Payments systems and the crisis
The first observation is that clearing and settlement infrastructure has performed well under stress. In September and October 2008, the number of transactions cleared and settled reached record volumes in a number of wholesale systems. For example, in CLS the all-time peak rose to 1.5m transactions on 17 September (700,000 on an average day) and the three busiest days on the New York Stock Exchange ever were also in those two months.
Such stress volumes were handled with occasionally small
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