The Monetary Authority of Singapore reprimanded the Singapore Exchange over market outages on November 5 and December 3, 2014. On November 5, SGX sustained a multiple hour trading suspension due to a power supply problem during the afternoon; while on December 3, a software problem caused a delayed market open. According to MAS, although “SGX met its primary obligation as an exchange to maintain fair, orderly and transparent markets, it has fallen below service standards on both incidents.” In connection with the November 5 incident, MAS found that SGX was not able to recover some of its critical systems within a four-hour window mandated by MAS because SGX’s monitoring systems “were not able to identify problems quickly in order for prompt remedial actions to be taken.” In connection with the December 3 event, “the time taken to escalate and troubleshoot the errors fell short of expectations,” said MAS. Until SGX implements improvements, it will be not permitted to increase fees for securities and derivatives markets. SGX also agreed to contribute Singapore $1 million (approximately US $741,000) to its investor education fund.