Nordea has lost E20 million after discovering an erroneous hedge position in listed financial futures trading.
The Norwegian-based bank said that no customers would be affected by the mistake and the position was closed. The relevant authorities were informed immediately, the bank said in a statement.
This was an extraordinary and unintentional incident, which the daily controls did not capture at that time. All procedures have since been checked and changes implemented in order to avoid something similar happening again, said Tom Ruud, head of corporate and institutional banking at Nordea.