Operations performance indexes

As firms rely more heavily on US government securities as collateral, the US Government Securities Operations Performance Index (USGSOPI), at 98 basis points in the last week of November, deteriorated 650% from a low of 15 basis points four weeks earlier. This is the first time since November 2005 that the USGSOPI ended near the lowest benchmark performance band on the OPERA® Performance Benchmark Scale. In contrast, the more volatile Mortgage Backed Securities Operations Performance Index improved, remaining in the highest performance band throughout November. Graham Mellor, Basis Point Group

Top five op risk loss events in November 2007


Loss amount: $10,200,000
BIS event type: Unauthorised activitymismarking of position (intentional)

Firm: TD Bank Financial Group
BIS business line: Trading and salesproprietary positions

The Financial Services Authority (FSA) fined the London branch of Toronto Dominion Bank £490,000 for systems and controls failings in relation to one of its trading books. The failings occurred from the beginning of 2005 until March 9, 2007 and led to TD Bank

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