After a rogue trader cost MF Global $141 million, Promontory came in to bolster certain areas of the firm's risk controls.
He assumed the job on an interim basis in September when Oswald J. Grubel resigned after a trading scandal this year involving a former trader cost the bank $2.3 billion.
These services cost 110 shillings ($0.05) a time, the same as a standard text message, except for Google Trader, which costs double that.
Whilst in the case of the single sole trader, the costs of such a system would outweigh the benefits derived, some have recorded savings; 31 % have recorded modest savings of less than £1000 per annum, whilst 6 % have recorded over £5000.
Now Jérôme Kerviel, the trader who cost Société Générale more than $7 billion, has attracted a fan club of his own.
The New Yorker, March 13 , 1995P. 35 Signed Talk story about Nicholas Leeson, 28, a financial trader who cost Barings, P.L.C. more than a billion dollars in losses recently..
Professor Keim found that momentum traders' transaction costs are significantly higher than average, and that, as a result, they make momentum strategies unprofitable.
Another consideration may be the fund industry's recent market-timing scandals, in which very active traders raised costs for all shareholders.
By Michael M. Thomas The New Yorker, March 13 , 1995P. 35 Signed Talk story about Nicholas Leeson, 28, a financial trader who cost Barings, P.L.C. more than a billion dollars in losses recently..
The same day Société Générale said that Mr. Kerviel, a rogue trader, had cost it billions, it announced one of the largest subprime-related write-downs by a European bank.
