Natixis Stops Creating the Korea Notes That Lost It Millions
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Natixis SA is no longer creating the structured products that led to the huge Asian trading loss it reported this week.
On Tuesday, the French bank reported a 260 million-euro ($296 million) hit from Asian equity derivatives, complex contracts that derive their value from underlying shares. It booked a provision of 160 million euros to cover the management of a trading book of so-called autocallables linked to stocks in Korea, and a further 100 million euros in lost revenue.