logo
Plus   Neg
Share
Email

Report : Barclays Trader Took $19 Mln Hit From Turkish Bonds

A senior Barclays Plc (BARC.L,BCS) trader has faced losses of about 15 million pounds or $19 million on Turkish bonds over the past few days, Bloomberg reported citing people familiar with the matter.

Tolga Kirbay, a London-based credit trader, was caught on the wrong side of a wager over three trading days starting from Thursday. Barclays generally makes up to $100 million in revenue each year trading emerging-market corporate bonds in Europe, the Middle East and Africa, the report said.

While the trade is relatively modest for the British bank overall -- and while the Turkish lira has recovered some of its plunge in the past two days -- it does highlight the growing appetite for risk at Barclays' securities unit. It's unclear whether the positions have been hedged and whether Kirbay recovered the losses.

"Barclays has an established and diversified credit business with all our trading positions hedged across the business," the bank reportedly said. The Turkish trading operation "represents a very small part of our overall credit business."

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
McDonald's Corp. has announced the return of its popular Shamrock Shake milkshake for a limited time at participating U.S. restaurants nationwide. The minty green milkshake is made with McDonald's vanilla soft serve blended with Shamrock Shake syrup and topped with whipped topping. It first debuted on the McDonald's menu in 1970 and has been a seasonal tradition for nearly 50 years. Asia-focused lender HSBC, through its blockchain-powered platform, has reduced the cost of settling foreign exchange trades by 25 percent, Reuters reported quoting a bank executive overseeing the project. Mark Williamson, chief operating officer of FX cash trading and risk management, told that the bank processes between 3,500 and 5,000 trades a day on its "FX Everywhere" system. PepsiCo, Inc. (PEP) reported fourth-quarter core EPS of $1.49 compared to $1.31, prior year. Excluding the impact of foreign exchange translation, core constant currency EPS increased 17 percent year-over-year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per...
Follow RTT