Top five op risk loss events in October 2008

News

1. Loss amount: $1.9 billion

Firm: Citic Pacific

BIS event type: Unauthorised activity

BIS business line: Trading and sales

Hong Kong-based Citic Pacific reported an estimated $1.9 billion loss due to unauthorised trading in currency derivatives contracts. To help fund the company's mining operations in Australia, finance director Leslie Chang placed unauthorised bets on the continued weakening of the US dollar in relation to Australian currency. Citic Pacific expected a total year-end loss of $1.9

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