UK's CREST system suffers outage, should resume on Monday | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Tuesday
May 30, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
TUESDAY, MAY 30, 2023
UK's CREST system suffers outage, should resume on Monday

Global Economy

Reuters
12 September, 2020, 06:15 pm
Last modified: 12 September, 2020, 06:25 pm

Related News

  • Minister seeks UK's support in dealing with climate change impacts
  • UK provides additional support for Rohingya, host communities in Bangladesh after Cyclone Mocha
  • UK's seasonal agriculture visa scheme exposes migrant workers to serious risk of abuse: Experts
  • Coronation cost of UK monarchs
  • UK to mark coronation with street parties and a concert

UK's CREST system suffers outage, should resume on Monday

The Bank of England, which uses the CREST system, switched to back-up procedures to ensure settlement of transactions

Reuters
12 September, 2020, 06:15 pm
Last modified: 12 September, 2020, 06:25 pm
Representational Image. Photo: Reuters
Representational Image. Photo: Reuters

Britain's CREST financial markets settlement system went down on Friday after suffering technical issues but should be up and running before the market reopens next week, owner Euroclear said on Saturday.

The Bank of England, which uses the CREST system, switched to back-up procedures to ensure settlement of transactions.

CREST is the central securities depository for share and UK government bond markets in the United Kingdom and for Irish stocks, settling trades as the final leg of a transaction.

Euroclear said it had no reason to believe the outage was caused by a cyber attack.

"We can confirm that Euroclear UK & Ireland has experienced an internal technical issue resulting in a settlement outage," a Euroclear spokesman said.

"We have invoked our contingency solution, Non Standard CREST Closure, in coordination with the Bank of England. This process, which is regularly tested, ensures that the impact to financial market participants is minimised."

He said they expected services to be resumed on Monday.

"Investigations are being carried out and we are taking all necessary actions to remedy the situation," he added.

There were no immediate details on the volume and value of transactions affected.

"We are aware of an issue with CREST settlement. We are liaising with EUI - who are responsible for CREST – and are working to help them resolve the issue as quickly as possible," the Bank of England said in a statement.

World+Biz

UK / CREST System / Bank of England

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Priority on fighting inflation, funding projects
    Priority on fighting inflation, funding projects
  • Private credit growth hits 13-month low in April
    Private credit growth hits 13-month low in April
  • DSA may scare away potential investors: UN special rapporteur
    DSA may scare away potential investors: UN special rapporteur

MOST VIEWED

  • FILE PHOTO: A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 13, 2020. REUTERS/Francis Mascarenhas
    Record-bound Indian stocks reclaim spot in world's top 5 markets
  • Represenattional image. Photo: Collected
    Gold prices slip on US debt limit deal, Fed rate-hike bets
  • Oil rises after US leaders strike provisional debt deal
    Oil rises after US leaders strike provisional debt deal
  • The US Capitol building is pictured in Washington, US, January 26, 2022. REUTERS/Joshua Roberts/File Photo
    Biden, McCarthy forge debt deal in bid to avert US default
  • U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. REUTERS/Leah Millis
    Biden, McCarthy reach tentative US debt ceiling deal
  • People shop at a grocery market, in London, Britain May 6, 2023. REUTERS/Emilie Madi
    Brexit to blame for a third of Britain's food bill rise

Related News

  • Minister seeks UK's support in dealing with climate change impacts
  • UK provides additional support for Rohingya, host communities in Bangladesh after Cyclone Mocha
  • UK's seasonal agriculture visa scheme exposes migrant workers to serious risk of abuse: Experts
  • Coronation cost of UK monarchs
  • UK to mark coronation with street parties and a concert

Features

An exquisite symphony of flavours awaits in the heart of Old Dhaka, as this vegetarian ensemble takes centre stage, showcasing the rich heritage of traditional cuisine. Photo: Noor-A-Alam

Jagannath Bhojonaloy: Vegetarianism, the traditional way

13h | Food
Inside Airbus's mega plan to develop the aviation ecosystem in Bangladesh

Inside Airbus's mega plan to develop the aviation ecosystem in Bangladesh

15h | Panorama
How women's purchasing power is altering market dynamics

How women's purchasing power is altering market dynamics

14h | Panorama
Media companies are rushing to capture the youngest market of news consumers in the misplaced hope that this will ensure their survival. Photo: Bloomberg

News firms are too obsessed with wooing the young

14h | Panorama

More Videos from TBS

Erdogan prevails in election test

Erdogan prevails in election test

6h | TBS World
Why AB turns its focus on agri from corporate lending?

Why AB turns its focus on agri from corporate lending?

8h | Corporate Talks
Sword of Tipu Sultan sold in auction

Sword of Tipu Sultan sold in auction

9h | TBS World
Who will be the champion if rain washes out reserve day?

Who will be the champion if rain washes out reserve day?

9h | TBS SPORTS

Most Read

1
End of zero tax!
NBR

End of zero tax!

2
Photo: TBS
Energy

Wind power feeds national grid for first time Friday

3
File Photo: Mohammad Minhaj Uddin/TBS
Bangladesh

Low-cost housing planned for 4 lakh Bangabandhu Shilpa Nagar workers

4
Cenbank prints Tk70,000cr new money in 11 months to support nat'l budget
Budget

Cenbank prints Tk70,000cr new money in 11 months to support nat'l budget

5
File Photo: UNB
Bangladesh

US govt's new visa policy does not bother Bangladesh government: Shahriar Alam

6
Govt to double gain tax on land, flat registration
Budget

Govt to double gain tax on land, flat registration

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]