malaysia Securities Bhd on Thursday, N2N said the deal t provide the trading platform to OSE was estimated at RM30 million over the tenure of the contract for five years.
The company said the tenure of the contract was five years and renewable thereafter.
In a statement Tuesday, PSE president and chief executive officer Hans Sicat said its partnership with N2N for the technology solutions would open up the doors for more trading participants to offer online trading services to stock market investors.
“N2N Connects’ experience in information and communications technology and the financial industry spans decades and we plan to leverage on their expertise so we can provide the most appropriate and efficient solution for our market,” said Sicat.
N2N said the new platform would also provide trading terminals, automated order taking facilities and algorithm trading for dealers, traders and TP's more sophisticated clients.
N2N managing director Andrew Tiang said the solutions provided PSE with a unified platform to connect more effectively with its TPs, with the added advantage of having opportunities to connect with exchanges overseas.
“PSE can improve risk management for itself and its TPs, who can also access advanced tools to give them advantages in securities trading,” said Tiang.
Tiang said the agreement would allow PSE and its TPs to gain better cost savings, staff and increase operational efficiency while reducing capital expenditure by tapping in to N2N's cloud based pay-per-use model, which has operations in Singapore, Malaysia, Saudi Arabia, Kuwait, Vietnam, Hong Kong and Indonesia.
N2N Connect provides a suite of state-of-the-art applications to facilitate securities trading, off-line or online, risk management as well as access to global multi-instrument markets information, tools and analysis.
Multi-lingual solutions are delivered through multi-channels – desktop PCs, tablet PCs, and smartphones.
While N2N Connect has secured contracts to implement securities trading solutions for Malaysian as well as regional securities companies, the PSE deal is the first it has scored directly with an ASEAN stock exchange. N2N Connect has completed or is engaged in implementing DMA access for 13 Malaysian stockbroking houses ahead of a Sept 30 deadline set by Bursa Malaysia.
The agreement was signed in Manila by Sicat and N2N's founder and executive director Nicholas Chua on behalf of its wholly owned subsidiary N2N Global Solutions Sdn. Bhd.