SGX CEO apologizes for market disruption

The market’s frustration is palpable.

SGX CEO Magnus Brocker apologized to the public after a software glitch delayed the stock market’s opening today.

“We sincerely apologise to all our securities members and their customers for the inconvenience caused by the delay in market open this morning. We are very appreciative of the continuous support and close cooperation rendered by our members throughout the resolution process,” Brocker said in a statement.

The SGX securities market commenced trading at 12:30pm today, following a software glitch caused by programming changes performed over the weekend.

“This incident has occurred on the back of the power breakdown on 5th November and we understand the market’s frustration. This should not have happened and we take full responsibility. We are reviewing our processes to prevent any recurrence. Our priority is in rebuilding the trust that our members and customers in us, and we seek their understanding and patience,” Brocker added.

The SGX also assured the public that the glitch has already been rectified, and all members have successfully connected to the securities market and customers have commenced trading.

More From Singapore Business Review

• Money, money, money: Singapore’s ultra-rich residents control 17% of the country’s wealth
  

• Here’s the real deal behind Singapore’s escalating household debt
  

• Developer stocks to rally on back of massive property price cuts in 2015