Serving the Quantitative Finance Community
Question for the traders out there...
I would go with total MtM - however it is a bit like saying my piece of string is 100 long. I would guess the trader would have qualified his answer with the metric used for the size of the book talked about either gross / net MtM, Risk Measure etc. Also reading between the lines it sounds as though Trader 1 is trying to show-off, and Trader 2 is not to be hoodwinked and hence drawing out Trader 1 as to how they have made the money...