Lloyd's Offers Insurance Against Rogue Trading
SVB Syndicates, part of Lloyd's of London, has sold its first insurance policy that provides financial institutions with coverage against the risk of unauthorized trading by employees. The first "rogue trader" insurance policy has been sold to a large New York based financial institution with global operations, says Peter Clement, product development manager at SVB Syndicates.
The SVB Unauthorized Trading Policy provides up to $300 million to cover trading losses sustained by a bank as a result
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