Technical Hitches May Delay Bank Of England's New Settlement System


THE Bank of England's new gilts settlement system has run into snags during its weekend trials, according to sources. The system, dubbed CGO II, is designed to reduce the risk of settlement failures by permitting real-time settlement in the UK's gilts market.

Sources say some of the banks that participated in the trials failed to set proper default settings for matching settlements. Sources also report bugs in the CGO II software that may delay its launch, scheduled for next month.

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