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The curious case of Dyna-Mac's "error'' trades - part II
Earlier today I wrote about the odd trading in Dyna-Mac's shares at the start of this month and again on Monday. SGX's Grace Mok, Head of Member Supervision, has since replied. Here is her reply:-
"SGX is aware that certain orders in the shares of Dyna-Mac Holdings Ltd were today priced at levels significantly above the best market prices for the stock. This follows error trades in the same stock on Monday, 22 February 2016, which SGX has cancelled.
SGX has reminded Member firms that in the interest of an orderly market, their Trading Representatives and clients should withdraw orders where the prices are clearly not in line with market prices. Market participants should also not take advantage of any pricing error in share counters as SGX is closely monitoring the market and will cancel transactions which we deem to be error trades. There is therefore no commercial benefit for a participant putting in orders at these erroneous prices.”