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SGX sets up board of inquiry committee to investigate recent outage

Nurdianah Md Nur | Nov. 10, 2014
The securities and derivatives markets has appointed independent experts to investigate the matter too.

The Singapore Exchange (SGX) has launched a board level inquiry committee following the power outage which disrupted trading for 3 hours on 5 November 2014

According to local media TODAY, Singapore's Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said that the SGX is "looking very seriously" in to the matter and the Monetary Authority of Singapore (MAS) is closely involved in the process.

The committee will comprise four board directors who are all independent of management, said SGX in a press statement. Quah Wee Ghee, who is the chairman of SGX's risk management committee, will chair the committee. The other three members are Chew Choon Seng, Kevin Kwong, and Lee Hsien Yang. 

SGX added that it recognised the breakdown as a "very serious incident". It also understands the urgent need to find the cause of the primary power supply and backup system failure, with the aim of preventing recurrence.

Besides setting up the board-level inquiry committee, SGX also engaged independent experts to investigate the matter.

SGX is required to submit a preliminary investigation report to MAS within two weeks of the incident.

 

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