First Union Bank Develops Fixed Income Risk Management System
U.S. super-regional First Union National Bank of North Carolina's Section 20 securities subsidiary has gone live with a proprietary value-at-risk market and credit risk management system.
First Union officials say the bank built the new system for two purposes: to provide internal risk management and to comply with the Bank for International Settlements' Tier II capital standards.
Russ Hovanec, fixed income manager at First Union, anticipates the unit's use of the VAR system evolving over time
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