Morgan Stanley’s VAR hit eight-year high in Q1

High risk-of-loss indicator coincides with Archegos collapse

Morgan Stanley’s average daily trading value-at-risk gauge surged to its highest level in eight years over the three months to end-March, a period that ended with wild stock market swings following the meltdown of family office Archegos Capital Management.

One-day VAR averaged $69 million in Q1, up from $55 million the previous quarter and the highest since the $72 million disclosed for Q1 2013.

First-quarter VAR was also some 28% above the $54 million averaged for 2020 as a whole, when

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