The problems of explaining AMA volatility

Marcelo Cruz

After a succession of systemic operational risk events hit the industry last year (as I discussed last month) operational risk has moved to the top of the agenda for regulators and chief risk officers. In 2013, serious IT failures incapacitated several large institutions, including the Chicago Board Options Exchange (CBOE) which went offline for most of a trading day in June 2013 because of a system fault. In the same week a number of retail brokers and banks revealed that they had been affec