Published by Global Banking and Finance Review
Posted on February 28, 2025
FRANKFURT (Reuters) - Deutsche Boerse's Clearstream said on Friday services were largely restored but that there was still some residual impact following an unprecedented outage in the European Central Bank's payment system.
The malfunction of the Target 2 system on Thursday, used to settle more than 3 trillion euros ($3.12 trillion) of daily payments and financial trades, meant transactions between banks could not go through.
The aftershocks are expected to continue for some days.
"We are in close contact with our clients to assess and to minimise impact wherever possible and are in regular contact with our regulators providing updates on the current situation", it said.
Clearstream accounts for around 500,000 transactions daily, equating to one million instructions and making up 54% of T2S volume.
($1 = 0.9614 euros)
(Reporting by Tom Sims, editing by Matthias Williams and Thomas Seythal)
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