Hi! I am Nina Lasala, former Treasurer of the Philppines. This blog is meant to be an open forum for investors, fellow finance professionals, and other interested parties to discuss the state of Philippine Debt Management.

Wednesday, March 16, 2005

Computershare - Provider of Trading Platform to Fixed Income Exchange

I clipped the following from an article in the IT section of the BusinessWorld today:

"The FIE will really be a big hit in the Philippines. Like what we have provided in the Swiss capital market, the system is capable of administering 8,000 orders per second," Ms. Muliawan noted.
The Philippine Dealing and Exchange Corp. (PDEx) just purchased X-stream at P450 million.
PDEx, who will manage the FIE, saved P50 million from the deal because it made Computershare part owner of the firm. Computershare aside from being the technology provider also owns 10% of the PDEx.

The article would appear to be press release which featured a Ms. Lina Muliawan, project manager for the FIE project.

We will leave it to PDEx to enlighten the industry on the costing of system and the savings generated by giving the vendor equity in PDEx. Last we looked, the same PhP450 million was held out as the capitalization of PDEx.

8000 orders per second. Nobody needs to tell me that costs a lot of money to have that impressive capability. If PDEx is concentrating on institutional trades rather than retail, then we are only looking at 300 to 400 trades per day. Gosh, since IT depreciates so rapidly (my IT friends tell me that every 2 years, you pay half of what you would have otherwise bought for today for twice the power), did we pay for something now that we will need some 7 years from now, if we're lucky?

Again, this all ends up as costs that are going to be passed on to both the borrower and the investor.


Anonymous Anonymous said...

This only confirms that the FIE did not do its homework. 8,000 orders per second... they now only have 27 banks and 102 authorized traders. That would mean each trader executing 78 trades per second. Don't think that happens even in the US Stock Market!

If they settled for something thats just right for the Philippines, then maybe the monthly cost of the terminals and transaction fees would be more affordable? And both the government and the investors will not have to shoulder additional costs.

2:07 PM

Anonymous Anonymous said...

What he said plus...

The debt market is a dealers market. Dealers markets are OTC. Don't just believe me. Look it up on the internet.

Apparently, PDEx infrastructure is geared towards that type of a market. That means they want all of us to change they way we operate to accomodate their business model so they can charge us all sorts of fees to cover their huge IT investments, car plans and retirement packages.

How did this all manage to happen?

2:50 PM

Anonymous Anonymous said...

You should not blame the BAP for wanting the best that money can buy. If I could afford a Ferrari, I'd go out and buy one too!

4:00 PM

Anonymous Anonymous said...

If they can spend so much for putting up the infrastructure, just imagine how much these guys project to make (profit without risk).

An investor told me he does not mind paying more for a service he likes and that would benefit him. In this case, he has to shoulder the cost for something he does not even like. As a result, he decided NOT to invest in GS going forward. And I mean millions lost in terms of potential investments.

After taking a look at the previous articles I was aghast to find out that Citigroup is a shareholder. (Nothing wrong with Citigroup investing in this, but) Connecting the dots, Omar Cruz is an ex-citibanker.

4:24 PM

Anonymous Anonymous said...

nothing wrong with wanting the best, but i am sure there are other products there that are more appropriate for the market and more affordable to everybody.

i agree that we all want the best, but who will be shouldering the expenses anyway? certainly not them! so who gave them the right to WANT the best?! besides, the word best is relative. one can never equate price to quality!

4:49 PM

Anonymous Anonymous said...

If there was no bidding held, how are we sure that this deal with Computershare is actually the best?

And to the guy who wants to buy a ferrari, why don't you go join the FIE? I'm sure they'll have a car plan for you too...

4:53 PM

Anonymous Anonymous said...

to the guy who wants to buy the Ferrari, go ahead and buy one and try driving it across MetroManila streets. It is the same when you buy a computer that is too complicated (and expensive, too!) to handle simple and limited transactions. Overkill and what a waste!

4:58 PM

Anonymous Anonymous said...

Pambihira naman itong kompanyang ito. Hindi naman ibig sabihin na kung may pera kinakailangang waldasin. Lalo na kung ang perang iniwawaldas nila ay pera ng kanilang mga may-ari at hindi nila mismo.

5:14 PM

Anonymous Anonymous said...

Not only did the PDEx buy a Ferrari, it also bought a Jaguar, a Volvo, and Expedition, an Audi...

5:16 PM

Anonymous Anonymous said...

Not only did the PDEx buy a Ferrari, it also bought a Jaguar, a Volvo, and Expedition, an Audi...

5:16 PM

Anonymous Anonymous said...

another white elephant for the country. so who got a commission for a sale worth 450 mln? sounds like this company is asking the filipino people to pay for something that we don't need!

9:16 AM

Anonymous Anonymous said...

I agree with the poster above it is another white elephant.

I am really dissappointed with this government.

9:54 AM

Anonymous Anonymous said...

These people in PDEx should try going to the countryside to really see for themselves the sad situation we have. Maawa naman sana kayo sa bayan! One of these days, you may suffer the wrath worse than Abu Sayyaf and Al Qaeda combined!

450 Million for a system? to charge hapless investors? to justify rapacious actions? to satisfy one's greed? Truly, these people are soul-less. And they wear monkey suits, too! No doubt by Armani, Gucci et al.

10:51 AM

Anonymous Anonymous said...

Nina your friends in information technology are right about the fast rate of depreciation (not to mention obsolescence). If I am not mistaken large companies like Oracle, Microsoft, and Sun encourage their customers to upgrade their servers every two to three years.

Nina makapangyarihan ang nakabangga mo. A lot of money involved. I admire your courage.

12:48 PM

Anonymous Anonymous said...

It seems to me that these people turned the reforms process into a personal business and then used the BSP to create circulars to coerce the banks and the investing public.

They are using government influence to create their business. That sounds like graft!

I may not have the brains of these so called giants of the industry but what they are doing is just simply wrong.

1:52 PM

Anonymous been there . . . said...

After all has been said and done -history will judge all these PDEx characters (from their BSP & BAP backers to the individuals in the exchange themselves) - their collective epitaphs will say "WE TOLD YOU SO!!!" As they say, "you can fool some of the people some of the time, but not all of the people all of the time" - they didn't even do a good job with the former.

Unfortunately, they have fooled the ones that have the muscle and we, the general public, will have to pay the price.

I wonder, is there more than the eye can see to all this? Hmmmmmm

2:48 PM

Anonymous Anonymous said...

if 450 was the capitalization of PDEx, what is left if there is a failed trade that has to be repaired? what does the PDEx intend to pay investors for fails management? software? diskettes? shares perhaps? not the right way to go about your operations. then again, that's what you get when a bunch of ex-traders try their hand at operations. puro kasi yabangan ang ginawa! who's going to clean up your mess now?! hahahahaha! =D

9:32 PM

Anonymous Jose Rizal said...

Ang kakapal ang mga taong iyan. But the fault really is we have a corrupt legal system that are helpless from power abusers like Buenaventura and the bankers and the soul less IT quacks. Ms. Lasala, sana ma clone ka at dadami para mga garapatang nasa pwesto matanggal!

Sayang ay binaril ako sa Bagumbayan! Mabuhay ka !

6:20 PM

Anonymous Anonymous said...

Ang kakapal ang mga taong iyan. But the fault really is we have a corrupt legal system that are helpless from power abusers like Buenaventura and the bankers and the soul less IT quacks. Ms. Lasala, sana ma clone ka at dadami para mga garapatang nasa pwesto matanggal!

Sayang at binaril ako sa Tirad Pass! Mabuhay ka !

6:23 PM

Anonymous Anonymous said...

Mga pinagpipitagang mga bayani, sana mabuhay kayong muli. Kulang na po ng mga nag-iisip at matatapang ang loob sa ating bayan. Puro na lang po mga bulok at panangdaliang mga panukala ang kayang ihain. Akala po nila kayang nilang paniwalain ang lahat dahil kaya nilang paandarin at bayaran ang mga lathalain. Wala na rin pong "La Solidaridad" kasi .Napakaabang katatayuan....

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