Santander's pivot to LatAm hikes trading risk
Interest rate risk in Brazil pushes average VAR higher
Banco Santander’s pivot to Latin America elevated its trading risk over the three months to end-March.
The Spanish bank disclosed that its trading portfolio value-at-risk averaged €13.5 million ($15 million) in the first quarter – 32% higher than in Q4 2018 and up 20% year-on-year.
Of this total, before taking diversification effects into account, the Latin American portfolio made up €12.2 million, up from €10.1 million the prior quarter, and €9.4 million in Q1 2018. European exposures made
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