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09/03/2009
'Rogue Trader' Probe Launched At IFSC bank
The Irish Financial Regulator is investigating a possible rogue trader case involving an employee at the London offices of a Dublin based bank.
Merrill confirmed last week that it had uncovered a possible rogue currency trader in its London offices. According to reports, the employee Alexis Stenfors is still on the payroll but listed as inactive.
It is not clear what kind of sums were involved, although one report in the New York Times suggested that Stenfors had recorded a trading profit of$ 120 million (€85 million) last year and taken a "handsome bonus’".
The Financial Regulator said it had been made aware of "matters relating to the mispricing of trades" in London on February 18 and had authorised investigators to go into the Merill Lynch offices.
The troubled investment bank had discovered a trading "irregularity" during a recent investigation of its trading positions, a spokesman for the company said on Friday.
The probe relates to trades at the London office of Merrill Lynch International Bank, which is registered in Dublin and also has offices in Geneva and New York.
The Irish Regulator's board includes former chief executive of the Financial Regulator Liam O'Reilly and former secretary general at the Department of the Taoiseach, Paddy Teahon.
(DW/BMcC)
Merrill confirmed last week that it had uncovered a possible rogue currency trader in its London offices. According to reports, the employee Alexis Stenfors is still on the payroll but listed as inactive.
It is not clear what kind of sums were involved, although one report in the New York Times suggested that Stenfors had recorded a trading profit of$ 120 million (€85 million) last year and taken a "handsome bonus’".
The Financial Regulator said it had been made aware of "matters relating to the mispricing of trades" in London on February 18 and had authorised investigators to go into the Merill Lynch offices.
The troubled investment bank had discovered a trading "irregularity" during a recent investigation of its trading positions, a spokesman for the company said on Friday.
The probe relates to trades at the London office of Merrill Lynch International Bank, which is registered in Dublin and also has offices in Geneva and New York.
The Irish Regulator's board includes former chief executive of the Financial Regulator Liam O'Reilly and former secretary general at the Department of the Taoiseach, Paddy Teahon.
(DW/BMcC)
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Ireland WeatherThis Evening and Tonight:It will be cloudy with outbreaks of rain through the evening, becoming heavier for a time, dying out later tonight. A cold night with light winds. Minimum temperature 2 °C.
