SINGAPORE - The Singapore Exchange (SGX) has suffered a major disruption to its trading system. The trouble started at 2.51pm.
"Connection between SGX's members and our securities and derivatives markets is currently unavailable. SGX is investigating the issue and will keep the markets updated," SGX said in an alert on its website.
But one remisier said SGX just issued an e-mail to his brokerage that the market would resume trading at 4.30pm today.
SGX did not respond immediately to queries.
"The whole market is at a standstill at the moment," another market participant said.
"I'm still able to key in orders but it won't reach SGX server, which means, we can't trade. Even offshore brokers won't be able to trade because they have no market access."
Remisier Alvin Yong, said: "Brokerages aren't likely to be too happy about this because they are losing commissions. SGX may lose some clearing fees as well. This is a slight blow to its aspiration to be a world class exchange. They shouldn't have have to call for an industry standstill to trading."
One broker said the extent of the problem became evident only slowly.
"Initially, we thought it was just us. We alerted the backroom and when they investigated, realised other brokerages didn't have access to the markets as well.
"But we feel better because other brokerages are having the same problem, which means, everybody can't trade. But we will lose commission fees because our fees rely on volume as well," the broker said.