BNP Paribas calls it quits on proprietary trading: Bloomberg

|About: BNP Paribas (BNPQF)|By:, SA News Editor

BNP Paribas (OTCQX:BNPQF) is shutting down its Opera proprietary trading arm, Bloomberg reports, citing people with knowledge of the matter.

The French bank's Opera Trading Capital division, which makes risky trades with shareholders' funds, struggled to make a profit last year, one of the people said.

Based in Paris, Opera also had traders in London and Hong Kong. It's begun to sell off its positions, one of the people said.

European post financial-crisis rules have made proprietary trading less economic, according to Bloomberg.

Previously: More on BNP Paribas Q3: Net income, costs of risk rise (Oct. 30, 2018)

Subscribe for full text news in your inbox