SINGAPORE - A board of inquiry has been set up by the Singapore Exchange (SGX) to investigate the cause of the power fault that shut down the exchange for hours last Wednesday, The Straits Times reported.
Deputy Prime Minister Tharman Shanmugaratnam said this on Sunday morning at the sidelines of a community health event.
Singapore Exchange (SGX) said on Nov 5 that its securities and derivatives markets experienced an outage, as a result of multiple power supply issues, affecting SGX’s hardware providing market participants’ connectivity. The outage did not arise from a cyber-attack.
According to its statement, market participants were disconnected at 2.18pm and SGX declared a formal trading halt at 2.51pm. No trades were executed between 2.18pm and 2.51pm.
The Securities market pre-opening session started at 5pm and the market reopened for trading at 5.15pm. Trading was extended beyond the normal trading hours to provide for the required minimum of 30 minutes of continuous trading. Securities market closing session started at 5.45pm and the market closed at 5.51pm.
The Derivatives market pre-opening session started at 6.45pm and the market reopened for trading at 7pm.
Trading in both markets was orderly and the reopen was managed, ensuring adequate market participants' connectivity, according to the statement.
"We apologise for today's outage and the inconvenience caused to market participants. We are currently investigating the root cause for the disruption," said Mr Tim Utama, Chief Operations and Technology Officer of SGX.