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THE inquiry into the trading breakdown at Singapore Exchange (SGX) earlier in November took a step further, with the SGX board approving the terms of reference for the board committee of inquiry (BCOI).
The BCOI has been tasked to oversee investigations into the facts and circumstances leading to the breakdown on Nov 5, review the findings of the investigations, SGX's decision-making process, incident management and responses, and communications with market participants and the general public.
It will also recommend appropriate improvements to prevent recurrence and to enhance processes in crisis management, SGX said on Thursday.
The BCOI held its first meeting on Nov 10. It has commenced the process of identifying and appointing independent experts, to advise the BCOI on the relevant technical, operational management and communications issues. These independent experts will report directly to the BCOI.
The BCOI will keep the SGX board and the Monetary Authority of Singapore (MAS) apprised on the progress, investigation findings and outcome of its work, with MAS having direct access to the independent experts, said SGX.