Allfirst turned down forex risk systems
NEWS
Rusnak approached New York vendor
Rogue trader John Rusnak examined two foreign exchange risk management systems on behalf of Allfirst Financial in 2000 -- just six months before he allegedly started falsifying forex trades at the Baltimore subsidiary of Allied Irish Banks.
The systems vendors -- New York-based Derivatech, which sells portfolio management tools, and broker GFI, which owns Fenics' options pricing suite of tools -- were both told by Rusnak that their products were too expensive.
Dav
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