debt trading losses we have discovered two positions in the debt trading book which were not
being marked to market . the current mark of the 2 positions results in
approximately $ 4 . 7 million loss . the details are in :
the primary control issues are :
? trader did not adjust price to reflect the effect of market movements
? operations did not perform monthly price verification processes
? desk management failed to recognize that the marks on these two trades had
not moved over the term of the transactions ( ql ' 00 - nov 15 th )
the losses have been recognized and a full review of the book is ongoing by
operations . the trader has been relieved of his responsibilities and we will
implement the steps agreed with operations to ensure that we have a robust
approach to controls for the debt trading book going forward .
debt trading losses
we have discovered two positions in the debt trading book which were not
being marked to market . the current mark of the 2 positions results in
approximately $ 4 . 7 million loss . the details are in :
the primary control issues are :
? trader did not adjust price to reflect the effect of market movements
? operations did not perform monthly price verification processes
? desk management failed to recognize that the marks on these two trades had
not moved over the term of the transactions ( ql ' 00 - nov 15 th )
the losses have been recognized and a full review of the book is ongoing by
operations . the trader has been relieved of his responsibilities and we will
implement the steps agreed with operations to ensure that we have a robust
approach to controls for the debt trading book going forward .