MAS says latest SGX lapse unacceptable, wants thorough review

The Monetary Authority of Singapore said it has "registered its disappointment and concerns" with SGX over the delayed opening on Dec 3, 2014, of its securities market caused by a software defect. -- PHOTO: ST FILE
The Monetary Authority of Singapore said it has "registered its disappointment and concerns" with SGX over the delayed opening on Dec 3, 2014, of its securities market caused by a software defect. -- PHOTO: ST FILE

SINGAPORE - The Monetary Authority of Singapore said it has "registered its disappointment and concerns" with SGX over the delayed opening on Wednesday of the local stock market caused by a software defect.

"The lapse is unacceptable, coming within weeks of the recent power breakdown on 5 Nov. MAS has instructed SGX Board and CEO to do a thorough review to address the shortcomings that led to the lapse," an MAS spokesman said.

"MAS will not hesitate to take supervisory actions against SGX if necessary," the spokesman said.

The Singapore Exchange announced at about 4am on Wednesday that it will delay the stock market opening on Wednesday to 12:30pm because of a software glitch.

SGX said the delayed opening is to enable member firms to complete client position reconciliations, and rectify any errors in the end-of-day processing for Monday, Dec 1, 2014, on the securities client-accounting system hosted by SGX on behalf of dealers.

It said the problem was caused by a software defect which has since been rectified.

gleong@sph.com.sg