Nomura books ¥10 billion FVA loss

Japanese bank follows JP Morgan and Deutsche Bank by incorporating funding costs into derivatives valuation


Nomura has recorded a loss of ¥10 billion ($98 million) after introducing a funding valuation adjustment (FVA) framework for its over-the-counter derivatives portfolio, which reflects the funding costs and benefits arising from uncollateralised trades. The loss was disclosed in Nomura's third-quarter results on January 30, and follows similar announcements from JP Morgan and Deutsche Bank, which disclosed FVA losses of $1.5 billion and €364 million, respectively, in their fourth-quarter earnings

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