Central Banking

Banks seek redress after clearing system seizes up

A damages row has erupted after a computer failure at the worlds largest forex clearing house left some banks facing heavy losses last month. CLS Bank, which operates the real-time payment system linking the central banks of the seven largest currencies, said the legal action would be against its technology suppliers not CLS Bank itself.

Source: Dow Jones

Major banks are embroiled in a compensation row after a computer failure at the world's biggest forex clearing house left some nursing heavy

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