The Securities and Exchange Commission (SEC) on Monday thumbed down the proposed merger between the Philippine Stock Exchange Inc. and bond market operator PDS Holdings Inc., ruling that the intended move could negatively impact the latter’s ability to effectively operate in the interest of the investing public.

In SEC Resolution 230, the corporate regulator’s executive committee resolved to deny the request for exemptive relief by the PSE in relation to its proposed acquisition of Philippine Dealing Systems Holding Corp (PDS).