The Singapore Exchange (SGX) has temporarily ceased trading in its securities market at 11.38am today (Jul 14) after duplicate trade confirmation messages were generated. In November and December 2014, the bourse saw two incidents that disrupted trading in its securities and derivatives markets for several hours, prompting scrutiny from local authorities and traders.
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Singapore Exchange Ltd halted all equities trading on its market Thursday morning and missed a self-imposed target to resume, leaving investors in the dark about when the $494 billion market will reopen. At that time, SGX said the market will open as per normal on Friday. “We will advise the market resumption time once member reconciliation is completed”, it said. Early in the afternoon, SGX said trading would resume at 2 p.m., but just before the scheduled restart, it released another statement that said the market was not yet ready to reopen.
The bourse operator has also apologised for inconveniences caused.
It’s at least the second malfunction to affect SGX’s systems in the past year. August 2015 saw a two-hour disruption across its derivatives trading at the hands of a technical fault – the situation was quickly remedied without broader effect.
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Andrew Sullivan, managing director of sales trading with Haitong International Securities Group in Hong Kong, said in a Bloomberg report: “If they don’t get it going today then people are going to be very upset”.
