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Singapore Exchange Says Derivatives Trading Resumes After Glitch

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Publish date: Tue, 09 Apr 2013, 02:03 PM
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Singapore Exchange Ltd. (SGX), the operator of Southeast Asia's biggest stock market, said it resolved a technical glitch that delayed the trading of derivatives until 10:45 a.m. local time.
The Nikkei 225 futures fell as much as 0.2 percent to 13,180 in Osaka while trading was halted in Singapore. They rebounded to 13,240 in Osaka and 13,240 in Singapore. The exchange's stock climbed 0.4 percent to S$7.73 as of 11:40 a.m. in Singapore trading.
A logo is seen in the lobby of the SGX Centre which houses the Singapore Stock Exchange Ltd. in Singapore. Photographer: Munshi Ahmed/Bloomberg
"The derivatives trading market is now open for trading in all contracts," the Singapore bourse said in a statement on its website. "We will continue to monitor the system closely." Carolyn Lim, a spokeswoman for the exchange, declined to comment on the details of the malfunction.
Market disruptions due to technical issues have been in the spotlight since May 2010 when a broker's algorithm set in motion events that briefly wiped $862 billion from U.S. stocks. In Asia, about $10 billion was temporarily added to the Australian benchmark stock index in October and two weeks earlier orders for Indian stocks improperly entered by a Mumbai brokerage sent the S&P CNF Nifty Index down 16 percent in eight seconds before it rebounded.
Singapore Exchange's derivatives daily average volume rose 30 percent to a record 358,532 contracts in the second quarter ended Dec. 31, it said in a Jan. 22 statement. Derivatives revenue climbed 21 percent to S$45.7 million ($36.9 million) for the quarter, making up 28 percent of total sales, it said.
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