LONDON, Sept 3 (Reuters) - BNP Paribas, France’s biggest bank, has shut its emerging markets proprietary trading desk in London, resulting in the departure of two senior traders, a person familiar with the matter said.
The desk invested money on behalf of the bank. Tougher regulations, including the Dodd-Frank Act in the United States, has limited the risks banks can take with their money.
Jean-Luc Alexandre, who ran BNP’s emerging markets prop desk, left in mid-July, according to the Financial Conduct Authority’s register of industry staff. Philippe Fourcade, a trader on the desk, left on Aug. 20, the register showed. Both are now listed as inactive on the register.
Reporting by Steve Slater; editing by Susan Thomas