[2] In this capacity, PDEx provides a centralized & efficient infrastructure for trading securities which ensures price discovery, transparency, and investor protection.

The electronic system displays live bid and offer quotes and publishes transaction data to Trading Participants allowing for price discovery.

PDEx began trading operations in Government Securities in March 2005, with a Negotiated Dealing System for the Inter-Dealer Market.

Once authorized, the settlement instructions are sent through to the Bureau of the Treasury (BTr), which operates the Delivery-versus-Payment Service for Government Securities with the Bangko Sentral ng Pilipinas (BSP, the Philippine Central bank).

To support the Auto-Matching System, PDEx launched a Market Maker Program with the expressed objective of increasing price liquidity in twelve (12) pre-identified government securities with outstanding size of Php8.0 Billion or higher.

This incentive program shall be enhanced for Trading Participants that will commit to providing price liquidity into the expanded market for qualified institutions and retail investors.

Under this engagement, PDEx through its SRO, monitors compliance with timeliness and accuracy standards for price and transaction reporting, further strengthening the interest rate benchmark setting process.