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Article: Eurex warned Societe Generale of suspect Kerviel trades in November
- Article from:
- The Independent (London, England)
- Article date:
- January 29, 2008
- Author:
CopyrightCopyright 2008 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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The derivatives exchange Eurex alerted Societe Generale, the
French group hit by the world's biggest banking fraud, to the
activities of alleged rogue trader Jerme Kerviel last year,
according to French prosecutors.
Jean-Claude Marin, the head of the Paris prosecutors office,
announced in a press conference yesterday: "Eurex alerted Societe
Generale in November 2007 about the positions taken by Jerme
Kerviel. Questioned by the bank, he produced a fake document to
justify the risk cover."
SocGen declined to comment yesterday. Eurex said it could not
comment on an individual trader's activities but added that the risk
management at its exchanges had functioned correctly, "also in this
case".
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