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SGX to spend S$20 million on network improvements after outages
[SINGAPORE] Singapore Exchange Ltd will invest S$20 million to improve its network and recovery systems as it seeks to avoid a repeat of the trading disruptions that have drawn criticism from the city-state's financial regulator.
Southeast Asia's largest bourse also said it won't raise its equities and derivatives market fees until the Monetary Authority of Singapore is satisfied with its actions to prevent breakdowns like the Nov. 5 power failure that disrupted trading for 144 minutes.
That outage earned SGX a reprimand from the MAS and prompted the formation of a committee of inquiry.
"SGX has recognized the seriousness and severity of the incident," Chairman Chew Choon Seng said at a media briefing in Singapore Wednesday. "We've taken measures to minimise such incidents from recurring. With the adoption of the committee's recommendations, we are confident that SGX infrastructure will be more resilient."
- MAS reprimands SGX for lapses in two trading outages in 2014
- Committee of inquiry releases findings on SGX's Nov market glitch