SINGAPORE : The Singapore Exchange (SGX) said it will be rescheduling the implementation of the new settlement processes and refined penalty framework to a later date.

The implementation was initially scheduled to take place on November 6.

SGX said the subsequent implementation of buy-in for failed securities, which was scheduled for November 30, is also under review.

The rescheduling is due to an isolated incident that happened on Thursday in the pre-settlement matching system (PSMS).

SGX said this affected settlement of less than one per cent of institutional trades, while settlement for retail trades was not affected.

The bourse operator said it is working to resolve the matter, but added that the incident is unrelated to the changes planned for the implementation.

Instead, it said the rescheduling is a prudent measure to allow more time for the full stability of the PSMS environment.

SGX said the revised dates will be announced in due course after consultation with market participants. - CNA /ls