Are ‘members-only’ SGX dashboard alerts enough to deter trading misconduct?

SINGAPORE (Oct 4): Following the “false market” furore which led to Lu Hai’s suspension last month, Singapore Exchange (SGX) has put some new practices into place on Sept 28, as part of its efforts to deter market misconduct.

Now, trading representatives and brokerage firms that employ them will find it harder to plead ignorance.

Lu Hai, a trading representative at Maybank Kim Eng, was recently fined and suspended for creating a “false market”. Some of things he was accused of doing were thought to be quite common – notably, the practice of “layering”, or placing buy and sell orders at different levels. Lu is said to have deleted some of his orders before they were executed.

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