The Singapore Exchange (SGX) has urged its customers to increase their use of online services as the coronavirus pandemic continues to remain a global threat and disrupt financial markets.
In particular, the exchange has said this Friday that it will minimise face-to-face interaction between investors, member firms and SGX staff. As part of this, it will be closing The Central Depository (CDP) Customer Service Centre from 18 April 2020 until further notice.
In light of this, the SGX strongly encourages all account-holders of CDP to use online or electronic method when making payments or to gain access to services. During this time, all CDP services will be available online, via telephone and mail.
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As part of its efforts to prevent the spread of COVID-19, whilst also maintaining a resilient marketplace, the exchange has reviewed all activities that require the physical presence of SGX staff or CDP customers in member firms’ or CDP’s premises.
SGX moves onsight reviews to offsite inspections
Following this review, the onsite reviews conducted by SGX on member firms will be temporarily suspended in favour of offsite inspections, the statement said. These will focus on trading activities of members, with the aim to ensure the markets remain orderly.
“SGX has also stepped up its offsite monitoring of members’ financial and liquidity condition in light of increased market volatility, including performing more stress tests on their financial positions. Members continue to be able to meet their financial obligations to SGX,” the exchange said in its statement.
Commenting on the changes, Loh Boon Chye, CEO of SGX said in the statement: “Everyone has a role to play if COVID-19 is to be stopped. This means that essential services providers like SGX must examine our businesses and processes for ways and means we can support measures to curb COVID-19 while preserving our customers’ interests. We will continue to listen and work with our customers and stakeholders as we battle this outbreak together.”