BNP Loses $80 Million on S&P 500-Linked Derivative Trades
- U.S. index trading head Antoine Lours hasn’t returned to work
- Loss said to be incurred around Christmas on S&P 500 position
This article is for subscribers only.
BNP Paribas SA, the biggest French bank, lost $80 million in derivative trades linked to the U.S. stock benchmark late last year as turmoil gripped global markets, according to people familiar with the matter.
Antoine Lours, the New York-based head of U.S. index trading, has yet to return to the bank since going on his Christmas vacation after positions he took on the S&P 500 Index went awry, the people said, asking not to be identified because the details are private. The majority of the losses came over several days in the run-up to the holiday, the people said.