Board of Inquiry starts work investigating SGX's recent trading glitch

A board of inquiry set up to look into the breakdown that halted trading on the Singapore Exchange (SGX) has begun its work. -- PHOTO: ST FILE
A board of inquiry set up to look into the breakdown that halted trading on the Singapore Exchange (SGX) has begun its work. -- PHOTO: ST FILE

SINGAPORE - A board of inquiry set up to look into the breakdown that halted trading on the Singapore Exchange (SGX) has begun its work.

The four-member committee met on Monday where they started the process of identifying and appointing independent experts.

The experts will advise the board of inquiry on the relevant technical, operational management and communications issues.

Trading on the SGX was halted for three hours on Nov 5 following a major technical glitch caused by multiple power supply issues.

It led to the worst disruption on the exchange in seven years, with market players complaining of lost earnings

The scope of work for the board of inquiry has also been approved by the SGX Board.

The board of inquiry will oversee investigations into the fact and circumstances leading to the breakdown.

It will review the findings of the investigations, SGX's decision-making process, incident management and responses, and communications with market players and the general public.

It will also recommend appropriate improvements to prevent recurrence and to enhance processes in crisis management.

The committee will keep the SGX Board and the Monetary Authority of Singapore (MAS) updated on the progress, investigation findings and outcome of its work.

MAS will also have direct access to the independent experts.

The board of inquiry is made up of four SGX board directors - Quah Wee Ghee, Chew Choon Seng, Kevin Kwok and Lee Hsien Yang - who are independent of the management.

Mr Quah is the chairman of the board of inquiry.