He says: "This very week we have linked the payments and settlements systems to provide full delivery versus payment (DvP), so that securities transactions are now settled in real-time in CREST versus a simultaneous real-time payment in the high value payment system, with the Bank of England operating the central system that links the two. This is a major advance in reducing risk in the financial system and in increasing its efficiency. It was a big step for the UK financial markets when we inaugurated the system on Monday of this week, 26 November, and we are all delighted that it is operating so smoothly and so successfully."
Published on
29 November 2001
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