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PAP Screws Up SGX After MRT Fiasco. SGX Opens at 12 Noon on 3 Dec
- Thread starter gingerlyn
- Start date
Re: AssGX Doing an AssmRT - 2nd Outage in 1 Month. Result of Cut Cost FTrashisation?
The CEO says the SGX takes "full responsibility".
If this is not lan cheow wey, I don't know what to say.
He should say he is resigning.
Especially for appointing a Pinoy ACCOUNTANT to be IT chief of the complex hardware.
What a piece of shit, this CEO.
The CEO says the SGX takes "full responsibility".
If this is not lan cheow wey, I don't know what to say.
He should say he is resigning.
Especially for appointing a Pinoy ACCOUNTANT to be IT chief of the complex hardware.
What a piece of shit, this CEO.
Re: AssGX Doing an AssmRT - 2nd Outage in 1 Month. Result of Cut Cost FTrashisation?
He said he wont resign.
song boh?
He said he wont resign.
song boh?
Why don't they just admit that it was hacked? KNN
As always, giving all kinds of lame excuses :oIo:
Disruption due to software update: SGX
By Dylan Loh, Channel NewsAsia
POSTED: 03 Dec 2014 18:04
UPDATED: 03 Dec 2014 23:31
The exchange clarified that a disruption on Wednesday (Dec 3) was the result of "unforeseen circumstances" from a software update done over the weekend.
SINGAPORE: The Singapore Exchange (SGX) has clarified that the trading disruption experienced on Wednesday (Nov 3) was not related to an earlier incident in November, but was due to a software update.
At a press conference on Wednesday, the exchange clarified that the disruption was the result of unforeseen circumstances due to a software update done over the weekend.
In the impact analysis done by the exchange prior to the update, the problem had not surfaced, said the bourse, adding that Wednesday's disruption had no impact on the trading, clearing and settlement systems.
Rather, the problem stemmed from a back-end "Client Accounting System" the exchange hosts for some brokers. Brokers were unable to see their own positions as a result of the problem, which was eventually rectified before the trading day started.
However, the exchange said it was a "conscious and deliberate" decision to delay the opening of trading so as to let brokers consolidate their processes to get ready for trading.
The exchange said trading could have opened at the usual time of 9am, but decided to give the handful of brokers who were affected time to get ready so all players could participate when trading starts. SGX added that the affected brokers represented a wide community of the retail segment. The exchange stressed that the bourse's trading, clearing and settlement systems were not affected.
When asked why the market was not notified of the error earlier, SGX CEO Magnus Bocker said that it was not prudent to do so until they had "established clarity on the delivery of the corrected files".
Mr Bocker was also asked if he would resign over the incident. In response, he said he "would not give up". He added that this was not the first time that he has faced such challenges, and that any renewal of his term would be a negotiation between him and the board.
Mr Bocker said that while he is "deeply concerned" about the three outages this year, he emphasised that they were all unrelated and that he "would not use bad luck as an excuse". He also said that such events were an opportunity for the exchange to learn and better support brokers.
STAKEHOLDERS VOICE DISMAY OVER DISRUPTION
In response to Wednesday's disruption, the Small and Middle Capitalisation Companies Association has called for a fully-independent inquiry commission to investigate the recent spate of disruptions. The association added that experts and representatives from the regulatory bodies should be called in to help eradicate the root of operational failures.
The Securities Investors Association (Singapore) has called on SGX to resolve its issues quickly. "It is not good for the confidence in the market as it appears to be happening one too many times. Investors are in a quandary. SGX needs to address this problem urgently to avoid a recurrence, especially in this period of low market volume. There has been much investment on the trading system and one should, therefore, be confident of not expecting frequent computer glitches," said President and CEO of SIAS David Gerald.
- CNA/ac
As always, giving all kinds of lame excuses :oIo:
Disruption due to software update: SGX
By Dylan Loh, Channel NewsAsia
POSTED: 03 Dec 2014 18:04
UPDATED: 03 Dec 2014 23:31
The exchange clarified that a disruption on Wednesday (Dec 3) was the result of "unforeseen circumstances" from a software update done over the weekend.
SINGAPORE: The Singapore Exchange (SGX) has clarified that the trading disruption experienced on Wednesday (Nov 3) was not related to an earlier incident in November, but was due to a software update.
At a press conference on Wednesday, the exchange clarified that the disruption was the result of unforeseen circumstances due to a software update done over the weekend.
In the impact analysis done by the exchange prior to the update, the problem had not surfaced, said the bourse, adding that Wednesday's disruption had no impact on the trading, clearing and settlement systems.
Rather, the problem stemmed from a back-end "Client Accounting System" the exchange hosts for some brokers. Brokers were unable to see their own positions as a result of the problem, which was eventually rectified before the trading day started.
However, the exchange said it was a "conscious and deliberate" decision to delay the opening of trading so as to let brokers consolidate their processes to get ready for trading.
The exchange said trading could have opened at the usual time of 9am, but decided to give the handful of brokers who were affected time to get ready so all players could participate when trading starts. SGX added that the affected brokers represented a wide community of the retail segment. The exchange stressed that the bourse's trading, clearing and settlement systems were not affected.
When asked why the market was not notified of the error earlier, SGX CEO Magnus Bocker said that it was not prudent to do so until they had "established clarity on the delivery of the corrected files".
Mr Bocker was also asked if he would resign over the incident. In response, he said he "would not give up". He added that this was not the first time that he has faced such challenges, and that any renewal of his term would be a negotiation between him and the board.
Mr Bocker said that while he is "deeply concerned" about the three outages this year, he emphasised that they were all unrelated and that he "would not use bad luck as an excuse". He also said that such events were an opportunity for the exchange to learn and better support brokers.
STAKEHOLDERS VOICE DISMAY OVER DISRUPTION
In response to Wednesday's disruption, the Small and Middle Capitalisation Companies Association has called for a fully-independent inquiry commission to investigate the recent spate of disruptions. The association added that experts and representatives from the regulatory bodies should be called in to help eradicate the root of operational failures.
The Securities Investors Association (Singapore) has called on SGX to resolve its issues quickly. "It is not good for the confidence in the market as it appears to be happening one too many times. Investors are in a quandary. SGX needs to address this problem urgently to avoid a recurrence, especially in this period of low market volume. There has been much investment on the trading system and one should, therefore, be confident of not expecting frequent computer glitches," said President and CEO of SIAS David Gerald.
- CNA/ac
Re: Why don't they just admit that it was hacked? KNN
The outage of SBF wasn't handled professionally at all because I am not a professional.
The outage of SBF wasn't handled professionally at all because I am not a professional.
Re: Why don't they just admit that it was hacked? KNN
This event is directly related to PAP hiring FTs policy. All these maintenance is done by shit skins . 自作自受 HAHAHAHA !
This event is directly related to PAP hiring FTs policy. All these maintenance is done by shit skins . 自作自受 HAHAHAHA !
Zhun bo... they still using cobol??????
SGX CEO: Latest disruption had NO impact on trading, will NOT resign
At a press conference yesterday (3 Dec), SGX clarified that a trading disruption was the result of “unforeseen circumstances” stemming from a software update done over the weekend.
It added that the incident is not related to an earlier one in November when a power supply fluctuation caused trading in stocks and derivatives to be halted for more than 2 hours.
In mitigation, SGX said that yesterday’s disruption had no impact on the trading, clearing and settlement systems.
Rather, the problem stemmed from a back-end system which SGX hosts for some brokers. Brokers were unable to see their own positions as a result of the problem, which was eventually rectified before the trading day started, SGX said.
However, the exchange said it deliberately decided to delay the start of trading so as to let brokers consolidate their processes to get ready for trading.
The exchange said it could have opened trading at the usual time of 9am, but decided to give the handful of brokers who were affected time to get ready so all the players could participate when trading began.
When SGX CEO Magnus Bocker was asked if he would resign over the incident, he said he “would not give up”.
This was not the first time he had faced such challenges, and any renewal of his employment contract would be between him and the SGX board.
Tel-Aviv Stock Exchange CEO resigned over falling volumes
Last year, it was reported that Tel-Aviv Stock Exchange (TASE) CEO Ester Levanon resigned over falling volumes at the exchange [Link].
Volume dropped 44% from the start of 2010 to the end 2012 on TASE, compared with an 18% average global retreat, and in the first 5 months of 2013, volume fell 7.8%.
“Levanon lost her legitimacy because of the declining volumes,” Yaniv Pagot, chief strategist at Ramat Gan, Israel-based Ayalon Group Ltd., said.
Meanwhile, in its latest quarterly financial results, SGX has reported a net profit drop of 16% in Q1 of FY2015 as trading volume fell [Link].
In the quarter ending September 2014, SGX reported a first-quarter net profit of $78 million, down 16% year-on-year from $92 million, as share trading volumes shrank. Operating revenue fell 8% to $168.9 million from a year earlier.
The exchange’s fourth straight quarterly profit decline came as trading volumes decreased after a slump in the share prices of 3 commodity companies erased $6.9 billion in market value over 3 days in October last year.
Stock trading on the Singapore bourse dropped 28% to a daily average of $959.7 million in the 3 months through 30 September from a year earlier, after slumping 30% in the previous quarter.
“Our securities market continued to be challenging, primarily due to low volatility which more than halved to 6% from 14% a year earlier. The outlook for both the domestic and global markets remains uncertain amid recent turbulence. Against this backdrop, the business environment is challenging,” said SGX CEO Magnus Bocker in October when announcing the FY2015 Q1 results.
Should Mr Bocker resign? What do you think?
http://www.tremeritus.com/2014/12/04/sgx-ceo-magnus-bocker-i-will-not-resign/
At a press conference yesterday (3 Dec), SGX clarified that a trading disruption was the result of “unforeseen circumstances” stemming from a software update done over the weekend.
It added that the incident is not related to an earlier one in November when a power supply fluctuation caused trading in stocks and derivatives to be halted for more than 2 hours.
In mitigation, SGX said that yesterday’s disruption had no impact on the trading, clearing and settlement systems.
Rather, the problem stemmed from a back-end system which SGX hosts for some brokers. Brokers were unable to see their own positions as a result of the problem, which was eventually rectified before the trading day started, SGX said.
However, the exchange said it deliberately decided to delay the start of trading so as to let brokers consolidate their processes to get ready for trading.
The exchange said it could have opened trading at the usual time of 9am, but decided to give the handful of brokers who were affected time to get ready so all the players could participate when trading began.
When SGX CEO Magnus Bocker was asked if he would resign over the incident, he said he “would not give up”.
This was not the first time he had faced such challenges, and any renewal of his employment contract would be between him and the SGX board.
Tel-Aviv Stock Exchange CEO resigned over falling volumes
Last year, it was reported that Tel-Aviv Stock Exchange (TASE) CEO Ester Levanon resigned over falling volumes at the exchange [Link].
Volume dropped 44% from the start of 2010 to the end 2012 on TASE, compared with an 18% average global retreat, and in the first 5 months of 2013, volume fell 7.8%.
“Levanon lost her legitimacy because of the declining volumes,” Yaniv Pagot, chief strategist at Ramat Gan, Israel-based Ayalon Group Ltd., said.
Meanwhile, in its latest quarterly financial results, SGX has reported a net profit drop of 16% in Q1 of FY2015 as trading volume fell [Link].
In the quarter ending September 2014, SGX reported a first-quarter net profit of $78 million, down 16% year-on-year from $92 million, as share trading volumes shrank. Operating revenue fell 8% to $168.9 million from a year earlier.
The exchange’s fourth straight quarterly profit decline came as trading volumes decreased after a slump in the share prices of 3 commodity companies erased $6.9 billion in market value over 3 days in October last year.
Stock trading on the Singapore bourse dropped 28% to a daily average of $959.7 million in the 3 months through 30 September from a year earlier, after slumping 30% in the previous quarter.
“Our securities market continued to be challenging, primarily due to low volatility which more than halved to 6% from 14% a year earlier. The outlook for both the domestic and global markets remains uncertain amid recent turbulence. Against this backdrop, the business environment is challenging,” said SGX CEO Magnus Bocker in October when announcing the FY2015 Q1 results.
Should Mr Bocker resign? What do you think?
http://www.tremeritus.com/2014/12/04/sgx-ceo-magnus-bocker-i-will-not-resign/
Re: SGX CEO: Latest disruption had NO impact on trading, will NOT resign
Angmo will never be forced to resign. Anyway, SGX got Gay Loong's brother Hsien Yang on the Board, as well as his cousin Kwa Chong Seng, and 3 friends of his on the GIC board. They are untouchable, no consequence will happen to them.
Angmo will never be forced to resign. Anyway, SGX got Gay Loong's brother Hsien Yang on the Board, as well as his cousin Kwa Chong Seng, and 3 friends of his on the GIC board. They are untouchable, no consequence will happen to them.
Re: SGX CEO: Latest disruption had NO impact on trading, will NOT resign
"In mitigation, SGX said that yesterday’s disruption had no impact on the trading, clearing and settlement systems."
Need to delay start of system to 12.30 pm still can say no impact? Disruption due to software update not done properly sounds unprofessional.
"In mitigation, SGX said that yesterday’s disruption had no impact on the trading, clearing and settlement systems."
Need to delay start of system to 12.30 pm still can say no impact? Disruption due to software update not done properly sounds unprofessional.
Re: SGX CEO: Latest disruption had NO impact on trading, will NOT resign
Sam Leong say this is a technical fault, it has nothing to do with the PAP. I say this is PAP 自作自受 for hiring FTs, now I need to take back the 自作自受 cos PAP say nothing has gone wrong..nabei
Sam Leong say this is a technical fault, it has nothing to do with the PAP. I say this is PAP 自作自受 for hiring FTs, now I need to take back the 自作自受 cos PAP say nothing has gone wrong..nabei
SGX CEO's stupid statement on software breakdown
The CEO said the SGX will take all responsibility for the glitch.
What an idiotic statement from a highly paid CEO of a listed company.
If not SGX, who will take responsibility?
The broking houses? The remisiers? The retail clients?
The CEO said the SGX will take all responsibility for the glitch.
What an idiotic statement from a highly paid CEO of a listed company.
If not SGX, who will take responsibility?
The broking houses? The remisiers? The retail clients?
Re: SGX CEO's stupid statement on software breakdown
he din say he takes full responsibility leh ... he wants evrybody in sgx 2 take reponsibilityt wif him leh ...
same style as ah loon ... wen got trumpet 2 blow, craim all credit 4 himself ... wen in deeep sh*t, drag all others in ...
not idiotic leh ...
he din say he takes full responsibility leh ... he wants evrybody in sgx 2 take reponsibilityt wif him leh ...
same style as ah loon ... wen got trumpet 2 blow, craim all credit 4 himself ... wen in deeep sh*t, drag all others in ...
Re: SGX CEO's stupid statement on software breakdown
It's all Sinkies' fault, if everybody login at the same time, the system also cannot handle it. Sounds familiar from a JO-ker?
It's all Sinkies' fault, if everybody login at the same time, the system also cannot handle it. Sounds familiar from a JO-ker?
