Société Générale (SG) beat four other bidders to snap up an equity options portfolio on September 22 after privately held prop trading house First New York decided to exit the business. The previously unreported transaction evaded the attention of market participants that had not been invited to bid. A senior equity derivatives trader at one European bank says: "It's a shame we didn't hear about it. SG will probably make decent money out of it."
Competing bidders were given a matter of hours to