on C d Ep, I heard different. that they had bought a 1x2 call ration on var, as protection, and it went through the upper strike...
whichever, what seems sure is that they were short var. like deutsche, etc
where's the pain
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Scotty
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where's the pain
Deutsche Bank Appoints New Equity Derivatives Heads (Update1)
By Joyce Moullakis
Nov. 6 (Bloomberg) -- Deutsche Bank AG, Germany's largest bank, appointed Michele Gissi and Roger Naylor to run global equity derivatives, overhauling the unit after it suffered losses of more than $400 million on trades.
Richard Carson, former global head of equity derivatives, will leave the firm, along with Nino Kjellman, head of Asia equity derivatives, and trader Andrew Kent, Deutsche Bank spokesman Michael Golden said today. He declined to provide further details.
Deutsche Bank lost more than $400 million on equity derivatives trades as stock markets headed for their biggest rout since the 1930s, two people with direct knowledge of the matter said Oct. 27. The losses were equal to almost half of the Frankfurt-based company's second-quarter revenue from equity sales and trading.
Today's changes come six months after Carson was elevated to run equity derivatives. His replacements report to Noreddine Sebti, global head of risk for equities, and to the heads of equity in North America and Europe, respectively.
Gissi, who joined Deutsche Bank in 1996 and previously headed global equity derivatives for North America, will remain based in New York. Naylor, who joined the German company as a graduate trainee a decade ago, most recently ran the equity unit for central and eastern Europe, the Middle East and Africa. He will be based in London.
Deutsche Bank isn't the only European lender reeling from losses on derivatives. BNP Paribas SA, France's largest bank, had equity-derivatives losses that brought revenue at the securities unit to ``below zero'' last month, Chief Financial Officer Philippe Bordenave said yesterday.
By Joyce Moullakis
Nov. 6 (Bloomberg) -- Deutsche Bank AG, Germany's largest bank, appointed Michele Gissi and Roger Naylor to run global equity derivatives, overhauling the unit after it suffered losses of more than $400 million on trades.
Richard Carson, former global head of equity derivatives, will leave the firm, along with Nino Kjellman, head of Asia equity derivatives, and trader Andrew Kent, Deutsche Bank spokesman Michael Golden said today. He declined to provide further details.
Deutsche Bank lost more than $400 million on equity derivatives trades as stock markets headed for their biggest rout since the 1930s, two people with direct knowledge of the matter said Oct. 27. The losses were equal to almost half of the Frankfurt-based company's second-quarter revenue from equity sales and trading.
Today's changes come six months after Carson was elevated to run equity derivatives. His replacements report to Noreddine Sebti, global head of risk for equities, and to the heads of equity in North America and Europe, respectively.
Gissi, who joined Deutsche Bank in 1996 and previously headed global equity derivatives for North America, will remain based in New York. Naylor, who joined the German company as a graduate trainee a decade ago, most recently ran the equity unit for central and eastern Europe, the Middle East and Africa. He will be based in London.
Deutsche Bank isn't the only European lender reeling from losses on derivatives. BNP Paribas SA, France's largest bank, had equity-derivatives losses that brought revenue at the securities unit to ``below zero'' last month, Chief Financial Officer Philippe Bordenave said yesterday.
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sas
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where's the pain
More news about ED exotics pain...
http://www.efinancialnews.com/usedition/content/3352505231/
http://www.efinancialnews.com/usedition/content/3352505231/