As had been the practice throughout Southeast Asia, trading was done on the auction basis with board trading and the outcry system. This system worked efficiently during the early development of the market but by 1992, the increasing volume of business signaled the end of an era. Clearly, computerized trading operations were needed to handle the sharply increasing activity.

On 4 January 1993, the Manila Stock Exchange started full operation of its computerized match trading system, the Stratus Trading System with Equicom. Shortly thereafter, on June 15, the Makati Stock Exchange, Inc. launched its automated trading system referred to as MakTrade, the same system being utilized by the Stock Exchange of Thailand and which was developed by the Chicago Stock Exchange.

The successful computer link-up of the two systems on March 25, 1994 produced single Open and Close prices for all traded stocks although orders are queued on separate order books of the two trading systems.

On November 13, 1995, the last step in the unification process was taken when PSE implemented the Unified Trading System (UTS), using the MakTrade System. The UTS used the single-order-book system where all orders are posted and matched in one computer, and ensured that the trade orders were matched with the best bid/best offer (BBO) regardless of which floor the orders originated.

The trading of bonds on PSE started on January 15, 2001. The MakTrade System, which enabled the electronic trading of equities, was modified to enable brokers to use the same MarketWorks trading terminal to trade bonds. Furthermore on the same date, the PSE-RoSS Interface System became operational, enabling the brokers to access online the Bureau of the Treasury’s Registry of Scripless Securities (BTr-RoSS).

The MakTrade System is composed of hardware, software and network that allow trading of securities (equities, warrants, and bonds) in a broker to broker market. The system accepts, routes, stores and automatically matches orders. After matches take place, the system stores trade records and generates notice of the transaction to the user. It also maintains market regulation and surveillance databases.

The system allows, aside from main board sales, big block transactions, cross trades, and odd lot transactions. Good-Till-Canceled (GTC) orders, are also accepted on the system. GTC regular order expires on the seventh calendar date from the day of posting while GTC odd lot orders stay in the trading system indefinitely until actually canceled. Also, it allows brokers to execute transactions on the trading floor and at their offices through remote network connections.

MakTrade is simply a group of computer equipment, programs and communication media that collectively enables electronic trading. The Maktrade System has a Client-Server architecture.

The main computer is known as the Central Order Book (COB) server. It is responsible for queuing and matching of all orders forwarded by the four trading hub servers. This creates a single order book for the entire PSE market. It also computes and distributes all market information such as indices and trade statistics. It also holds the master database of all orders, trades, securities and member-brokers. Primary market regulation and surveillance functions, which include opening and closing the market, halting of trading of a security, suspending a broker, inputting of listed companies' news stories and broadcasting of market-wide administrative messages are also performed by the COB. End of day processing such as reports and clearing files generation, order book maintenance and database updates are all done at the COB as well.

There are four Trading Hub Servers (THS), a pair in Ayala and another pair in Tektite. The Trading Hub Servers primarily support the trading and information requirements of the trading terminals such as trade and market information, trade and order confirmations. The Trading Hub Servers minimize the capacity requirements of the COB by acting as information hubs for broker terminals. The servers also ensure equivalent access to the COB for all brokers.

Probably the most familiar components of the MakTrade system are the trading terminals, better known as the MarketWorks terminals. These are simply Personal Computer (PC) based terminals that run the MarketWorks program. These allow brokers to enter, view, cancel, or modify orders; enter, view, or cancel deals; view news; send messages; get stock information, stock quotes, time and sales information, market indicators, graphical statistics, most active stocks, top 10 gainers and losers, and other market related information. Similar workstations that can access market information but do not have order entry functions are also available to investors. These workstations are referred to as "INVESTOR" terminals and are located at the public galleries of the respective trading floors.

Brokers are also able to use the same MarketWorks software at the convenience of their offices or trading centers using PC based computer terminals that allow remote log-in to the trading hub servers.

The MakTrade system feeds market information to data re-sellers or data vendors. Market information such as last sale, bid/ask, volume and value, and market indicators are transmitted through modems using leased/dial-up lines from the COB to the distribution centers of the vendors and re-sellers.

The Communications Front-End (CFE) is a process that enables the brokers to connect their own private trading systems on a “peer to peer” basis to the COB system. This system allows PSE members to develop or purchase customized trading systems that can be used for many purposes such as managing the orders from branch offices and agents. It also allows the brokers to expand their operations depending on their own capabilities and based on their own technological resources. Moreover, it provides scheduling, recovery, session managing, and other supervisory routines that can be utilized by broker developed applications.