Nasdaq opens support office in Philippines

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Associated Press

Posted on February 19, 2014 at 5:07 AM

MANILA, Philippines (AP) — Nasdaq has opened a customer service center in the Philippines in a coup for the country's rapidly growing outsourcing industry.

The operator of the namesake U.S. stock exchange says Wednesday the office will be part of its efforts to provide 24-hour support services for its corporate clients.

It says the Manila office has 170 staff.

Aside from its stock and futures markets in the U.S., the company has exchanges in Europe as well as stock index and trading technology businesses.

For foreign companies, the Philippines has become the go to country in Southeast Asia for call centers and outsourcing of back office business functions.

India's outsourcing industry is also thriving as multinational companies seek to lower costs by basing some functions in countries with lower wages.

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