HSBC’s trading VAR hits 10-year high

Interest rate risk behind trading risk gauge peaked in H1

HSBC’s trading value-at-risk rose by 37% over the six months to end-June, reaching heights not seen since Q4 2012.

The UK bank attributed the rise to interest rate risk exposures in a number of currencies and large short-term interest rate shocks.

One-day management VAR – HSBC’s estimate of the most its trading desk could lose on any given day – rose from $49.5 million on December 31, to $67.8 million on June 30. The first half of 2023 also saw the highest average VAR reading over a six-month

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