Equity Derivatives House of the Year - BNP Paribas

In 2008, the global credit crisis finally spilled over into equity markets, causing acute hedging problems for equity derivatives desks. Markets have flung around wildly over the course of the year, particularly following the loss of Lehman Brothers on September 15. Having begun the year at a level of 1,447.16 on January 2, the S&P 500 index had fallen 41.34% to 848.92 by October 27. It eventually regained 18.47% to reach 1,005.75 by November 4, but had dropped again to 752.44 by November 20,