ValueBuddies.com : Value Investing Forum - Singapore, Hong Kong, U.S.

If the delay was to rectify any errors that occurs on 1st Dec, I wonder if SGX could made this announcement earlier, say on 2 Dec, instead of in the morning when the delays is to happen. I am surprised when I log in this morning, and I am sure many others are feeling the same.

(03-12-2014, 09:42 AM)Ben Wrote: [ -> ]If the delay was to rectify any errors that occurs on 1st Dec, I wonder if SGX could made this announcement earlier, say on 2 Dec, instead of in the morning when the delays is to happen. I am surprised when I log in this morning, and I am sure many others are feeling the same.

Just an excuse dude...the fact is sgx is as shocked as us....

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.

Base on Dow Jones Newswires

*DJ Monetary Authority of Singapore: Ready to Take Supervisory Action Against Singapore Exchange
*DJ Monetary Authority of Singapore: Registered 'Disappointment and Concerns' Over Delayed Trading
*DJ Monetary Authority of Singapore: Lapse Caused by Software Defect Is 'Unacceptable'

Yes, lapse caused by software defect is "unacceptable" especially so under ordinary course of business. For critical system, commissioning software is a big decision, and should base on adequate testings.

I am not sure what are the defects, I guess it should be a new software update, and be rolled back. The delay seems a back-checking for consistency among databases including the clients' ones.

In my opinion, heads have to roll or at least be seen to roll this time round. Mas Selamat escaped some heads rolled, SMRT breakdown Saw Phaik Hwa resigned shortly after...I will be very surprised if everything remained status quo after this second screw up within a short space of time.

With the current anaemic volumes we already see such problems and SGX wants to introduce High Frequency Trading??!! Goodness gracious me.

(03-12-2014, 10:29 AM)CityFarmer Wrote: [ -> ]Base on Dow Jones Newswires

*DJ Monetary Authority of Singapore: Ready to Take Supervisory Action Against Singapore Exchange
*DJ Monetary Authority of Singapore: Registered 'Disappointment and Concerns' Over Delayed Trading
*DJ Monetary Authority of Singapore: Lapse Caused by Software Defect Is 'Unacceptable'

Yes, lapse caused by software defect is "unacceptable" especially so under ordinary course of business. For critical system, commissioning software is a big decision, and should base on adequate testings.

I am not sure what are the defects, I guess it should be a new software update, and be rolled back. The delay seems a back-checking for consistency among databases including the clients' ones.

The cause is announced by SGX.

"SGX has identified that the software error, which has since been rectified, was caused by programming changes
performed over the weekend. "

http://infopub.sgx.com/FileOpen/20141203...eID=326916

(03-12-2014, 10:29 AM)CityFarmer Wrote: [ -> ]Base on Dow Jones Newswires

*DJ Monetary Authority of Singapore: Ready to Take Supervisory Action Against Singapore Exchange
*DJ Monetary Authority of Singapore: Registered 'Disappointment and Concerns' Over Delayed Trading
*DJ Monetary Authority of Singapore: Lapse Caused by Software Defect Is 'Unacceptable'

Yes, lapse caused by software defect is "unacceptable" especially so under ordinary course of business. For critical system, commissioning software is a big decision, and should base on adequate testings.

I am not sure what are the defects, I guess it should be a new software update, and be rolled back. The delay seems a back-checking for consistency among databases including the clients' ones.

I might be biased but a CTO for SGX should have background in IT system development, integration and deployment. Just the jargon for a complex IT system is enough to kill off a layman.

Wa lao. Never UAT jialat jialat before system go live meh?!


Sent from my iPhone using Tapatalki

(03-12-2014, 11:07 AM)yeokiwi Wrote: [ -> ]

(03-12-2014, 10:29 AM)CityFarmer Wrote: [ -> ]Base on Dow Jones Newswires

*DJ Monetary Authority of Singapore: Ready to Take Supervisory Action Against Singapore Exchange
*DJ Monetary Authority of Singapore: Registered 'Disappointment and Concerns' Over Delayed Trading
*DJ Monetary Authority of Singapore: Lapse Caused by Software Defect Is 'Unacceptable'

Yes, lapse caused by software defect is "unacceptable" especially so under ordinary course of business. For critical system, commissioning software is a big decision, and should base on adequate testings.

I am not sure what are the defects, I guess it should be a new software update, and be rolled back. The delay seems a back-checking for consistency among databases including the clients' ones.

I might be biased but a CTO for SGX should have background in IT system development, integration and deployment. Just the jargon for a complex IT system is enough to kill off a layman.

I have to agree with that. He/She should has at least tech education background to understand the jargon, and also the message in between the jargon...

Base on your post, the guy has only non-technical qualifications and no technical management background too, if I read it correctly. He is definitely qualified for COO, but not CTO...

(03-12-2014, 10:21 AM)yeokiwi Wrote: [ -> ]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