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How A Self-Employed French Trader Made A $6.6 Billion Unauthorised Bet
A self-employed trader in France accumulated stock futures worth $6.6 billion in a single day, trading records show, raising questions among investors about how he could build up such a large position despite having only 20,000 euros in his account. Financial industry safeguards have been tightened in the 10 years since rogue trader Jerome Kerviel lost 4.9 billion euros ($5.7 billion) at French bank Societe Generale and internal controls at financial firms are meant to prevent individual traders taking such large positions. But Harouna Traore was able to buy 43,941 S&P500 futures contracts worth $5.3 billion and ... (full story)
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