Central Banking

UK’s Chaps and Crest to close later from ‘summer 2016’

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Bank of England

The settlement day for the UK's high-value payment system, Chaps, and securities settlement system, Crest, will be extended in around a year's time, the Bank of England (BoE) said today (July 23).

It will be extended by an hour and forty minutes, to 18:00, in an effort to align it with the business hours of the systems' users. The change will take effect in "summer 2016"; an exact date will be confirmed by the end of August.

"Extending the settlement day will provide greater flexibility to busin

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