Nomura fined £1.75 million over op risk failures

LONDON – The UK Financial Services Authority (FSA) has fined Japanese bank Nomura £1.75 million for operational risk failures leading 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. According to the FSA, a “large number” of these failures exis

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