The City's boy in blue

Rogue trades resulting in vast losses for banks such as Societe Generale and Caisse d'Epargne have fuelled the perception that the derivatives markets are an opaque world where unscrupulous traders are able to use the complexities of their market as a smokescreen for their irregular, and sometimes illegal, dealings. The fact that senior managers in both of the above instances claim that they were unaware of the activities of their subordinates demonstrates that some modern finance techniques

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