The bourse said early Wednesday morning that it will delay the start of stock market trading till 12.30pm (3 Dec 2014) to allow firms to complete reconciliation of client positions.
SINGAPORE: The Singapore Exchange (SGX) will delay the start of stock market trading till 12.30pm on Wednesday (Dec 3) to allow firms to complete reconciliation of client positions – the second major disruption in the space of one month.
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 Dec 1 on the securities client-accounting system hosted by SGX on behalf of member firms".
It added that the pre-open routine will begin at noon and that the stock market will remain open till 5pm and close as per normal. The problem was caused by a software defect which has since been rectified.
The latest trading disruption follows an incident on Nov 5 when a power supply fluctuation caused trading in stocks and derivatives to be halted for more than two hours. SGX has sent an interim investigation report about the disruption to the Monetary Authority of Singapore (MAS) but that report has not yet been made public.
According to SGX data, trading on Dec 1 was slightly higher than normal with 1.7 billion shares worth S$1.27 billion changing hands. On that day, oil-related stocks took a beating as oil prices plunged, with rig builders Keppel Corp and Sembcorp Marine losing about 5 per cent, and several smaller counters suffering drops in excess of 10 per cent.
SGX said there is no impact to investors' CDP holdings, or SGX trading, clearing and settlement capabilities. It added that customers may seek clarification on their positions with member firms.
Members of the public can check www.sgx.com for regular updates or contact SGX at their hotline at 6535-7511 or email asksgx@sgx.com.
- CNA/de
