The investigation into a former trader at the company was triggered after a breach of the company’s own internal controls last August.
A junior trader, who worked at the company’s investment arm, was dismissed after attempting the rogue trade, thought to have been worth about $150m and alleged to be linked to Argentine warrants.
According to a spokesman for the £60bn asset management giant, the trade was stopped and police and regulators were notified.
Internal controls thwart attempted illegal trade.
How dare the bastards show that internal self-regulation works?
Am no expert on South American markets but I’d be surprised if there were a warrant market big enough to involve $150m trades.
And as for a junior trader at Threadneedle being able to make any trade above $10m without plenty of supervision…….
I speculate that the trade would involve the Argentinian GDP warrants issued as part of the debt restructuring in 2005.
I am personally quivering with shock, no doubt all lefties will shortly be following my lead and wholeheartedly embracing self regulation as the solution in the face of your single data point.