Tuesday 25th March saw the first major glitch in the CLS Bank’s short life when a computer error caused settlement to be postponed for 24 hours across the Asia-Pacific region. According to reports in the Financial Times, CLS claimed that 10,000 trades were affected, although the bank did not put a figure on the possible costs incurred as a consequence of the mistake. The bank stated: ‘It was a technical problem that governs the [time] window for settling trades.’ CLS is looking into the issue.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.