Singapore central bank rebukes SGX for glitches

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SINGAPORE: Singapore’s central bank rebuked the stock exchange on Wednesday after its second glitch in less than a month resulted in a trading delay, saying the lapse was “unacceptable.”

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SGX delayed trading in its securities market by more than three hours Wednesday to give brokerage firms time to correct errors for clients caused by a “software defect” on Monday.

SGX said the problem had since been rectified, adding that it was caused by programming changes performed over the weekend.

The glitch comes less than a month after SGX stopped trading for more than two hours on November 5 due to a power failure.

The Monetary Authority of Singapore (MAS), the city state’s central bank, said it had “registered its disappointment and concerns with SGX” over Wednesday’s delay.

“The lapse is unacceptable, coming within weeks of the recent power breakdown on 5 November,” it said in an e-mailed statement.

“MAS has instructed SGX Board and CEO to do a thorough review to address the shortcomings that led to the lapse. MAS will not hesitate to take supervisory actions against SGX if necessary.”

AFP

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