Milan derivatives trial hinges on banks’ calculations

Technical arguments over derivatives valuation will determine the fate of four banks facing an Italian mis-selling trial in May. Last month, a Milan court decided four banks – Depfa, Deutsche Bank, JP Morgan and UBS – should stand trial over derivatives transactions with the city.

The key question is whether the banks misrepresented the effect of a debt restructuring they organised for Milan in 2005, which replaced a host of small loans with a €1.68 billion bond maturing in 2035: the biggest

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