Singapore Exchange delays market open after software glitch

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Singapore Exchange Ltd (SGX) on Wednesday delayed the start of its securities market trading citing a software problem, a month after a power failure suspended trading in stocks and derivatives for hours.

The software defect was rectified but the delay will cause fresh headaches for a bourse that is already grappling with a lack of large new listings and a sharp slide in equity trading volumes following a penny stock scandal last October.

SGX said securities market would open at 12:30 p.m. (0430 GMT) instead of its usual 9:00 a.m. The pre-open routine would begin at 12:00 p.m. and the market would remain open until 5:00 p.m. and close as usual.

The delayed opening was to enable member firms to complete client position reconciliations and rectify errors in end-of-day processing for Dec. 1 on the securities client-accounting system hosted by SGX on behalf of dealers.

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Investor interest in the exchange's mid and small-cap market has yet to recover from the penny stock crash, when it suspended trading in three interlinked companies after a plunge in their share prices wiped out billions of dollars in their combined market value.

SGX reported a 16 percent fall in its net profit in the fiscal first quarter due to lower share trading volumes. During the quarter, the average daily value of securities traded on the exchange was 27 percent lower.