No plastic, no shares rule in Bank plan for private deals
Friday 25 June 1993
Investors will be encouraged to use Switch and Delta debit cards to settle their bills.
The new system for private clients will be based on the existing Talisman system, and will be switched to a five-day rolling settlement as soon after mid-1994 as possible. Users will then have to pay by debit card, since the postal and cheque-clearing systems would take too long.
A three-day rolling settlement system had previously been mooted, but significantly this will not figure in the Bank of England's conclusions on a Taurus replacement to be published shortly. A working party was set up under the Bank director Pen Kent after Taurus was cancelled. Cost of cancellation to the City now appears to have been about pounds 300m rather than the pounds 400m suggested at the time.
A majority in the securities industry now favours removing responsibility for development of new share trading systems from the Stock Exchange, which lost credibility in the Taurus fiasco. The Bank of England is favourite to take over the role.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
Look beyond the usual shows for the best festive telly
newsFormer soldier taped 33 of the animals to the floor and then stamped on them one by one
Michelle Nijhuis' daughter insists (s)he is, and she learnt a valuable lesson on gender in books
Sun will 'flip upside down' within weeks, says Nasa
Robin Thicke named sexist of the year 2013
Cycle death inquest: Boyfriend hugs driver of 32 tonne tipper truck that killed his girlfriend
Paul Walker death caused by speed alone
Apollo Theatre collapse: Scores injured after ceiling collapses in London's West End
- 1 North Koreans are gasping for the truth: Let's give it to them
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Christmas comes early: Justin Bieber is 'retiring from music'
- 4 Burglar steals video tapes of child abuse, hands them into police
- 5 Cycle death inquest: Boyfriend hugs driver of 32 tonne tipper truck that killed his girlfriend
- < Previous
- Next >
iJobs Money & Business
£120000 - £150000 per annum: Cornwallis Elt : Programme Manager, Strategy Lead...
£55000 - £120000 per annum: Pro-Recruitment Group: The Financial Services Tran...
£600 - £700 per day: Harrington Starr: Client based in West London is looking ...
£80000 - £120000 per annum + Benefits: Pro-Recruitment Group: Risk - Delivery/...