2008 Société Générale trading loss positions built up by Kerviel. This has led to speculation that stock market turbulence caused the Federal Reserve Board to cut the rate. A Federal Reserve spokesperson denied the central bank knew of Société Générale's situation when it made its decision. It is estimated that over the period the total trading in futures and the cash market for the Euro Stoxx 50 was €544 billion. This would make the unwinding of Kerviel’s position account for five per cent or less of overall activity. Société Générale's investment banking chief, Jean Pierre Mustier, acknowledged that the three days of forced selling played
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