Armin S.: Difference between revisions
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On 11 March 2017 the French newspaper [[Les Échos (France)|Les Echos]] published an article with the headline “trader requstes 161m EUR from BNP Paribas”.<ref>{{Cite web|url=https://www.lesechos.fr/finance-marches/banque-assurances/0211872239814-un-trader-reclame-161-millions-deuros-a-bnp-paribas-2071501.php|title=Un trader réclame 161 millions d’euros à BNP Paribas|last=Lacour|first=Jean-Philippe|date=2017-03-11|website=|archive-url=|archive-date=|dead-url=|access-date=2017-03-21}}</ref> A member of the [[European Banking Authority]] retweeted the article as an example of operational risks within the banking sector.<ref>{{Cite web|url=https://twitter.com/cjnijdam/status/840645573241901061?refsrc=email&s=11|title=Voilà un exemple concret de ce qu'on appelle le risque "opérationnel" dans le secteur bancaire|last=Nijdam|first=Christophe|date=2017-03-11|website=|archive-url=|archive-date=|dead-url=|access-date=2017-03-21}}</ref> |
On 11 March 2017 the French newspaper [[Les Échos (France)|Les Echos]] published an article with the headline “trader requstes 161m EUR from BNP Paribas”.<ref>{{Cite web|url=https://www.lesechos.fr/finance-marches/banque-assurances/0211872239814-un-trader-reclame-161-millions-deuros-a-bnp-paribas-2071501.php|title=Un trader réclame 161 millions d’euros à BNP Paribas|last=Lacour|first=Jean-Philippe|date=2017-03-11|website=|archive-url=|archive-date=|dead-url=|access-date=2017-03-21}}</ref> A member of the [[European Banking Authority]] retweeted the article as an example of operational risks within the banking sector.<ref>{{Cite web|url=https://twitter.com/cjnijdam/status/840645573241901061?refsrc=email&s=11|title=Voilà un exemple concret de ce qu'on appelle le risque "opérationnel" dans le secteur bancaire|last=Nijdam|first=Christophe|date=2017-03-11|website=|archive-url=|archive-date=|dead-url=|access-date=2017-03-21}}</ref> |
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On 23 May 2017 [[Bloomberg News]] dedicated a spotlight article on the case. The 152m EUR case will be one of the largest civil cases of one individual in Germany. The author highlighted the prevailing [[erroneous trade]] rules, that erroneous trades could only be canceled until the next day. [[:de:Hans- |
On 23 May 2017 [[Bloomberg News]] dedicated a spotlight article on the case. The 152m EUR case will be one of the largest civil cases of one individual in Germany. The author highlighted the prevailing [[erroneous trade]] rules, that erroneous trades could only be canceled until the next day. [[:de:Hans-Peter Burghof|Hans-Peter Burghof]], a renowned university professor, was cited with the words "a bank is obliged to execute their trading activities correctly, this may not have happened".<ref>{{Cite web|url=https://www.welt.de/newsticker/bloomberg/article164814287/Daytrader-verlangt-von-BNP-Paribas-wegen-Preisirrtum-152-Mio.html|title=Daytrader verlangt von BNP Paribas wegen Preisirrtum 152 Mio € - WELT|website=DIE WELT|access-date=2017-05-27}}</ref> |
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== External links == |
== External links == |
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Revision as of 13:33, 1 July 2017
 | It has been suggested that this article be merged into BNP Paribas#163 Million Erroneous Trade case. (Discuss) Proposed since March 2017. |
Armin S. (complete name unknown) is an independent trader from Germany.
Life
Armin S. started his career as a trader at the German WestLB Investment boutique. Afterwards he worked 8 years at Citigroup on the trading floor.[1]
Subsequently, he traded for his own account. Armin S. compares his Job with the work of a used car dealer, selling and buying securities constantly and making his margin on the Bid-Ask Spread, i.e. the difference between the selling price and buying price.[1]
163 Mio. EUR Lawsuit
Armin S. achieved international recognition when he sued BNP Paribas for over 160m EUR, one the largest civil case of a private Investor in Germany.
The German newspaper FOCUS-magazine was the first to publish an article regarding a 163 Million EUR erroneous trade in which BNP Paribas Arbitrage is allegedly involved in. The bank has sold securities for 326,400 EUR to an investor but the value of the securities is 163 Million EUR according to the bank.[1] According to the article, the error remained unnoticed for several days. BNP has even reconfirmed the original price. However, a trade-cancellation was only possible until the next day according to prevailing mistrade rules. A German lawyer stated in the article that a bank not recognizing an error of this magnitude should not be protected by law.
Next, Armin S. commented his own case in the German “AnlegerPlus” magazine, questioning the breaches on the risk-management side of BNP that have happened.[2]
On 11 March 2017 the French newspaper Les Echos published an article with the headline “trader requstes 161m EUR from BNP Paribas”.[3] A member of the European Banking Authority retweeted the article as an example of operational risks within the banking sector.[4]
On 23 May 2017 Bloomberg News dedicated a spotlight article on the case. The 152m EUR case will be one of the largest civil cases of one individual in Germany. The author highlighted the prevailing erroneous trade rules, that erroneous trades could only be canceled until the next day. Hans-Peter Burghof, a renowned university professor, was cited with the words "a bank is obliged to execute their trading activities correctly, this may not have happened".[5]
External links
References
- ^ a b c Niesmann, Andreas (2016-06-05). "Bank-Irrtum zu seinen Gunsten". FOCUS.
{{cite web}}:|archive-date=requires|archive-url=(help); Cite has empty unknown parameter:|dead-url=(help) - ^ S., Armin (2016-09-01). "Erfahrungsbericht des Sdk Mitglieds Armin S." (PDF). Retrieved 2017-03-21.
{{cite web}}: Cite has empty unknown parameter:|dead-url=(help) - ^ Lacour, Jean-Philippe (2017-03-11). "Un trader réclame 161 millions d'euros à BNP Paribas". Retrieved 2017-03-21.
{{cite web}}: Cite has empty unknown parameter:|dead-url=(help) - ^ Nijdam, Christophe (2017-03-11). "Voilà un exemple concret de ce qu'on appelle le risque "opérationnel" dans le secteur bancaire". Retrieved 2017-03-21.
{{cite web}}: Cite has empty unknown parameter:|dead-url=(help) - ^ "Daytrader verlangt von BNP Paribas wegen Preisirrtum 152 Mio € - WELT". DIE WELT. Retrieved 2017-05-27.