24-Hour Delay As CLS Computer Fails

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.


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