Crestco resists suspension call
Some board members favour calling a complete halt to the transfer of companies' share registers to the new Crest settlement system for weeks or months, because of alarm about its performance.
Crestco admitted yesterday a delay of a month or two beyond the April date scheduled for full operation was likely to be an option discussed at a meeting of the board on 25 November. Another possibility could be further delays in transferring FTSE 100 companies to Crest. Crest sources also suggested that the Securities and Futures Authority could limit the amount of business done by some firms that have had difficulty coping with the new system, because of the financial risk of settlement delays.
However, Iain Saville, chief executive, insisted he would resist any delays to the present overall timetable of full operation by April, and he said there was no crisis, "only inevitable teething problems with a very complex system".
Mr Saville said there had been a significant improvement in the performance of the settlement system over the last 10 days. "We hope to demonstrate to the board that Crest is stable enough to push ahead with the transition timetable."
Serena Williams apologises after comment that rape victim 'shouldn't have put herself in that position'
Bankers could face jail after report urges the Government to introduce new criminal offence for reckless management
Feat of engineering: Incredible photographs show construction beneath New York's Second Avenue
World news in pictures
Google challenges US surveillance gagging order
- 1 Serena Williams apologises after comment that rape victim 'shouldn't have put herself in that position'
- 2 Disability campaigners celebrate 'victory' after government rethink over plans to make it more difficult to claim disability benefits
- 3 Bankers could face jail after report urges the Government to introduce new criminal offence for reckless management
- 4 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 5 We never knew Nigella Lawson - and we still don’t
iJobs Money & Business
£500 - £600 per day: Orgtel: FX Options Front Office Java / C# Developer - Ba...
£600 - £700 per day: Orgtel: Project Manager - Front Office - Regulatory IT C...
£600 - £750 per day: Orgtel: FATCA Project Manager - Banking - London - £600-...
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...