Traders in Singapore were treated to a lie in, of sorts, after the Singapore Exchange (SGX) delayed trading due to a computer glitch.
The index opened at 12.30pm local time, three and a half hours later than the usual 9am start, after a delay caused by updates to the exchange’s computer system made over the weekend needing to be fixed.
It’s the Singapore Exchange’s third glitch this year and follows shortly after a power supply issue halted trading for two hours at the beginning of November.
While the delay had little impact on markets, its reputational impact was larger and Singapore’s regulator, the Monetary Authority of Singapore (MAS), was far from impressed.
The authority said it was “unacceptable” and had “registered its disappointment and concerns with SGX” asking it to conduct a review into the issues.
SGX boss Magnus Böcker had this to say: “This incident has occurred on the back of the power breakdown on 5 November and we understand the market’s frustration. This should not have happened and we take full responsibility. We are reviewing our processes to prevent any recurrence. Our priority is in rebuilding the trust that our members and customers in us, and we seek their understanding and patience.”
The exchange has made several updates to its systems in recent months, according to the Wall Street Journal, in an attempt to improve trading volumes and boost liquidity after the Stock Exchange of Thailand surpassed it in securities trading volume.