Central Banking

BoE demands changes at Euroclear after system outage

Bank of England and Stock Exchange
Rachael King

The Bank of England has taken supervisory action against Euroclear after its settlement system suffered an outage the end of last year.

In September 2020, Euroclear UK and Ireland’s Crest system suffered a “settlement outage”, which the BoE said caused “notable market disruption”.

The outage was caused by an issue with messaging software. Settlement was immediately stopped while an investigation took place.

The BoE was also forced to delay one of its regular gilt auctions as part of its asset

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