Singapore Exchange goes dark

Singapore Exchange goes dark

The Singapore Exchange has yet to give a time for the re-opening of the market after a technical glitch at 11.38am shut down trading for the entire day.

The lock-out of South East Asia's largest stock market spoiled the one-year anniversary celebrations of chief executive Loh Boon Chye, who had promised that trading would restart at 2pm and then 4pm before admitting defeat.

The Exchange said that the malfunction was caused by duplicated trade confirmation messages, halting trading in blue chip stocks.

In the last of a series of terse message on the SGX wesbite, the bourse states: "SGX informs that the securities market will not resume trading at 1600 hours and will not re-open today."

No further explanations or reassurances about the prospect for a restart have been divulged.

In June last year, the Exchange was forced to spend S$20 million upgrading its technology and freeze its fees after being reprimanded by the city state's regulator over two outages in the space of a month.

In November the bourse was hit by a power failure that stopped stock and derivatives trading. Just a month later a software error saw the opening of trading delayed by more than three hours.

The Monetary Authority of Singapore (MAS) at the time criticized SGX's monitoring and recovery systems in relation to the power outage incident, ordering an overhaul expected to cost S$20 million. SGX was ordered to boost its monitoring systems, strengthen business continuity and disaster recovery procedures, and improve communications with stakeholders.

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