Home ForexTrading Fresh trading outage hit Singapore exchange

Fresh trading outage hit Singapore exchange

by Jonathan Adams

Singapore’s stock exchange suffered an outage, the latest blow to one of Asia’s largest stock markets.

Singapore Exchange, or SGX, said in a statement that trading on its securities market was halted Thursday at 11:38 a.m. local time (0338 GMT) due to duplicate trade-confirmation messages. Without elaborating, it said no duplicate trades had taken place.

At the time, SGX said it expected trading to resume at 2 p.m. local time, but it later said the reopening would be delayed until it could reconcile the necessary information.

Under new chief executive Loh Boon Chye, the exchange operator has sought to move on from three 2014 outages caused by technical problems with the exchange’s infrastructure.

While technical problems aren’t unheard of at exchanges, the problems in 2014 drew a stinging rebuke from the Monetary Authority of Singapore, the market regulator and central bank, which called the outages “unacceptable.” SGX apologized and said it would upgrade its systems to ensure that the technical problems didn’t occur again.

The monetary authority didn’t immediately comment on Thursday’s outage.

The cessation of trading, still in effect more than an hour after it began, could deal a further blow to SGX’s reputation and to that of the city-state as a major Asian financial center. Singapore has positioned itself in recent years as a hub for high-tech data centres due to its robust infrastructure, security and power supply.

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