March 26, 2020 / 7:21 AM / 2 months ago

ABN Amro suffers $200 million clearing loss in coronavirus turmoil

AMSTERDAM, March 26 (Reuters) - Dutch bank ABN Amro on Thursday said its clearing business had incurred a net loss of $200 million in the first quarter, as one of its clients went under in the extreme market volatility caused by the global coronavirus outbreak.

ABN Amro said the loss was caused by a single U.S. client, which traded in U.S. options and futures and failed to meet minimum risk and margin requirements due to the market turmoil.

The bank said it had closed out the positions of the client and would include the impact in its first-quarter results.

Reporting by Bart Meijer; Editing by Toby Chopra

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