The Singapore Exchange (SGX) has updated its trading engine for the securities market for the first time since its launch in March 1989.
The previous engine – Central Limit Order Book (CLOB) – is to be replaced by Quest-ST, a Nasdaq OMX trading engine.
According to SGX, Quest-ST will be able to support a wider range of products and will facilitate faster implementation of new products and services.
It also has much higher capacity limits than CLOB to help cater for algorithmic and high-velocity traders, who are beginning to establish a strong presence in Asia.
“Quest-ST is an integral part of our technology roadmap and marks another milestone in our continuous journey of infrastructure renewal,” said Muthukrishnan Ramaswami, senior executive vice president and chief operations officer of SGX, in a statement.
All SGX member firms are able to trade on Quest-ST using their order management systems connected to SGXAccess – an open interface which allows member firms to trade in Singapore’s securities market from anywhere in the world.