FSA fines Nomura £1.75 million for mis-pricing

The UK Financial Services Authority (FSA) has fined Japanese bank Nomura £1.75 million ($2.88 million) for operational risk failures that led to mis-pricing of volatility and correlation in its equity derivatives business.

“The systems and controls around marking the international equity derivatives books fell far short of those expected by the FSA for a business trading complex and high-risk financial products,” the FSA states on its website. A “large number” of these failures existed for a “pr

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