Singapore Exchange proposes price limits on stocks in auction sessions

SINGAPORE: Singapore Exchange's regulatory unit is proposing imposing price limits during daily stock auctions to prevent incidents such as the US$41 billion flash crash in January that briefly roiled shares in conglomerate Jardine Matheson.

Currently, SGX has daily circuit limits during trading hours but not for auctions, during which brokers place buy and sell orders. Officials from SGX Regulation said the regulatory unit is proposing a 30 per cent price cap for the opening auction and a 10 per cent price cap for the midday and closing auctions.The proposals are aimed at safeguarding against price dislocations, Tan Boon Gin, chief executive of SGX RegCo, told a news conference.

Some brokers involved in the trade had requested SGX to amend or cancel the trades but SGX had said trading was orderly and it found no basis to cancel the transactions after a review.

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