Nomura Says Monte Paschi’s ‘Highest Levels’ Reviewed Trade

Nomura Holdings Inc. said Banca Monte dei Paschi di Siena SpA’s former chairman, Giuseppe Mussari, “fully reviewed and approved” a derivative trade referred to in an Il Fatto Quotidiano report today.

“This trade was fully reviewed and approved prior to execution by the highest level within MPS,’’ including Mussari and KPMG, the Italian bank’s auditor, Rob Davies, a spokesman for the Japanese bank in London, said by e-mail.

“Nomura was one of a number of banks approached to de-risk the positions held by MPS that they had previously purchased from Dresdner,” Davies wrote. “Nomura won the mandate based upon the competitive pricing of its restructuring proposal in comparison with other bids. Nomura acted fairly and responsibly with the client at all times.”