§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer what directions the Bank of England has given to United Kingdom financial institutions in relation to the separation of responsibilities between the front office and the settlements or back office areas of the trading units within such institutions.
§ Mr. Nelson[holding answer 6 March 1995]: The Bank of England does not issue directions to banks on how they must conduct their internal trading and settlement operations but would generally expect the functions of authorisation, execution, valuation, reconciliation, custody and recording to be handled separately.