Devon System not to blame for Rusnak manipulation
TECHNOLOGY NEWS
LONDON -- An official at trading technology firm SunGard says its risk management tool, the Devon System, could not be blamed for its role in the Allfirst Financial $691 million currency scandal.
Clare Porter, vice-president of SunGard Trading and Risk Systems in London, said the system, which rogue trader John Rusnak at Allfirst in Baltimore manipulated in order to conceal his value-at-risk (VAR), has comprehensive controls in place that must work in conjunction with risk policies or procedures
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