BPCE - 2018 Risk report / Pillar III

8 MARKET RISKS Market risk policy

Market risk policy 8.1

Risk policies governingmarket transactionsare defined by the Risk Managementdivisions of institutionswith trading activities. These policies are based ona qualitative and forward-looking perspective. For banking book activities, investment policies at Group level are defined and reviewed centrally for group institutions with market risk activities. The risk management framework related to this activity is defined inaccordance with investment policies and isreviewedannually.

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Risk Report Pillar III 2018