Central Banking

Crisis highlights shortfalls in UK payments: BoE

The financial crisis has uncovered uncertainties and knowledge gaps among market participants in the United Kingdom's payment and settlement infrastructure, the Bank of England said on Tuesday.

The Bank's annual Payment Systems Oversight Report concluded that "[The events sparked by the collapse of Lehman Brothers, a now-defunct investment bank] highlighted the importance of market participants having a clear understanding of the application of systems' default arrangements to all types of tra