Santander's pivot to LatAm hikes trading risk

Banco Santander’s pivot to Latin America elevated its trading risk over the three months to end-March.

The Spanish bank disclosed that its trading portfolio value-at-risk averaged €13.5 million ($15 million) in the first quarter – 32% higher than in Q4 2018 and up 20% year-on-year. 

Of this total, before taking diversification effects into account, the Latin American portfolio made up €12.2 million, up from €10.1 million the prior quarter, and €9.4 million in Q1 2018. European exposures made up

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