Middleware at fault for Barclays clearing break
Client clearing glitch highlights the complexity of what is expected to be a major new business.
[UPDATED OCTOBER 4]
A day after announcing it had become the first bank to start full-scale clearing of a client’s over-the-counter derivatives trades, Barclays Capital suffered a break in its service, holding up clearing for a day. The bank’s own systems were not to blame – instead, the glitch was tracked down to MarkitServ, a vendor that matches and confirms trades for derivatives counterparties.
“I can’t go into detail but I can confirm it was our system being used,” says Jeff Gooch, chief
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