Cyberattack not to blame for SGX disruption

NetworksAsia staff
07 Nov 2014
00:00

Cyberattacks have been ruled out as the cause for the dispution of trading of securities and derivatives on the Singapore Exchange (SGX) late on Wednesday.

Trading was halted yesterday for more than two hours due to what the company called “connectivity issues”.

According to reports, brokers began complaining of trouble executing trades around 14:15 Singapore time until SGX halted trading at 14:51.

Trading in securities resumed at 1745 and SGX said it would remain open for a minimum 30 minutes of continuous trading. The Derivatives market pre-opening session started at 18:45 and the market reopened for trading at 19:00.

After an investigation, the company blamed the outage on “multiple power supply issues, affecting SGX’s hardware providing market participants’ connectivity”.

“We apologize for today’s outage and the inconvenience caused to market participants. We are currently investigating the root cause for the disruption,” said Tim Utama, Chief Operations and Technology Officer of SGX.

Some investors questioned were unhappy about the glitch with they said had caused them “losses”.

Jenny Yip, a retail investor, said that she had been unable to enter her trades with her online broker and both were still calculating what the outage had cost each of them in profits and commissions.

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