FX Markets

VAR exceptions rise in third quarter

Several banks reported higher numbers of value-at-risk exceptions - days on which trading losses exceeded the maximum loss expected at a certain probability level - at either 95% or 99%. The VAR used for comparison was derived from the previous day's portfolio positions.

UBS was hardest hit, with 16 exceptions at 99% - its first exceptions since 1998. Credit Suisse followed with seven at 99%, compared with two in the first half of the year. Bear Stearns reported 10 at 95%, with only one before

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Bayer Group's two-year plan pays off

LEVERKUSEN – As the dollar continues its slide versus all major currencies – it has lost 8% of its value against the euro in the past two months and 9% against the Swiss franc – corporates are struggling to readjust their hedging strategies.

NAB options desk "open again"

MELBOURNE – National Australia Bank (NAB) has resumed limited trading in currency options, as an April 30 deadline to amend its shortcomings passed last week.

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