LONDON--Allfirst Financial, the bank that lost $691 million through trader John Rusnak's fraudulent activities, did not use daily forex rates from an independent source for back-office verification, it was revealed in a report published last Thursday.
Instead, Allfirst, the Baltimore-based subsidiary of Allied Irish Banks, verified Rusnak's daily trading positions with forex rates supplied by Rusnak himself. Rusnak manipulated them to distort the profitability of his trades and to make it app
James talks about his trip to Chicago and some of the interesting topics that came up (including a look at disaster recovery demands). Then Anthony and James touch on ISDA's initial margin rules, with Phase 3 going live next year.Subscribe to Weekly Wrap emails