January 11, 2019 / 5:06 PM / 4 months ago

BNP Paribas to close proprietary trading desk - source

PARIS, Jan 11 (Reuters) - French largest listed bank BNP Paribas will close its proprietary trading desk unit, Opera, within the next three months, a source close to the matter said Friday, confirming an earlier report from Bloomberg.

The bank had already downsized its proprietary trading operations over the past few years in a bid to reduce exposure to market volatility.

The bank held the operation in a distinct legal entity called Opera to comply with local banking regulations that banned French banks from directly trading on markets with their own funds other than for market-making for clients. (Reporting by Inti Landauro; Editing by Leigh Thomas)

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