Op risk data: Rogue trading costs Mitsubishi $320m

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Petro-Diamond Singapore, based in Millenia Tower, reported September’s top op risk loss

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September’s largest operational risk loss saw a rogue trader at a Mitsubishi subsidiary, Petro-Diamond Singapore, lose $320 million on unauthorised crude oil derivatives transactions. The transactions began in January, with the trader disguising them as hedges, the firm said in a statement. The trader also manipulated data in the firm’s risk management system so that the transactions would appear to be associated with customers

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