On 26 June 1974, German regulators withdrew the banking license of Bankhaus Herstatt, a mid-sized bank in Cologne, in the middle of the trading day. The timing is what made it famous. Herstatt's FX counterparties had already irrevocably paid the Deutsche Mark legs of that day's trades in Frankf...
Source: [Dev.to](https://dev.to/barissozen/ai-agents-are-about-to-rediscover-the-oldest-risk-in-modern-finance-1mej)