Confirmations in the spotlight

Back office

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As auditors, prosecutors and regulators continue to pick through the pieces of the EUR4.9 billion loss at Société Générale (SG), risk managers at rival firms are trying to make sense of how a trader could seemingly hide huge directional exposures on European equity indexes by entering fictitious trades into the bank's systems. Details released by SG suggest a massive breakdown in risk controls and processes - among them, a failure by the back office to confirm fictitious over-the-counter

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