Re: Taking up smoking
Posted by Nike Air Max on 7/16/2012, 10:24 pm, in reply to "Re: Taking up smoking"
Certain highly illiquid trades can be extremely difficult to value, according to current and former traders within the Chief Investment Office. On some positions, “valuing a trade is like throwing a ball at a target while blind folded,” said a former trader who insisted on anonymity because of the ongoing investigations into the trade. The Securities and Exchange Commission, which is one of several federal regulators investigating the trading losses, is “interested” in the valuation of the trades, according to a person briefed on the investigation.Separately, federal regulators from the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York stationed within the bank’s Manhattan headquarters have been examining the valuation of the trades in weekly meetings with staff of the Chief Investment Office.Mr. Cavanagh, meanwhile, said that the executives within the unit were outmatched by the increasing complexity of the bets being made as the unit was growing over the past several years. JPMorgan, Mr. Cavanagh emphasized, is undertaking a “complete revamp of CIO management.”
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