The FINANCIAL — Singapore Exchange Limited (SGX) announced on October 20 that the new pre-settlement matching service (PSMS) of SGX Prime was launched on 13 October 2008, and the overnight settlement of the first trades completed on 16 October 2008 under the trade plus three days (T+3) settlement timeframe.
SGX Prime is an open access infrastructure that facilitates straight-through processing of trades for the securities market via the Exchange’s clearing and settlement system. The PSMS automates the matching of settlement instructions of trades among SGX Clearing Members and Depository Agents. It will enhance market participants’ operational efficiency and minimise errors by replacing the manual affirmation of settlement instructions.
“SGX Prime is part of our ongoing efforts to upgrade our IT infrastructure to provide improved post-trade services in the Singapore marketplace. We are happy to report that the system has performed well, post the teething issues related to the activities on the first settlement date (16 October 2008). Improving the PSMS through higher rates of automated matching is a key objective, and we will work closely with industry participants over the next several months to achieve this,” said Mr Terry Gibson, Senior Vice President and Head, Processing Services of SGX.
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