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Tech glitch strikes CLS

NEW YORK — The failed settlement of over 20,000 Australian dollar and Japanese yen trades on the Continuous Linked Settlement (CLS) service last week was caused by multiple technical faults, senior CLS officials told FX Week.

An outage in the CLS Bank server was discovered at around 10:20 Central European Time last Tuesday (March 25), said Joseph De Feo, president and chief executive of CLS Bank. "The system ran out of database space and didn’t have anywhere to write records so it stopped," he told FX Week. "IBM [which supplies the core CLS technology] worked on first identifying that that was the reason and then

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