Tech glitch hits CLS

THE BACK OFFICE

NEW YORK -- The failed settlement of over 20,000 Australian dollar and Japanese yen trades on the continuous linked settlement (CLS) service in March was caused by multiple technical faults, senior CLS officials told Operational Risk's sister publication FX Week. An outage in the CLS Bank server was discovered at around 10:20 Central European Time (CET) on March 25, said Joseph De Feo, president and chief executive of CLS Bank, based in New York. "The system ran out of database space and did

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