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SGX securities market to open per normal on Friday

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Singapore Exchange (SGX) said that its securities market will open per normal on Friday, after technical glitches forced the market shut since 11:38am the day before.

SGX said at 09:38 hours on Thursday, a technology issue affecting its trade confirmation processes was identified, and a cutover from its primary to secondary trade confirmation systems was initiated at 10:12am. Trade confirmations resumed at 10:14am.

"However, missing and duplicate trade confirmation messages were identified and SGX put the market into an 'adjust phase' at 1138 hours,'' it said.

An adjust phase allowed orders to be placed, removed or amended but no matching took place. This enabled members and investors to review and manage their orders. The market was orderly throughout the time it was open.

"Challenges in reconciling the missing and duplicate messages resulted in a longer process than expected. SGX decided to close the market for the rest of the day on 14 July 2016 to ensure a fair, orderly and transparent market, having taken into consideration members' feedback."

SGX CEO Loh Boon Chye apologised for the market disruption.

"Our recovery time has to be better and we must minimise downtime for market participants. I would like to thank our members and participants for working closely with us to resolve the issue."