SVAR surges gird Europe’s trading books in H2 2024

- By Lorenzo Migliorato and Joshua Walker
- 23 Apr 2025

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Several European banks hit fresh highs in stressed value-at-risk (SVAR) in the second half of 2024, suggesting shifts in trading book composition towards more shock-sensitive exposures.

UniCredit, whose trading risk has been amplified by its synthetic investment in Commerzbank, saw its 10-day SVAR peak at €149 million ($161 million) – nearly triple the €50 million zenith recorded in the first half of the year. The 198% surge was the largest among the 21 dealers analysed by Risk Quantum across

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