The exchange aims to finish implementing its various measures by the end of the year, Mr Bocker said. Incoming chief executive Loh Boon Chye was not at the briefing. SGX board chairman Chew Choon Seng, who was also on the inquiry committee, said that the board would monitor the progress of the improvements and report it to MAS every quarter. Dealers said on Wednesday that MAS's reprimand was good enough, especially since the exchange had not suffered major outages since December 2014. "It's more a slap on the wrist, but if the slap works, then good for them. We don't need to use a hammer," one broker said. However, he added that if another major disruption happens again, the regulator ought to explicitly fine the SGX. Corporate governance specialist Mak Yuen Teen, an associate professor at NUS Business School, asked whether the MAS had a "proper framework" of publicly known sanctions and penalties for the exchange, similar to what is in place for service providers such as telcos and transport operators.