Singapore Exchange (SGX) has announced that its securities market will open per normal on July 15, following a market disruption yesterday.
At 0938 hours on July 14, 2016, a technology issue affecting SGX’s trade confirmation processes was identified, and a cutover from the primary to secondary trade confirmation systems has been initiated at 1012 hours. Trade confirmations resumed at 1014 hours.
However, missing and duplicate trade confirmation messages have been identified and SGX has put the market into an ‘adjust phase’ at 1138 hours, which means that orders could be placed, removed or amended but no matching takes place. This enables members and investors to review and manage their orders. The market has been orderly throughout the time it was open.
SGX decided to close the market for the rest of the day on July 14, 2016 to ensure a fair, orderly and transparent market, having taken into consideration members’ feedback.
SGX CEO Loh Boon Chye said:
We sincerely apologise for the market disruption. Our recovery time has to be better and we must minimise downtime for market participants. I would like to thank our members and participants for working closely with us to resolve the issue.”