L’Espresso loses out in interest rate trade

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Gruppo Editoriale L’Espresso, the Rome-based media company that publishes the Italian broadsheet La Repubblica, has lost e15.87 million as the result of trades in interest rate derivatives. Risk understands that a substantial part of that loss was attributable to an exotic product sold to the company by JP Morgan Chase.

While neither company will comment on this specific transaction, both L’Espresso and JP Morgan Chase acknowledge they have dealt in derivatives together, as part of a long-sta