Closer to our market, I hear of one bank that has managed to sweep under the carpet the fact that its options business was based more on smoke and mirrors than solid modelling and clever trading.
Many people’s eyes roll at the thought of discussing risk management. At its simplest though, it should be little more than common sense. If this is remembered and adhered to, the majority of problems should be avoided.
Years ago, I worked with a trader who was ostensibly far more successful than me.
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