Nomura fined £1.75 million over op risk failures

LONDON – The UK Financial Services Authority (FSA) has fined Japanese bank Nomura £1.75 million for operational risk failures leading to mis-pricing of volatility and correlation in its equity derivatives business.“The systems and controls around marking the international equity derivatives books fell far short of those expected by the FSA for a business trading complex and high-risk financial products,” the FSA states on its website. According to the FSA, a “lar