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The following article was published in our article directory on October 21, 2010.
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Adventure Culture the Impact of the Basic Rules

Article Category: Business

Author Name: xia zihui

In the West, financial institutions, traders in the case of unauthorized transactions on behalf of the company, generally known as "rogue trader." Industrial Bank and other financial institutions, of course, willing to "accidental" appearance of "rogue trader" as the cases. But the frequency of such incidents in recent years, a little unscrupulous traders could have thrown the financial giant. Morgan Stanley, Goldman Sachs and other leading financial institutions have appeared within the abuse of illegal traders causes huge losses to the company operating the example. Most similar case with Cavey El eldest issued in 1995 was undoubtedly the British Barings Bank Nikelisen case. Societe Generale brought the losses Cavey Although El as high as 71 billion U.S. dollars, Industrial Bank of the year there are still 600 million-800 million U.S. dollars profit, together with the French government behind, Societe Generale in the international context of the financial crisis to avoid a takeover destiny, lucky to escape unharmed.

French bank incidents prompted the international financial community collective reflection. After the incident, namely, the Industrial Bank internal control system to take corrective measures to: strengthen information security management; re-build the control and early warning procedures; strengthen risk prevention systems, including human resources, better management, including risk of fraud. French Finance Minister Christine Lagarde to submit to the Prime Minister Francois Fillon on the assessment of Societe Generale fraud case mentioned in the report, "very clear that the Industrial Bank does not play a role in internal control mechanisms, those mechanisms have not been properly adjusted. "A common trader barriers to break through five computers to obtain permission to use huge amounts of money, illegal operations found more than a year without being fully demonstrate that the European regulatory system known as the most perfect, the most stringent risk control in the internal management of the Industrial Bank serious problems.

Cavey is to monitor the transactions of the El back office staff, know how to circumvent the bank's system of supervision, and let him to the front in the transaction violates the basic principle of segregation of duties. Survey, the bank's computer control system for various transactions automatically El Cavey had issued 75 warning, but the risk control department is responsible for investigating officers believe Cavey El lies, and some even in the risk control system alarm relay to have not been transferred to the final solution.

Industrial Bank's internal control system in the capital of traders disk monitoring, tracking financial flows, the background and foreground completely separate rules, information system security and password protection and other areas vulnerable. Industrial Bank is concerned that European exchanges to provide a summary of the data after, and not broken down to each trader's trading position data. In addition, it points to monitor the trader's net position on a specific time period and trading risks, and did not carry "unilateral" to limit the total position of the transaction, ignoring the total size of all transactions.

"Safety, liquidity and profitability," organic unity of the three basic operations of the financial sector laws. Sound financial management was one of the oldest traditions. However, increasing competition in the financial, frequent replacement today, profitability came in first. The income of employees, achievement, status, dignity or even profitability for the enterprise and its ability to closely linked. This forced traders are willing to engage in "high risk, high return" transactions. French Finance Minister Christine Lagarde reflect this road, "Industrial Bank actually encourage risk-taking culture, breeding, and this culture against the interests of its shareholders." Cavey El told the court: "A trader can not use the normal lot of money for investment. It makes me believe that I can profit, and my boss would be my means of transaction and the transaction amount of an eye, one eye closed. "self-disclosure of financial institutions of" rogue trader " are those that result in huge loss to the company's transactions, and those who are making fortunes in the number of transactions are "unauthorized" outsiders have never known.

Cavey el admitted to prosecutors that he engaged in risky trading was trying to prove himself. Industrial Bank also acknowledged that El Cavey not from the "rogue trader" in their own pockets. But he's such a madness for the degree of social concern, to bring excess "return." As Sen became the best-selling author released from prison, as has now Cavey Face El has a fan club online, and has been hired as technical adviser in a private company. His big selling autobiography, experience will be made into a movie. This is also the "rogue trader" fought appeared to provide the social soil.

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