THE Singapore Exchange (SGX) has taken a fair amount of criticism for the way trading has deteriorated over the past year since the penny crash of October 2013, a situation not helped by two high-profile computer glitches in the past five weeks.

Some of the criticism has been justified but some has not; however, instead of indulging in endless debate on how much blame should be directed at the exchange, it is time to recognise that recriminations serve very little purpose other than enabling venting of public frustration. Now that that has been completed, it is time to move on and undertake a coordinated effort to tackle the issues plaguing the market and to formulate ways to take the market forward. Such an effort should involve the participation of all stakeholders, not just SGX.

Others that must participate are the Monetary Authority of Singapore, the overall regulator; the Society of Remisiers of Singapore (SRS), which represents retail trading representatives (TRs); the Securities Investors Association of Singapore (SIAS), which represents retail investors; and the Securities Association of Singapore (SAS), which represents broking firms and other financial institutions.