Trader fired for 'unauthorised' trades by Socgen has taken to Linkedin to give his side of the story and is getting quite a lot of support. He's still chatting very openly. What's a PR department to do here? 🤷‍♀️https://t.co/Ag9fZMDTK8

— Naomi Rovnick 歐蜜 (@naomi_rovnick) May 2, 2024

MY SIDE OF THE STORY:

It is very easy for an organisation to put the entire blame on traders and make them the scapegoat in the entire incident..Instead of taking the responsibility of the lapse in their risk system and not identifying the trades at the right time they fired me and terminated my contract. If the risk management team and their risk system would have identified the trades on day one and would have informed me that the trades are not in your mandate I wouldnt have traded that strategy and wouldnt have lost my job.Just mentioning technical glitch or mentioning they were not aware of the trades done by me is completely incorrect.The trades were auto booked(No manual intervention) on daily basis into the system into seperate strategy. There was automation done by the team to auto book this trades and daily email was sent to the entire group mentioning the trades have been reconciled.The PL on those trades were reported on daily basis by the PL control team to all the higher boss in HK as well as in Paris..The margin money required to trade options was sent on daily basis and the same was transferred from Paris (Daily email marking the entire team was sent from my end)There was monthly PL
Reporting of the Indian Business mentioning from which strategy the money has been made.
Strategy was traded almost over 4 months and it made almost more than 2mn Euros during the same period.
I would like to ask during all this time there was no one to check what has been happening on the desk?
Why would i risk my Job to trade the same?
I was doing well in my Job and I had already hit my PL budget with 4 months to spare in a year.
Its very easy for other people to say that we were not aware of the trades done by me then this means either you were not doing your job properly or either you were unfit for the same.

I accept I did trades options on Indian Indices and according to me it was in my mandate and well within the trading limits as this strategy was one of the different strategies which i use to run on Indian indices.There were some ovenright positions as well on Index options as well as Single stock options on Indian Indices on which risk resporting was done on daily basis.This clearly tells you that they knew options were traded on the desk & this was not completely new on the desk.
I HAD NO INTENTION OF HIDING THIS TRADES FROM ANYONE.
Mistakes are made by human beings only & I accept my mistake.

Its very easy for everyone to read the story and start shaming but unless knowing both sides of the story people shouldnt judge or try to bring the other person down.

Trading Industry is so big but there are no rules or regulations which fight for trader justice..Eveytime something goes wrong in the organisation Traders are only held responsible for wrong doings without listening to their side of the story.

I would like to request everyone to make rules for us as well so that we are not thrown overnight from the company without getting justice.

Source: LinkedIn