UniCredit’s VAR cools as Commerz swaps convert to shares
Average reading down by over a third after Italian bank settles part of its stake in the German lender
UniCredit’s value-at-risk gauges pulled back sharply in the first half of 2025, giving traders more room to manoeuvre after the bank converted part of its synthetic investment in Commerzbank into equity.
Ten-day regulatory VAR averaged €17 million ($20 million) over the period, down from €26 million in the second half of 2024, and was the lowest since comparable six-monthly figures were first
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