The Monetary Authority of Singapore (MAS) has instructed the Singapore Exchange (SGX) to conduct a thorough review of its systems following a delay in the start of stock market trading till 12.30pm on Wednesday, December 3.
"MAS has registered its disappointment and concerns with SGX over the delayed opening of its securities market caused by a software defect. The lapse is unacceptable, coming within weeks of the recent power breakdown on Nov 5," a spokesperson for the central bank said in a statement.
"MAS has instructed the SGX Board and CEO to do a thorough review to address the shortcomings that led to the lapse," the spokesperson said, adding the central bank will not hesitate to take supervisory actions against the bourse operator if necessary.
Singapore Exchange's chief executive officer Magnus Bocker said that SGX is taking full responsibility for the trading delay and extended an apology to its securities members and their customers.
"This incident has occurred on the back of the power breakdown on 5th November and we understand the market's frustration," Mr Bocker said. "This should not have happened and we take full responsibility."