Third SGX disruption this year due to software update

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The Singapore Exchange (SGX) has clarified that the trading disruption experienced on Wednesday (Nov 3) was not related to an earlier incident in November, but was due to a software update done over the weekend.

Wednesday's disruption had no impact on the trading, clearing and settlement systems.

Rather, the problem stemmed from a back-end "Client Accounting System" the exchange hosts for some brokers. Brokers were unable to see their own positions as a result of the problem, which was eventually rectified before the trading day started.

When asked why the market was not notified of the error earlier, SGX CEO Magnus Bocker said that it was not prudent to do so until they had "established clarity on the delivery of the corrected files".

Mr Bocker said that while he is "deeply concerned" about the three outages this year, he emphasised that they were all unrelated and that he "would not use bad luck as an excuse".

He also said that such events were an opportunity for the exchange to learn and better support brokers.

STAKEHOLDERS VOICE DISMAY OVER DISRUPTION

In response to Wednesday's disruption, the Securities Investors Association (Singapore) has called on SGX to resolve its issues quickly.

"It is not good for the confidence in the market as it appears to be happening one too many times," said President and CEO of SIAS David Gerald.