MANILA - The Philippine Stock Exchange (PSE) is now requiring the immediate execution of block sales already approved for implementation, a move seen to protect the investing public.

Under the new rule, all approved requests for block sales shall be executed in the trading system within 15 minutes. Prior to this, block sales can be implemented anytime within the trading day.

"Block sale/s shall be executed through the trading system within 15 minutes from receipt of PSE approval, provided that it is still within trading hours," PSE said in a memorandum signed by Vice President Enrico Trinidad.

If the approval for the block sale was received beyond the trading period, the PSE said the execution shall be on the opening of market on the following trading day.

The PSE said the execution of a block sale may only be delayed under two circumstances, one of them being a "potential problem that would affect the overall transaction or settlement of the trade."

The other exemption is when the execution date is pre-determined upon the submission of the request as stated in the application form. "However, on execution date, the approved block sale must be executed upon the opening of market," the memorandum said.

In cases like this, the PSE broadcasts an announcement to all trading participants that a block sale has been approved. This will include details such as the number of shares, stock instrument, execution price, and the execution date.