Bank of America Merrill Lynch loses $10 mln over "operational error"September 23, 2012 - 17:11 AMT PanARMENIAN.Net - Bank of America Merrill Lynch sustained a loss of nearly $10 million due to an "operational error" in handling of stock option trades known as dividend trades by the company's Merrill Pro unit, Reuters reported citing the Wall Street Journal. The unit's clients were not affected and the error has been corrected, WSJ said, citing unnamed sources familiar with the matter. Bank of America Merrill Lynch is a division of Bank of America Corp (BAC.N). Dividend trades involve placing trades a day before shares of a company or exchange traded fund issuer go "ex-dividend," seeking to capitalize on a typical drop in share prices after that date. Trading data released September 21 showed that nearly a quarter of call options on the SPDR exchange-traded fund were not exercised, suggesting a likely error in processing dividend trades in the contracts, the newspaper said. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |