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... When a trader holds a large position in a falling currency, he is obliged to make "margin payments" every month; its like paying interest on a loan. ...
Step One:
A currency trader executes a large number of foreign exchange transactions. ...
Step Two:
The trader appears to offset the risk involved in these transactions by taking out "options" contracts. ...
The most likely scenario is that the trader built up big bets that the yen would strengthen against the dollar. ... Thus the system prevents a trader from entering
phony counterparty trades. ... story
Allfirst suit may recoup millions
2 large banking firms allegedly aided Rusnak; $500 million in damages sought; Experts criticize company as Allied Irish shifts blame
BY BILL ATKINSON
SUN STAFF
ORIGINALLY PUBLISHED MAY 28, 2003
Allied Irish Banks PLC has fired a well-aimed shot that could result in the recovery of millions of dollars from two of the countrys largest banking companies, which allegedly aided a rogue trader in defrauding the Dublin bank of $691. ... stmThursday, 24 October, 2002, 16:17 GMT 17:17 UK
Rogue AIB trader pleads guilty to fraud
Former currency trader John Rusnak has pleaded guilty to bank fraud over a trading scam that cost Allied Irish Banks (AIB) nearly $700m in trading losses. ...
Rogue forex trader John Rusnak has been charged with fraud in connection with the losses.
Approximate Word count = 1856
Approximate Pages = 7.4
(250 words per page double spaced)
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