July 13, AtoZForex – The Singapore Exchange stock market is locked-out, spoiling the one-year anniversary celebrations of CEO Loh Boon Chye. He has promised to restart trading at 2 pm and then 4pm, before confessing the failure.
Singapore exchange is closed
Apparently, the South East Asia’s largest stock market experienced a technical problem at 11:38 am, shutting down the operation for the entire day. The Singapore Exchange said that the glitch was triggered by duplicated trade confirmation messages, stopping trades in blue chip stocks.
Curt messages on the SGX official website from the bourse state:
“SGX informs that the securities market will not resume trading at 1600 hours and will not re-open today.”
No additional comments or further explanations were provided on restarting the trades on the Singapore Exchange, as Singapore exchange is closed.
Previous problems with SGX monitoring systems
As it appears, in June last year, the SGX was forced to spend $20 million to improve its technology and freeze its fees. This followed the city state’s regulator rebuking the Exchange over two outages in one month-period. Additionally, back in November 2015, SGX was hit by a failure that ceased stock and derivatives trades. In the short time after this event, a software error saw the opening of trading detained by three hours.
All of the above-mentioned errors did not pass unnoticeably. The Monetary Authority of Singapore (MAS) criticized SGX’s screening and recovery structures in relation to outage accident. It also ordered an overhaul to cost $20 million. The bourse was required to improve its monitoring system and enhance business continuity as well as the recovery procedures systems.
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