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Richmond Mercurio - The Philippine Star
December 16, 2025 | 12:00am
The PSE has released its proposed amendments to the PSE board lot and rule on trading during run-off/trading-at-last, wherein the investing public and market participants are given until the end of the year to submit their comments.
STAR / File
MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) is seeking to revise the board lot structure and remove rules on odd lot market in an effort to make stock market investing more affordable and accessible to retail investors.
The PSE has released its proposed amendments to the PSE board lot and rule on trading during run-off/trading-at-last, wherein the investing public and market participants are given until the end of the year to submit their comments.
In line with the new trading engine which is scheduled to be rolled out in 2026, the PSE said that it would implement a new one lot one share structure which will standardize the minimum lot size for all securities to just one share, regardless of market price.
“The proposed board lot will allow investors to trade a single share of a security and effectively reduce the minimum investment for any security to its market price,” the PSE said.
To balance this with the interests of trading participants which may find the revised board lot economically unviable and inconsistent with their business strategies, such as those with institutional clients only or that will incur higher processing costs for multiple small value orders, the PSE said that trading participants will be allowed to impose a minimum order value as a condition to accepting clients’ orders.
This is allowed provided that the trading participants will not exceed the maximum commission rate under applicable laws and regulations, the exchange said.
To reflect the changes, the PSE is looking to amend Article IV, Section 8 of the Revised Trading Rules to indicate that the price fluctuation of a security for any trading day shall be based on the given price range for the security.
It is also proposing to amend Part C, Section 1.a of the Rules on trading dollar denominated securities to align the board lot structure across all PSE listed securities.
Given that the regular lot size for all securities will be one share, the PSE said that it will no longer operate an odd lot market.
Instead, it said that all orders would be matched on the normal market in the new trading engine.
“Therefore, all references to the odd lot market will be removed from the relevant PSE regulations,” the exchange said.
Meanwhile, in line with the upgrade of its trading infrastructure to Nasdaq Eqlipse Trading, the PSE said a detailed gap analysis has been conducted to identify the differences between Nasdaq Eqlipse Trading, PSEtrade XTS which is the trading solution used by the exchange at present, and PSE’s functional, non-functional, operational and regulatory requirements.
The PSE said that one of the gaps identified is the conduct of trading during the run-off/trading-at-last period.
At present, the PSEtrade XTS automatically rejects an incoming order during the run-off/trading-at-last period if the price of the counterpart passive order in the order book is better than the established closing price for the security.
