Singapore Exchange (SGX)

[orangetea]

It will be a SMRT moment for SGX where the top guys sit and do nothing all these while, while the system ages and deteriorate with age.

[weijian]

It will be a SMRT moment for SGX where the top guys sit and do nothing all these while, while the system ages and deteriorate with age.

I will be really surprised if it has anything to do with system ages since infrastructure/technology spending had accelerated. Nonetheless, as a ex-SMRT and current SGX bit-part owner, I do find similarities between both sets of "a series of unfortunate events". MAS, as the representative of its customers (traders/investors), has spoken up and this is a serious matter. IMO, such events are considered "more controllable" rather than those that many had bought up (eg. low liquidity, deflated retail trading, quality of listings) which may be more dependent on external conditions.

[valuebuddies]

http://www.channelnewsasia.com/news/busi...07198.html

"MAS has registered its disappointment and concerns with SGX over the delayed opening of its securities market caused by a software defect. The lapse is unacceptable, coming within weeks of the recent power breakdown on 5 Nov," a spokesperson for the central bank said in a statement.


Looking at the CTO technical background...
Tim Utama
Chief Operations & Technology Officer
Age: 48#
Before joining SGX, Mr Utama was on the Executive Board
of Directors of PT Bank Permata Tbk, the 8th largest
Bank in Indonesia majority owned by Astra International
and Standard Chartered Bank. As their Technology and
Operations Director, he managed a team of about 1900
Technology and Operations staff across the bank that
operates in more than 50 cities with a network of over 280
branches.
Prior to this, Mr Utama was the Head of Wholesale
Banking Operations of the Global Shared Services Centre
of Standard Chartered Bank based in India. In a career
spanning more than 15 years with Standard Chartered, he
held various senior positions in Service Excellence, Banking
Operations, Relationship Management, Trade Services and
Process Improvement. Mr Utama also served as Head of
Trade Service Delivery and Trade Sales with ANZ Bank at
its headquarters in Melbourne. He began his career at Bank
of Trade (LippoBank) in Los Angeles.

Mr Utama holds a Bachelor of Business Administration
in Accountancy and Finance from Texas A&M University,
College Station, USA.

Hmm... SGX so cheapskate. operation+tech together.

Based on last Annual Report: -

Fixed Pay: $463,600
Bonus: $625,000
Benefits In Kind: $6,339
Total Gross Remuneration: $1,094,939

Is he the one that introduce new interface on SGX? If yes, then I have to seriously vote him down if I got a chance...

[Temperament]

After our SMRT, Housing, COEs and now SGX. What's Next? Top Dollars for Top Brains? Or paying Peanuts got Monkeys? or Worse still, paying Top Dollars also got Monkeys? What's happening? What's wrong with you?

[gutman]

After our SMRT, Housing, COEs and now SGX. What's Next? Top Dollars for Top Brains? Or paying Peanuts got Monkeys? or Worse still, paying Top Dollars also got Monkeys? What's happening? What's wrong with you?

Monkeys were initially being paid peanuts. They saw how the others got top dollars because these people were labelled Top Brains.

So, monkey see and monkey do. These monkeys learned to put on a mask, and this is what is printed on the mask "I am Top Brain".

Bingo. They are paid top dollars.

[Bibi]

It will be a SMRT moment for SGX where the top guys sit and do nothing all these while, while the system ages and deteriorate with age.

How do u know the top guys do nothing? For my employer, the top guys do a lot of things. But they only do the talking. Want this and that. Its the bottom guys doing the physical thing that the top guys requested. Ask them to hire more engineers, they say got quota.

[greengiraffe]

Based on the following observations on his CV, apart from his management skills on IT department, he doesn't seem to have core technical competence... Pls correct me if I m wrong...

Following on the above if the observations are correct then perhaps connections have gotten him this far till the jack in the box sprang out...

When it comes to IT, we need real Competence and not merely connections...

concerned Disgraced
Shareholder

http://www.channelnewsasia.com/news/busi...07198.html

"MAS has registered its disappointment and concerns with SGX over the delayed opening of its securities market caused by a software defect. The lapse is unacceptable, coming within weeks of the recent power breakdown on 5 Nov," a spokesperson for the central bank said in a statement.


Looking at the CTO technical background...
Tim Utama
Chief Operations & Technology Officer
Age: 48#
Before joining SGX, Mr Utama was on the Executive Board
of Directors of PT Bank Permata Tbk, the 8th largest
Bank in Indonesia majority owned by Astra International
and Standard Chartered Bank. As their Technology and
Operations Director, he managed a team of about 1900
Technology and Operations staff across the bank that
operates in more than 50 cities with a network of over 280
branches.
Prior to this, Mr Utama was the Head of Wholesale
Banking Operations of the Global Shared Services Centre
of Standard Chartered Bank based in India. In a career
spanning more than 15 years with Standard Chartered, he
held various senior positions in Service Excellence, Banking
Operations, Relationship Management, Trade Services and
Process Improvement. Mr Utama also served as Head of
Trade Service Delivery and Trade Sales with ANZ Bank at
its headquarters in Melbourne. He began his career at Bank
of Trade (LippoBank) in Los Angeles.

Mr Utama holds a Bachelor of Business Administration
in Accountancy and Finance from Texas A&M University,
College Station, USA.

Hmm... SGX so cheapskate. operation+tech together.

[CityFarmer]

Hmm... I am glad he said "should not have happened", rather than "... a series of unfortunate events...".

SGX CEO apologises for disruption

SINGAPORE — The chief executive of the Singapore Exchange (SGX) Mr Magnus Bocker apologised for this morning’s (Dec 3) market disruption, adding that they take full responsibility.

“We sincerely apologise to all our securities members and their customers for the inconvenience caused by the delay in market open this morning”, Mr Bocker said in a statement on SGX.com.

“This incident has occurred on the back of the power breakdown on 5th November and we understand the market’s frustration. This should not have happened and we take full responsibility,” he added.
...
http://www.todayonline.com/business/sgx-...disruption

[vesfreq]

At least, its an "honest mistake", rather than a "once in 50 year" episode. Then question is..... when is the next "hiccup"?

[sgpunter]

Telcos screw up offer freebies to customers. Airlines too. SMRT provides free buses for breakdowns. I'm waiting for some freebies from SGX if they are sincere about their apology. At least waive the clearing fees la...its the thought that counts...