This article was last updated on April 16, 2022
This Wednesday, the Singapore Exchange (SGX) will delay the start of stock market trading till 12.30pm to allow firms to complete reconciliation of client positions. This is the second major disruption that has affected the SGX in the time of one month. SGX informed that the delay was due to a software error that erupted because of the programming changes that took place over the weekend.
SGX CEO Magnus Böcker issued a statement this Wednesday and apologised for the delay that is highly frustrating for the members as well as the customers. “This incident has occurred on the back of the power breakdown on Nov 5 and we understand the market’s frustration. This should not have happened and we take full responsibility.” He further added, “We are reviewing our processes to prevent any recurrence. Our priority is in rebuilding the trust that our members and customers in us, and we seek their understanding and patience.”
On the other hand, the Monetary Authority of Singapore has directed SGX to review its system adding that these glitches are unacceptable. “MAS has registered its disappointment and concerns with SGX over the delayed opening of its securities market caused by a software defect. The lapse is unacceptable, coming within weeks of the recent power breakdown on Nov 5,” a spokesperson for the central bank said in a statement according to Channel News Asia. It further quoted, “MAS has instructed the SGX Board and CEO to do a thorough review to address the shortcomings that led to the lapse.”