Santander’s VAR surges 17% in Q3

Macroeconomic jitters push credit spread and interest rate risk up, but bank’s traders net income windfall

Santander’s average trading value-at-risk increased 17% to €10.6 million ($12.3 million) over the third quarter, amid resurgent worries about a global economic slowdown.

The bank’s VAR – which gauges the most its trading desk can lose on a given day – peaked at €15.2 million during the period, 21% above the zenith in Q2 and the highest in 15 months. It closed the quarter at €14.9 million, up 62% on end-June.

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Fuelling the increases were credit spread and interest rate VAR, whose

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