Central Banking

BoE says XML language will cut trading costs

The Bank of England, in its Quarterly Bulletin, has said that the XML computer language being developed for the internet could drastically reduce the cost of processing financial transactions. It will reduce the errors in transactions that currently raise the cost of trading. Many trades around the world still rely on faxes, telephones and manual inputting to settle transactions and human error is believed to affect as many as two thirds of transactions.

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