SINGAPORE : The Singapore Exchange rolled out a major upgrade to its trading engine on Monday with little trouble.
The exchange switched entirely to its new QUEST-ST system, which replaces the old Central Limit Order Book (CLOB) trading engine that has been in operation for 19 years.
Officials at the Singapore Exchange could breathe a sigh of relief as trading on the new QUEST-ST system went 'live' without a hitch on Day One.
The new system is said to be able to handle much higher trading volumes.
Last year, average daily trading volumes stood at 2.5 billion shares.
M Ramaswami, Chief Operations Officer, SGX, said, "If you dealt with more than a billion shares in a single counter or in a single trade, we had some issues dealing with that...so those are the kinds of limitations we get over with this (new system)."
One such blip occurred in October last year.
When more than billion shares of membrane filter company Memstar were traded, the old system failed to keep up.
With the new system, SGX is hoping that it can prevent such problems.
On average, the SGX spends S$20 million to S$30 million a year to maintain and upgrade its systems and networks. - CNA/ms
Source: CNA
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