SGX Group (Singapore Exchange) is introducing a new trading engine, “Iris-ST”, in the Singapore stock market. Iris-ST will enable SGX Member firms to offer better and additional services, equipping them to seize opportunities as the market grows.
“The new and improved features in Iris-ST will deliver benefits to the Singapore stock market and market participants. These features range from new order types and risk controls to more intuitive counter codes. The level of investor participation is increasing, and our product shelf is expanding. This is the right time to implement a next-gen trading infrastructure that will meet new and emerging demands,” said Ng Yao Loong, Head of Equities, SGX Group.
To enable the full suite of services Iris-ST makes possible, Singapore Exchange Regulation (SGX RegCo) is seeking feedback on rule amendments for enhancements and new functionalities which include the following:
- new auction price collars
- extension of the non-cancel phase during auction routines and revisions to allow order entry (but not order amendment or withdrawal) during this phase
- a new pre-trade risk control (PTRC) system that SGX Member firms may use to meet their obligations to have adequate pre-execution risk management control checks and error prevention alerts. With the new PTRC system, the exchange-hosted error prevention mechanism, the Forced Order Range and “Force Key” function, will be removed
The consultation is open till 31 December 2025 and is found here. SGX Group expects Iris-ST to begin running in the latter half of 2027.
