January 11, 2019 / 5:07 PM / 7 months ago

BNP Paribas to close proprietary trading desk - source

PARIS, Jan 11 (Reuters) - French largest listed bank BNP Paribas will close its proprietary trading desk unit, Opera, within the next three months, a source close to the matter said Friday, confirming an earlier report from Bloomberg.

The bank had already downsized its proprietary trading operations over the past few years in a bid to reduce exposure to market volatility.

The bank held the operation in a distinct legal entity called Opera to comply with local banking regulations that banned French banks from directly trading on markets with their own funds other than for market-making for clients. (Reporting by Inti Landauro; Editing by Leigh Thomas)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below