Senior Natixis Derivatives Trader Said to Leave After Asian Loss
(Bloomberg) -- A senior trader at Natixis SA who worked on Asian equity derivatives contracts that spurred losses has left the firm, people familiar with the matter said.
Cedric Dubois, global co-head of flow and structured equity derivatives trading in Hong Kong, departed earlier this month, the people said, asking not to be identified because the matter hasn’t been publicly disclosed. Dubois had been head of equity derivatives for Asia before the French bank late last year announced a 260 million-euro ($293 million) hit related to hedging Korean equity derivatives.
It’s the second senior departure at Natixis in Asia after the bank said it stopped producing the Korean notes. Nicolas Reille, a salesman hired in 2014 as part of an equity-derivative push into Asia, left last month, people familiar with the matter have said. Reille has now joined Barclays Plc.
A Natixis spokesman and Dubois declined to comment.
Natixis needs to invest more on risk management and risk supervision after the incident in Asia, Chief Executive Officer Francois Riahi said earlier this week. The problem was “isolated” and there was “no fraud,” he said.
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