What risks are hidden in Merrill Lynch's proprietary business?

Compliance risk, market risk and operational risk.

1. Compliance risk refers to the behavior of securities companies that violate laws, administrative regulations, regulatory rules and normative documents, industry norms and self-discipline rules in their self-operated business.

2. Market risk refers to unpredictable and controllable factors that lead to market fluctuations and cause self-operated losses.

3, operational risk, securities companies due to investment decision-making mistakes, scale out of control, poor management, lax internal control, so that the self-operated business suffered losses.