Singapore's stock market is to replace its aging Singapore Exchange Securities Order Processing System (SESOPS) trading system with a new order-management system.
A SESOPS system outage on 27 March, left many traders at the Singapore Exchange unable to access the order system for more than an hour. At the time, Singapore Exchange blamed the problem on a group of SESOPS terminal, but did not detail the cause of the problem.
One month earlier, access to the 17-year-old SESOPS system slowed to a crawl in the face of heavy trading volume on the Singapore Exchange. Singapore Exchange said that slowdown did not prevent trades from being completed, but traders were left without timely access to order information.
In a bid to avoid further problems, Singapore Exchange Sunday announced a deal with GL Trade to introduce a new order-management system during the fourth quarter of this year.
"The technology refresh is crucial to raise the performance and reliability of our trading infrastructure," said Hsieh Fu Hua, the chief executive officer of Singapore Exchange.
Details of the system, and financial terms of the deal, were not disclosed.
This is not the first time that Singapore Exchange has looked to replace SESOPS. In 2005, Singapore Exchange backed away from the introduction of SGXTrade, a replacement system, after merely two months of operation due to system outages. Plans to reintroduce that system never materialised.