‘Imperfect hedge’ magnified equities slump at BNPP

US index loss, dislocations and weak demand produce worst equity trading results in a decade

BNP Paribas offices in London

BNP Paribas has reported its lowest quarterly equity trading revenues in almost a decade as the bank battled a brutal final quarter of 2018, when stock indexes tanked around the world and a US index derivatives hedge turned sour.

The French dealer’s equity and prime services unit, part of the global markets division, posted revenue of €145 million ($165 million) for the fourth quarter, a 70% decline compared to the final quarter of 2017 and the worst quarterly performance for the business since

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