March - CLS technical glitch stalls trades

Joseph De Feo, president and chief executive of CLS Bank in New York, said the problems started with an outage in the server just before the closure of the settlement window. An instruction to CLS’s participating central banks to extend the opening time of their real-time gross settlement systems was inputted -- but a second technical glitch delayed that instruction.

"There was an enormous amount of pressure, and there was a delay in moving up the deadline for the close of the Asia-Pacific c

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