1927

The Manila Stock Exchange, Inc. (MSE) was established on August 8 by five businessmen, namely, W. Eric Little, Gordon W. Mackay, John J. Russell, Frank W. Wakefield and W.P.G. Elliot.

1936

Commonwealth Act No. 83 or the Securities Act of 1936 was enacted on October 26. It created the Securities and Exchange Commission (SEC) in response to the need for an agency that would safeguard public interest brought about by the local stock market boom in 1936.

The SEC started operations on November 11 under the executive supervision of the Department of Justice.

1937

The MSE introduced the ticker transmitting service for better and faster communication system for the expanding volume of transactions as well as for transmitting news reports on business and industry from all parts of the world as brought in by news services in Manila.

1940

The MSE suspended operations during the Japanese Occupation. The SEC was also abolished by the Philippine Executive Commission and later reactivated in 1945.

1946

The MSE resumed trading operations.

1958

The Industrial Share Average was initiated in order to provide the members with an index to measure the movement of industrial issues. It was launched on January 2 and was drawn from select active commercial and industrial shares. A Mining-Oil Index was also introduced due to the flourishing oil industry.

1963

The Makati Stock Exchange, Inc. (MkSE) was organized by Hermenegildo B. Reyes, Bernard Gaberman, Eduardo Ortigas, Aristeo Lat and Miguel Campos on May 27.

1965

The MkSE started operations on November 16.

1969

The MSE implemented separate indices for mining and oil.

1973

Presidential Decree (PD) No. 167 dated April 12, which requires automatic listing in all stock exchanges of securities that have been approved for listing and trading, was passed. Another PD No. 282, which authorized stock transactions by members of an operating stock exchange through members of another stock exchange when necessary to execute customer's orders, was also adopted.

1975

The SEC, through Order No. 153 dated February 4, implemented the uniformity of price fluctuations, board lots and trading symbols for all existing stock exchanges.

1979

The Securities Investors Protection Fund, Inc. was formally established on October 2.

1982

The Revised Securities Act (RSA) or BP Blg. 178 was signed into law on February 23. It provided, among others, for a more sophisticated disclosure mechanism of securities to be offered to the investors and vested on the SEC absolute jurisdiction, supervision and control over corporations, partnerships and associations.

1987

The MSE introduced the MSE Composite Index using the variable multiplier method (fixed weights at base date), which was different from the variable divisor method the MkSE used.

On April 1, the MSE and MkSE agreed to use a common set of index stocks and resolved to adopt the variable multiplier method.

1989

MSE installed a computerized real-time price reporting system that provided members with essential market information.

1990

The computation of the indices was changed from price-weighted to full market capitalization-weighted, a methodology that measures the relative changes in market capitalization of common stocks.

The East Asian and Oceanian Stock Exchanges Federation, now known as the Asian and Oceanian Stock Exchange Federation (AOSEF), was formally organized with the signing of its charter on December 6-7 at the Manila Hotel.

1992

The Philippine-SEC Institute Foundation, Inc. (Phil-SEC) was incorporated on May 25.

The Philippine Stock Exchange, Inc. (PSE) was incorporated on July 14 by the following incorporators: Robert Coyiuto, Jr., Victor Say Hipek, Eduardo C. Lim, Juan B. Francisco and Cesar E.A. Virata.

On December 23, MSE and MkSE forged and issued a joint declaration on the unification of the country's two bourses under the Philippine Stock Exchange, Inc. to consolidate logistics and hasten development of the capital market.

1993

Trading at the MSE through its fully computerized match trading system, the Stratus Trading System with Equicom started on January 4.

The first general membership meeting of PSE took place on March 20.

The MkSE launched its automated trading system referred to as MakTrade on June 15.

The SEC approved the PSE's By-Laws.

1994

The SEC granted the PSE its license to operate as a securities exchange on March 4. It simultaneously canceled the licenses of the MSE and MkSE.

On March 25, the one price-one market exchange was achieved through the successful link-up of the two existing trading floors.

The PSE Composite Index (PHISIX) underwent revision. It was calculated with its own set of components, independent from the different sectors. The number of component-stocks was increased to 30 and class "B" shares were included. Simultaneous with this revision on the main index, the Property Index was introduced with a base value initially set at 100.

1995

The PSE was accepted as the 37th full-pledged member of the Federation Internationale des Bourses de Valeurs or International Federation of Stock Exchanges (FIBV), now known as the World Federation of Exchanges, on October 16.

The Philippine Stock Exchange Foundation, Inc. (PSEFI) was incorporated on November 10.

The Unified Trading System on was launched on November 13 using the single-order-book system on a MakTrade software where all orders are posted and matched in one computer.

1996

The PSE introduced the Banking and Financial Services Index to reflect the financial environment and the All Shares Index that includes all listed companies. The base value of the new indices was initially set at 1,000 to better align them to the thousand level Composite Index. The Property Index was also realigned to 1,000 level to better reflect its impact on the overall market movement.

The PSE was granted by the SEC, on a temporary basis, the status of a Self-Regulatory Organization (SRO).

The Communication Front-End System went online, providing a gateway that allowed PSE member brokers to directly connect their own private trading systems to the MakTrade System.

1997

The PSE went into scripless trading after the Philippine Central Depository finished conversion of 293 active issues into its book-entry settlement system on December 15.

1998

On June 29, President Fidel V. Ramos handed over the SEC certificate that conferred the SRO status to the PSE. In line with its SRO status, the PSE adopted the policies of the SEC by incorporating in its rules 42 provisions of the RSA in its efforts to effectively discipline erring member-brokers.

1999

On September 6, the PSE adopted and implemented the International Securities and Identification Numbering system on the MakTrade System.

On November 15, the PSE was conferred membership in the Association of National Numbering Agencies in New York, USA and became the National Numbering Agency for the Philippines.

2000

On January 3, the Securities Clearing Corporation of the Philippines (SCCP) started commercial operations.

The PSE's SRO status was temporarily suspended on March 7 due to alleged irregularities arising from the trading of BW Resources Corporation (BW).

Republic Act No. 8799 or Securities Regulation Code (SRC) was signed into law on July 19 and took effect on August 8. Section 33.2 (a) of the SRC prescribed the PSE's reorganization as a stock corporation by August 2001 pursuant to a demutualization plan approved by the SEC.

On August 23, the SRC provision to increase the membership of non-brokers in the PSE's 15-man board was effected with the election of five non-brokers in addition to the existing three non-brokers in the board.

On September 8, the SEC lifted the suspension of the SRO status of the PSE, which was subject to certain conditions and provisions of the new SRC.

2001

The implementing rules and regulations of the SRC took effect on January 2.

The SME Board was launched on July 20, simultaneous with the listing of the securities of the first company on the said board.

On August 3, PSE demutualized, transforming from a non-stock, member-governed entity into a stock, shareholder-based organization.

Pursuant to the SEC's approval of the PSE's proposal to allow brokers to transact for their own account, the rules and procedures for implementing the customer first policy trading environment was programmed into the trading system and activated on August 22.

The SEC adopted a resolution on September 12 to: (a) raise the threshold of the tender offer to 35% (from 15% for a single acquisition and 30% for creeping acquisition), and (b) exempt all brokers from the prohibition of the broker-director rule.

2003

On December 15, PSE shares were listed by way of introduction. It opened at P100.00 per share and reached as high as P252.50 before settling at P200.00 at the end of the year.

2004

The Exchange re-imposed the collection of the transaction fee of 1/200 of 1% (0.5 basis points) on the gross value for every buy and sell transaction executed.

On January 28, the PSE sold 16.5% or 6,077,505 shares of its authorized capital stock to strategic investors by way of private placement.

The PSE invested in the Philippine Dealing System Holdings Corporation, the holding company of the fixed income exchange (FIE) in exchange for its shares in Philippine Central Depository, Inc. The FIE is designed to be an alternative market for raising funds in the financial markets other than equities. It aims to provide a competitive substitute to bank loans as funds are generated from alternative sources such as long term bonds issued by the Philippine government.

The PSE amended the rule on minimum commission by placing a minimum rate for all trades regardless of the amount of transaction to create a more level-playing field for all trading participants, especially on large volume trades. The new minimum commission rates became effective September 22.

The Governance Committee was replaced by the Market Integrity Board (MIB). The MIB was created to oversee compliance with the rules governing market transactions of PSE trading participants monitored by the Market Regulation Division through its surveillance system.

The SCCP became a wholly-owned subsidiary of PSE and a new Clearing and Settlement System was acquired.

2005

The PSE implemented the Online Disclosure System or the ODiSy, providing 24/7 online system access for the submission and announcement of all types of disclosures.

The PSE forged a memorandum of agreement with Globaltronics, Inc., an electronic billboard operator, for the posting and display of PSE's advertisements in select and strategic locations in Metro Manila through a video display system.

The PSE, FTSE International Limited (FTSE) and Association of Southeast Asian Nations (ASEAN) exchanges, Jakarta Stock Exchange, Bursa Malaysia Berhad, Singapore Exchange Securities Trading Limited, and The Stock Exchange of Thailand signed a memorandum of agreement creating the FTSE/ASEAN Index. The PSE has 12 representative listed companies from the total of 180 traded in the FTSE/ASEAN Index.

The PSE added a new criterion, tradability, for listed companies to be included in the Composite Index. Under this new criterion, shares of companies must be traded in at least 95% of the total trading days of the relevant review period of one year.

2006

On January 2, the PSE revised the industry classification of listed companies by categorizing companies according to its major source of revenue. The number of sectors increased to six from five, with two new sectors introduced namely, the Holding Firms and Services Sector, while the Mining Sector and the Oil Sector were combined to form just one sector.

The PSE shifted to use free float market capitalization in computing the index from the use of full market capitalization of listed stocks. The shift aimed to provide investors with a more reliable gauge of trading activity and market behavior.

The PSE also revised its criteria in selecting companies for inclusion in the index. The criteria were the following: 1) Free float level of at least 10%; 2) Liquidity or average daily trading value of at least P5 million; 3) Tradability of at least 95%; and 4) volume turnover ratio of at least 10%. The PSE changed the name of its main indicator from PSE Composite Index to PSE Index (PSEi).

The SCCP migrated from trade-for-trade processing to a multilateral netting system called Central Clearing and Central Settlement System (CCCS).

The Commission on Higher Education Commission (CHED) en banc approved the policies, standards and guidelines for business administration by virtue of CHED Memorandum Order No. 39 (CMO 39), series of 2006, which mandated the inclusion in business administration courses of a stand-alone subject in capital markets. CMO 39 was implemented in June 2007.

On September 21, the FTSE/ASEAN 40 exchange-traded fund (ETF) was officially launched with its listing on the Singapore Exchange. The ETF was designed to track the 40 largest companies across five stock markets within the ASEAN region.

The PSE launched the Certified PSE Securities Specialist Course, which is envisioned to provide continuing education for market participants, while synthesizing and emulating the Chartered Financial Analyst

2007

The Exchange acquired the Advanced Warning and Control System, a state-of-the-art computerized surveillance system designed to further enhance the integrity of the stock market.

On August 24, the Philippine Mineral Reporting Code (PMRC) was formally launched. Considered an internationally accepted standard in the mining industry, the PMRC sets out the minimum requirements, recommendations, and guidelines for public reporting of exploration results, mineral resources and ore reserves.

2008

On August 6, the PSE entered into a memorandum of understanding with NYSE Euronext, and signed the new trading system license, implementation and maintenance agreement with NYSE Euronext Technology SAS (NYXT). NYXT is a wholly-owned subsidiary of NYSE Euronext, the world's largest exchange operator.

The Personal Equity and Retirement Account (PERA) Law was signed by President Gloria Macapagal-Arroyo on August 22. The PERA Law encourages savings through voluntary retirement funds for workers and provides an important savings and investment vehicle to attract much-needed local investments by resident and overseas Filipinos.

On September 24, the PSE approved the implementation of a circuit breaker rule, a 15-minute trading halt in the event the PSEi declines by at least 10% based on the previous day's closing index value, to allow investors time to digest the impact of an unusual market drop and help restore normalcy in the stock market.

President Arroyo signed into law Republic Act No. 9510, otherwise known as the Credit Information System Act (CISA), on October 31. CISA seeks to enhance the reliability of credit information and facilitate credit investigation and rating.

2009

The PSE signed a memorandum of agreement with the Department of Education on January 15 for the integration of a capital markets segment in the high school curriculum, particularly in the 4th year economics subject.

On June 30, President Arroyo signed into law Republic Act No. 9648, which exempts from documentary stamp tax the sale, barter or exchange of shares of stock listed and traded through the stock exchange, with retroactive effect to March 20, 2009.

The Real Estate Investment Trust (REIT) Act of 2009 lapsed into law on December 17. The REIT Law encourages the establishment of REIT companies solely for the purpose of owning income producing real estate and related assets. REIT companies are required to distribute at least 90% of their taxable net income to its shareholders to avail of the preferential tax treatment.

2010

The PSE revised its rules on listing by way of introduction on March 24. The amendments include, among others, the following additional requirements: 1) fairness opinion and valuation report issued by a third party financial institution on the pricing of the applicant company's securities to be listed in accordance with the Guidelines for Fairness Opinions and Valuation Reports; 2) enhanced lock-up provisions; and 3) lifting of the trading band on the listing date of the securities.

The PSE's new trading system, now known as PSEtrade, was launched on July 26.

The Corporate Governance (CG) Guidebook was launched in November as another initiative of the Exchange to promote good governance among listed companies. It is composed of 10 guidelines embodying principles of good business practice and based on internationally recognized corporate governance codes and best practices.

The Amended Minimum Public Ownership (MPO) Rule took effect on November 30 and became a continuing listing requirement for listed companies. The amended MPO rule states that listed companies must maintain 10%, at the minimum, of their issued and outstanding shares held by the public, excluding any treasury shares.

2011

The PSE revised its policy on managing the PSE index series effective September in order to enhance the quality of PSE's indices, reflect corporate actions in a timely manner as well as elevate standards to international best practices. Under the amended policy, companies should meet three criteria to qualify for the PSEi: (1) the company's free float level should be at least 12%; (2) the company must rank among the top 25% in terms of median daily value in nine out of the 12-month period in review; and (3) rank among the highest based on full market capitalization.

The PSE established its satellite office in Cebu on September 22 in a bid to attract prospective investors and listed companies outside the NCR.

2012

The Exchange implemented whole day trading on the first trading day of the year. Trading starts at 9:30AM with a recess at 12:00NN-1:30PM, and continues until the close at 3:30 PM. This is part of the Exchange's efforts to increase liquidity in the market and also align our trading session with that of the Asian markets, at the very least.

The CMIC received its provisional Self-Regulatory Organization status on February 2 and subsequently began operations in March. On May 8, the CMIC launched its new surveillance system called Total Market Surveillance (TMS), which was acquired from the Korea Stock Exchange. The TMS features detection rules, statistic analysis models, and pattern recognition logics needed to enhance monitoring of stock market transactions. TMS is also designed to support a market of one million orders/trades per day.

2013

The PSE rolls out its new three-year strategic plan which focuses on introducing more products and services to the market.

The PSE adopted a new listing board structure. From a three-board set up, the Exchange retained the main board and created the new the Small, Medium and Emerging (SME) board. The listing requirements were also managed to make listing easier.

In April, the PSE launched its online service bureau called PSETradex. Six months later, two brokers launched their online trading facility using the PSETradex. The PSE partnered with Takara Printing Co., Ltd. to create awareness and investor interest on the Philippine market in Japan. One of their initiatives is to translate PSE's listing kit and new listing rules in Japanese.

The co-branded SGX-PSE MSCI Philippines Index Futures was listed at the Singapore Exchange on November 25.

The first Exchange Traded Fund, First Metro Philippine Equity Exchange Traded Fund, Inc. (FMETF), was listed at the PSE on December 2.

Also in December, the Exchange released the list of Shariah-compliant securities. This initiative marks the PSE's foray into Islamic Finance. All listed companies will be screened for Shariah-compliance every quarter.

By the end of the year, the PSE was named the Best Stock Exchange in Southeast Asia by investment magazine publisher Alpha Southeast Asia.

To cap a fruitful year, the PSE celebrated its 10th anniversary as a listed company. To mark this milestone, the Exchange unveiled its new LED electronic board at the Ayala Trading Floor.

On the same day, the portal for the new disclosure system co-developed with the Korea Exchange known as EDGE (Electronic Disclosure Generation Technology) went live.

2014

The PSE introduced the mobile application format of its disclosure platform, the PSE EDGE. The mobile app can be downloaded for free on any Android or iOS smart phone or tablet. The PSE EDGE app gives investors real-time access to disclosures and notices.

In July 2014, the PSE announced that it will be adopting NASDAQ OMX's X-Stream Trading Technology as its trading technology system by 2015.

The Exchange announced another partnership in August, this time with Deutsche Boerse, to explore partnership opportunities in the fields of market data and information services.

In October 2014, the PSE inked a term sheet with the Bankers Association of the Philippines (BAP) for the acquisition of BAP's 28.9 percent stake in the Philippine Dealing System Holdings Corporation (PDS). This agreement comes after the PSE Board of Directors authorized the offer to purchase the shareholders of BAP and the entities it is acting on behalf of and the other shareholders of PDS.

The PSE received commendations on Corporate Governance from Corporate Governance Asia. The PSE was also among the top 50 best performing publicly listed companies in the Philippines based on the ASEAN Corporate Governance Scorecard country reports and assessments 2013-2014.

The PSE organized a special bell ringing ceremony in November for select players of the International Premiere Tennis League. This event was a first for the Exchange, it being the first time that international celebrities were at the trading floor to ring the opening bell.

2015

The PSE was recognized as Best Stock Exchange in Asia by institutional investment magazine Alpha Southeast Asia.

The PSE shifted to a new trading system, the PSEtrade XTS which utilizes NASDAQ's X-stream Technology. The PSEtrade XTS, which replaced the NSC trading platform provided by NYSE Euronext Technologies SAS, is equipped to handle large trading volumes. It is also capable of supporting the future requirements of the PSE, including providing more products and services.

To formalize its transfer to a new headquarters in Bonifacio Global City, the PSE acquired office units in a new building located at One Bonifacio High Street.

2016

The PSE was named Best Stock Exchange in Asia by institutional investment magazine Alpha Southeast Asia. This is the third time in four years that the PSE bagged the award.

The Exchange received regulatory approval to introduce new products in the stock market - the Dollar Denominated Securities and the Listing of PPP Companies.

To promote capital market development, the PSE partnered with the Social Security System. The partnership involves undertaking cooperation initiatives in the areas of market education and Small, Medium, Emerging Board promotion.

Other market education initiatives include the partnership with De La Salle-College of Saint Benilde, Inc.'s (DLS-CSB) School of Professional and Continuing Education (SPaCE) for the Certified Securities Specialist Course and the addition of free stock market seminar sessions. From a bi-monthly schedule, the PSE now has weekly stock market seminars.

2017

PSE inked a memorandum of agreement with the Public-Private Partnership (PPP) Center of the Philippines in February to formalize its partnership for information sharing to facilitate the processing of PPP listing applications. This comes after the Exchange received regulatory approval for its Supplemental Listing and Disclosure Rules Applicable to a Public-Private Partnership Company.

PSE had its first Dollar-Denominates Securities listing in April. There were three (3) DDS offerings recorded for the year, which raised a total of USD367 million. At the end of the year, there were 16 Eligible Brokers that can trade DDS.

PSE recognized two domestic listed companies, SM Prime Holdings, Inc. and SM Investments Corporation, whose market capitalization broke past the one-trillion peso mark on June 9 and August 16 respectively.

The PSE was once again named the Best Stock Exchange in Southeast Asia by institutional investment magazine, Alpha Southeast Asia. In giving the recognition, the award-giving body cited the technology developments, product launches, and investment literacy initiatives of the PSE.

2018

In February, the PSE moved its corporate offices to PSE Tower in Bonifacio Global City, Taguig City. The Exchange also merged the two trading floors it used to maintain in the cities of Makati and Pasig to the same building.

The company conducted a stock rights offering and raised P2.90 billion from the exercise. The rights issue raised fresh capital to fund the Exchange's product and technology development initiatives, and also brought the PSE closer to complying with the industry ownership limit for stock exchanges required under the law. The shares were listed in March.

In June, PSE received approval from the SEC on the implementing guidelines for short selling. The company conducted a series of product seminars and forums on short selling for various stock market stakeholders.

Officials of PSE and its wholly-owned subsidiaries, Capital Markets Integrity Corporation and Securities Clearing Corporation of the Philippines, visited the Shenzhen Stock Exchange (SZSE) to know more about SZSE's listing and disclosure regulations, market services and connectivity, market data products, and trading, surveillance, and clearing and depository systems.

2019

The PSE became a member of the Sustainable Stock Exchanges Initiative in May. The PSE committed to be an advocate of sustainability in the Philippine capital market and to actively pursue its own sustainability programs.

A major initiative to support PSE's commitment to promote sustainability is its announcement that the Exchange will use the global and more comprehensive standards of Environmental, Social and Governance (ESG) as the central framework and benchmark for its prestigious Bell Awards. Previously, the awards were benchmarked on corporate governance principles. The PSE also inked a Memorandum of Agreement with the Securities and Exchange Commission (SEC) to secure the endorsement and collaborate with the SEC for the Bell Awards. Among the materials to be reviewed for assessment of publicly listed companies will be their reports in compliance with SEC's Sustainability Reporting guidelines.

After collating end-2018 data provided by trading participants, the PSE reported that the number of stock market investors breached the one million mark. As of 2018, total stock market accounts reached 1,089,443.

The Exchange started publishing the PSEi Total Return Index (TRI) data in February to provide investors a picture of the overall index return, including capital gains and dividends if these were reinvested into the index.

In June, the PSE Electronic Allocation System (PSE EASy) website was launched. PSE EASy is an online shares subscription platform for those who want to take part in the Local Small Investor tranche of an IPO. The mobile application of PSE EASy was made available in November.