国际英语新闻:SGX says securities market to reopen Friday following market disruption

SINGAPORE, July 15 (Xinhua) -- Singapore Exchange (SGX) said that its securities market will reopen on Friday following a market disruption on Thursday, according to a press statement released by the bourse on Friday morning.

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

However, missing and duplicate trade confirmation messages were identified and SGX put the market into an "adjust phase" at 11:38 a.m. on Thursday.

SGX explained that an adjust phase allows orders to be placed, removed or amended but no matching takes place. This enables members and investors to review and manage their orders. The market was orderly throughout the time it was open.

As 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 Thursday to ensure a fair, orderly and transparent market, having taken into consideration members' feedback.

"We sincerely apologize for the market disruption. Our recovery time has to be better and we must minimize downtime for market participants. I would like to thank our members and participants for working closely with us to resolve the issue." said SGX CEO Loh Boon Chye in the release.

Unanswered questions swirled and concerns were raised on Thursday. Monetary Authority of Singapore said it was monitoring the situation closely.