SGX taking full responsibility for trading delay: CEO Magnus Bocker

Singapore Exchange's chief executive officer Magnus Bocker said on Wednesday that SGX is taking full responsibility for the latest trading delay to hit the stock market and extended an apology to its securities members and their customers. -- PHOTO:
Singapore Exchange's chief executive officer Magnus Bocker said on Wednesday that SGX is taking full responsibility for the latest trading delay to hit the stock market and extended an apology to its securities members and their customers. -- PHOTO: ST FILE

SINGAPORE - Singapore Exchange's chief executive officer Magnus Bocker said on Wednesday that SGX is taking full responsibility for the latest trading delay to hit the stock market and extended an apology to its securities members and their customers.

"This incident has occurred on the back of the power breakdown on 5th November and we understand the market's frustration," Mr Bocker said. "This should not have happened and we take full responsibility."

He added: "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."

SGX had announced early on Wednesday morning that it was delaying the stock market opening by 3 1/2 hours because of a software glitch it later explained was caused by programming changes done over the weekend.

The Monetary Authority of Singapore in response said the latest SGX lapse was "unacceptable" and ordered the exchange operator to conduct a thorough review.

The Singapore stock market commenced trading at 12.30pm, and will stay open until normal closing at 5pm.

SGX said all members were "successfully connected to the securities market and customers have commenced trading".

"We sincerely apologise to all our securities members and their customers for the inconvenience caused by the delay in market open this morning. We are very appreciative of the continuous support and close cooperation rendered by our members throughout the resolution process," SGX said.

As at 1:10pm, the benchmark Straits Times Index is up 8.33 points or nearly 0.3 per cent to 3,330.65.

gleong@sph.com.sg