SGX nullifies 91 erroneous trades of New Silkroutes shares

Involving 52.3 million shares.

Singapore Exchange will cancel 91 trades of New Silkroutes Group shares, following a reverse stock split that led to a multitude of investor errors.

"After careful examination of the transactions, Singapore Exchange (SGX) decided today to declare 91 trades involving 52.3 million shares of New Silkroutes Group Limited as 'error trades'. In reviewing the cases, SGX was satisfied these transactions were the result of genuine error on the investors’ part, attributable to the recent consolidation of New Silkroutes shares, and that allowing the erroneous trades to stand would cause disproportionate harm including the settlement risk of failed trades of significant size," said the regulator.

"SGX has reminded Member firms and their Trading Representatives to exercise due care when executing orders in newly-consolidated shares including having appropriate safeguards for clients who transact using means such as Internet Trading. All market participants should also exercise due care in transacting securities, post any corporate action,” the SGX added.

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