We recognise that effective, robust and transparent risk management is integral to the long-term sustainability of our business. We understand that risk is dynamic and constantly changing and, therefore, requires a hands-on approach that does not overly rely on a rigid set of controls or parameters. Our management of risk begins with our corporate culture. Risk and money management, regulatory compliance and exchange rules are an integral part of how we manage our business. We teach that there are no shortcuts to success, and that there is nothing to gain from playing outside the rules. We take a zero-tolerance approach to any breaches of our internal rules.

Additionally, we deploy scenario-based, market risk tools that are enhanced by our years of trading experience. We take nothing for granted and, as a result, trading limits (whether individual, product or group wide) are constantly reviewed. Our risk management is designed to combine fixed pre-trade controls with both hard and soft post-trade controls (both individual and aggregate). Our unique internal risk management tools help us to see our positions and exposures in real time, enabling a pro-active approach to risk management. Operational risks (whether arising from internal or out-sourced functions) are also closely monitored to ensure that the business can continue to operate under most stress scenarios.