Goldman, BBVA and TD Group incur VAR breaches in Q3

US unit of TD Group endures four breaches in three months to end-September

Goldman Sachs and the US units of BBVA and TD Group all reported value-at-risk backtesting exceptions in Q3, as a result of larger-than-expected trading losses.

Over the past 12 months, these firms have racked up three, two and eight such breaches, respectively. TD Group incurred four in Q3 alone.

By exceeding four backtesting exceptions over a rolling 250-day period, the bank saw the multiplication factor applied to its VAR-based market risk capital requirement increase to 3.85 from 3.4

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