Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
Securites Lending Times logo
Leading the Way

Global Securities Finance News and Commentary
≔ Menu
Securites Lending Times logo
Leading the Way

Global Securities Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Industry news
  3. BoE confirms supervisory action against Euroclear UK and Ireland following settlement outage
Industry news

BoE confirms supervisory action against Euroclear UK and Ireland following settlement outage


25 June 2021
Reporter: Bob Currie

Generic business image for news article
Image: thinglass/adobe.stock.com
The Bank of England (BoE) has initiated supervisory action against Euroclear UK and Ireland in connection with an outage in its CREST settlement system in September 2020.

The outage, triggered by a failure in messaging software, caused the UK central bank to postpone one of its periodic gilt purchase operations under its asset purchase programme.

EUI commissioned an independent assessment into the causes of the outage and has already commenced remedial action on the basis of its recommendations.

“In light of the incident’s serious and disruptive nature, and recognising the importance of ensuring implementation of these remedial actions, the Bank has issued a direction under section 191 of the Banking Act 2009 requiring EUI to implement the recommendations of the independent reviewer,” said a BoE statement.

“The Bank is also using its powers to require EUI to appoint a skilled person to assess the implementation of the recommendations.”

This skilled person will provide a final report to the central bank in the first half of 2022.

The Bank of England said that its supervisory action does not imply that a regulatory breach has taken place and this does not represent an enforcement action.
Next industry article →

CloudMargin collaborates with Ivno
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →