'A choice between moving forward and trailing behind'.

The road to market recovery may be long and narrow and the Philippine Stock Exchange (PSE) does not seem to have a choice but to go with the flow.

Outgoing PSE president and chief executive officer Jose Luis U. Yulo, Jr. said either the PSE moves forward or it would be left trailing behind other bourses in the region.

Mr. Yulo also expressed concern by PSE's slow pace to meet continued fierce competition. He sees stock exchanges moving in three directions-towards a global exchange, a regional exchange and a local exchange.

He said a global exchange scenario for example is a situation where there is a central exchange such as the New York Stock Exchange and that other exchanges such as the PSE becomes a unit of that exchange.

In a regional exchange scenario, the same situation applies but within a specific region such as Asia. In such a situation, smaller exchanges may merge or ally with one another and establish a link through its central exchange.

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