2008 Société Générale trading loss the bank. Kerviel joined the middle offices in the bank Société Générale in the summer of 2000, working in its compliance department. In 2005 he was promoted to the bank's Delta One products team in Paris where he was a junior trader. Société Générale’s Delta One business includes program trading, exchange-traded funds (ETFs), swaps, index and quantitative trading. Bank officials claim that throughout 2007, Kerviel had been trading profitably in anticipation of falling market prices; however, they have accused him of exceeding his authority to engage in unauthorized trades totaling as much as €49.9 billion, a figure far higher than
Day trader trader but both types of traders can trade in the same markets. Previously seen as a niche market, or something for institutional speculators, the foreign exchange market (forex) by 2010 had increased exponentially to an average daily volume of about $4 trillion USD worldwide, with spot retail forex trades accounting for an estimated 10% of that volume. Possible reasons for the surge in retail forex trading include the now high margin requirements in individual U.S. equities (stocks) for day traders imposed after 2001, and apparent overt manipulation of commodities markets by banks, making commodity futures markets a less desirable market