Singapore Exchange sets up board-level committee to study breakdown

The Singapore Exchange has set up a board level inquiry committee to look into a breakdown that happened on Wednesday, the bourse operator said on Sunday. -- ST PHOTO: KUA CHEE SIONG
The Singapore Exchange has set up a board level inquiry committee to look into a breakdown that happened on Wednesday, the bourse operator said on Sunday. -- ST PHOTO: KUA CHEE SIONG

SINGAPORE - The Singapore Exchange has set up a board level inquiry committee to look into a breakdown that happened on Wednesday, the bourse operator said on Sunday.

The committee will comprise four board directors who are all independent of management.

Trading was frozen for three hours on Wednesday as a major technical outage hit the exchange. The securities and derivatives markets were paralysed as the hardware that provides connectivity to traders was derailed by power supply issues.

Mr Quah Wee Ghee will chair the committee and the other three members are Mr Chew Choon Seng, Mr Kevin Kwok and Mr Lee Hsien Yang.

Mr Quah Wee Ghee is the chairman of SGX's risk management committee.

Independent experts who have specialist knowledge and experience of data centre and exchange market operations will be appointed for the investigations.

More details including the committee's terms of reference will be released in the following week.

"The board and the SGX management view the breakdown as a very serious incident and recognise the urgent need to find out what caused it and why the back-up systems did not work, with the objective of doing everything possible to prevent any recurrence," SGX said.