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Mike Buckle and John Thompson

Merrill Lynch were all fined; Barclays rejected an early settlement and said it wanted to wait for a coordinated settlement with other regulators. 10.5   Nature of forex business Four types of market transactions can be distinguished: spot transactions; outright forward transactions

in The UK financial system (fifth edition)
Abstract only
Mike Buckle and John Thompson

than waiting for the end of the day. The idea of real-time gross settlement is to avoid settlement risk through the knock-on effects of the failure of a counter-party. One example of this risk is provided by the Herstatt bank failure in 1974, when, because of time zone differences, customers with some foreign exchange contracts were left unpaid, although they had completed their

in The UK financial system (fifth edition)
Mike Buckle and John Thompson

banks in the event of a run. Until insolvency is declared, the bank is obliged to pay out the full amount of any deposit withdrawn. Once insolvency is declared, the depositors must wait for realisation of the bank’s assets and, in the company of other creditors, for their claims to be assessed by the courts. Thus, in the event of a rumour of difficulties being faced by a bank, there is likely to be

in The UK financial system (fifth edition)