When a trader made a mistake he always must pay, while when Big Sharks made mistakes................
anyway the enormous amount of Eurex futures that they move everyday is highly impressive!!!!
from Bloomberg News today:
"A routine payment went awry at Deutsche Bank AG last month when Germany’s biggest lender inadvertently sent 28 billion euros ($35 billion) to an exchange as part of its daily dealings in derivatives, according to a person familiar with the matter.
The error was quickly spotted and no financial harm suffered. The errant transfer occurred about a week before Easter as Deutsche Bank was conducting a daily collateral adjustment, the person said. The sum, which far exceeded the amount it was due to post, landed in an account at Deutsche Boerse AG’s Eurex clearinghouse.
“This was an operational error in the movement of collateral between Deutsche Bank’s principal accounts and Deutsche Bank’s Eurex account,” Charlie Olivier, a spokesman for Deutsche Bank, wrote in an emailed statement. “The error was identified within a matter of minutes, and then rectified. We have rigorously reviewed the reasons why this error occurred and taken steps to prevent its recurrence.”
The episode raises fresh questions about the bank’s risk and control processes, at a time when lenders are faced with increased scrutiny from regulators. It’s another embarrassment for Deutsche Bank at a time when it is undergoing a change of leadership in the wake of its third straight annual loss.
The error should have been caught by an internal fail-safe system known as a "bear-trap," the person said. The mechanism was set up after an internal audit at the bank triggered by an earlier collateral payments error, in March 2014, the person said.
While such errors do occur, the amount involved -- more than the bank’s market capitalization of around 24 billion euros -- is highly unusual, according to the person"
anyway the enormous amount of Eurex futures that they move everyday is highly impressive!!!!
from Bloomberg News today:
"A routine payment went awry at Deutsche Bank AG last month when Germany’s biggest lender inadvertently sent 28 billion euros ($35 billion) to an exchange as part of its daily dealings in derivatives, according to a person familiar with the matter.
The error was quickly spotted and no financial harm suffered. The errant transfer occurred about a week before Easter as Deutsche Bank was conducting a daily collateral adjustment, the person said. The sum, which far exceeded the amount it was due to post, landed in an account at Deutsche Boerse AG’s Eurex clearinghouse.
“This was an operational error in the movement of collateral between Deutsche Bank’s principal accounts and Deutsche Bank’s Eurex account,” Charlie Olivier, a spokesman for Deutsche Bank, wrote in an emailed statement. “The error was identified within a matter of minutes, and then rectified. We have rigorously reviewed the reasons why this error occurred and taken steps to prevent its recurrence.”
The episode raises fresh questions about the bank’s risk and control processes, at a time when lenders are faced with increased scrutiny from regulators. It’s another embarrassment for Deutsche Bank at a time when it is undergoing a change of leadership in the wake of its third straight annual loss.
The error should have been caught by an internal fail-safe system known as a "bear-trap," the person said. The mechanism was set up after an internal audit at the bank triggered by an earlier collateral payments error, in March 2014, the person said.
While such errors do occur, the amount involved -- more than the bank’s market capitalization of around 24 billion euros -- is highly unusual, according to the person"
I call upon my father's spirit , watching over me
