SGX DELAYS STOCK MARKET OPENING ON WEDNESDAY TO 12:30 PM

(SGX CEO Magnus Bocker)

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, December 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.

The market’s pre-open routine will begin at noon and the market will remain open till 5pm and close as per normal.

Wednesday’s 3-1/2 hour market delay comes less than a month after SGX halted trading for more than three hours on Nov 5 because of a massive power-supply failure. The Monetary Authority of Singapore is reviewing SGX’s preliminary report on that episode.

SGX on Wednesday apologised for any inconvenience caused and said there was no impact to investors’ CDP holdings, or SGX trading, clearing and settlement capabilities.

Customers may seek clarifications on their positions with their respective member firms.

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