SocGen Traders in Asia Exited After Options Bets Went Undetected [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
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Source: BNN Bloomberg
Kavish Kataria, a trader on the bank's Delta One desk, departed last year along with team head Ken Ng after an internal review of the transactions, said the people, asking not to be identified as the details are not public. While SocGen didn't lose any money from the transactions, the trades could have cost the Paris-based lender hundreds of millions of dollars had an intense market downturn occurred, the people said. The lapse raised questions about risk management at one of Europe's biggest banks. A spokesperson for SocGen in Paris declined to comment. Kataria and Ng also didn't comment. Kataria had bet on volatility staying low across Indian stock-market indices, the people said, a strategy that involves dealing in complex derivatives known as options. SocGen's risk managers failed to pick up on the trades because of a glitch related to their timing, the people said. Wall Street banks spend billions of dollars every year on their risk and control systems to try to curb los
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