Photo: A general view of the Singapore Exchange Limited (SGX) building in Singapore on April 30, 2014; AFP / Roslan Rahman
The Singapore Exchange (SGX) has set up a board of inquiry to investigate the power outage that lasted over three hours on Nov. 5.
Data centre and exchange market experts independent of the SGX management have been appointed to look into several related matters, including why the backup Uninterruptible Power Supply did not kick in and if the decision-making process needs to be revised.
In a news release, the SGX management and board of directors say they "view the breakdown as a very serious incident" and aim to do "everything possible to prevent any recurrence".
Finance Minister S. Iswaran addresed the breakdown that caused a halt in the trading of securities and derivatives, at a health screening in Jurong on Sunday. According to Channel NewsAsia, he said the board will also be looking at current decision-making processes, because "a tight system of SOPs" is needed to allow decisions to be made quickly and in light of risks, in such circumstances.
Mr. Tharman also said the breakdown "does not help" Singapore's reputation as a financial hub, even if similar incidents have occurred in financial centres overseas. "We've got to get it right here," he said.
The inquiry team is expected to submit a preliminary report to the Money Authority of Singapore (MAS) within two weeks of the incident.
Photo: A general view of the Singapore Exchange Limited (SGX) building in Singapore on April 30, 2014; AFP / Roslan Rahman
The Singapore Exchange (SGX) has set up a board of inquiry to investigate the power outage that lasted over three hours on Nov. 5.
Data centre and exchange market experts independent of the SGX management have been appointed to look into several related matters, including why the backup Uninterruptible Power Supply did not kick in and if the decision-making process needs to be revised.
In a news release, the SGX management and board of directors say they "view the breakdown as a very serious incident" and aim to do "everything possible to prevent any recurrence".
Finance Minister S. Iswaran addresed the breakdown that caused a halt in the trading of securities and derivatives, at a health screening in Jurong on Sunday. According to Channel NewsAsia, he said the board will also be looking at current decision-making processes, because "a tight system of SOPs" is needed to allow decisions to be made quickly and in light of risks, in such circumstances.
Mr. Tharman also said the breakdown "does not help" Singapore's reputation as a financial hub, even if similar incidents have occurred in financial centres overseas. "We've got to get it right here," he said.
The inquiry team is expected to submit a preliminary report to the Money Authority of Singapore (MAS) within two weeks of the incident.