Internet broker suspends risk managers for taking risks
Wednesday 14 November 2012
Internet broker BinckBank has suspended five of its eight risk managers, including the department head, for breaking the rules they are supposed to enforce, the Financieele Dagblad reports.
Sources have told the paper some of the workers have been employed by the bank for 10 years and were involved in derivate transactions which broke the ban on day trading. The ban is aimed at stopping workers profiting individually from client orders.
The FD says the construction used by the five managers generated them personal profits of tens of thousands of euros.