Which exchange did the Philippine Stock Exchange create by merging Manila and Makati markets in 1992?

The Philippine Stock Exchange was created in 1992 by merging the Manila and Makati stock exchanges.

The Philippine Stock Exchange, commonly abbreviated PSE, united two previously separate Philippine securities markets in 1992. The Manila Stock Exchange had been established in 1927, while the Makati Stock Exchange was founded in 1963. Their consolidation created a single national exchange for listed Philippine equities.

The merger was intended to reduce fragmentation and improve the efficiency of trading, listing, and market supervision. The PSE later introduced a centralised electronic trading system, replacing the older arrangement in which the two exchanges could operate as competing venues.

The exchange is headquartered in Taguig, within Metro Manila. Its main benchmark is the PSEi, or Philippine Stock Exchange Composite Index, which tracks major companies listed on the market. The history is sometimes misstated as a merger of cities rather than institutions; Manila and Makati identify the two original exchanges, not separate modern national exchanges.