French intern makes 10 M GBP thinking he was on demo...

TraDaToR

TraDaToR

And you bet it, he is suing the brokerage...LOL... Only in France.... Kerviel, Iksil and now Traoré...Not at the same level but this one is really fun.

But really I am eager to see how the brokerage justify they should keep the money. Of course, the man shouldn't have been trading such size and is certainly guilty of breaching max positions, but why would the gains belong to the brokerage?

https://www.ft.com/content/46eff974-7470-11e8-b6ad-3823e4384287
 
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How on earth is this possible??? How can you take such a huge positions without any problem?
It's a hoax probably. The demo trader should have a real account with millions on it. He only had a 20,000 euro account...
 
Yes, you must be right. I don't know the instruments he was trading, but using 100K notional per contract, it would mean 50000 contracts to reach 5 B$ notional...At first, I thought the shop was a british prop firm and they had messed up his risks metrics( or didn't put them at all). When I see how risk department set my TT sometimes, I am not that shocked...But here it seems too much.
 
TraDaToR said:
And you bet it, he is suing the brokerage...LOL... Only in France.... Kerviel, Iksil and now Traoré...Not at the same level but this one is really fun.

But really I am eager to see how the brokerage justify they should keep the money. Of course, the man shouldn't have been trading such size and is certainly guilty of breaching max positions, but why would the gains belong to the brokerage?

https://www.ft.com/content/46eff974-7470-11e8-b6ad-3823e4384287
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And if he had lost? Should he have been responsible?

At the very least the firm should give him a cut... and maybe a job.
 
TRS said:
And if he had lost? Should he have been responsible?
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Pretty sure he would have been held responsible by the brokerage...Of course he wouln't have been able to pay, would have filed for personal bankruptcy...
 
How is this possible on a $23,000 account...it said he had losses of a million euro wouldn't the account be done?? Then turned that around to profit $11.6 million US cash??
 
S2007S said:
How is this possible on a $23,000 account...it said he had losses of a million euro wouldn't the account be done?? Then turned that around to profit $11.6 million US cash??
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It is clear: the best traders are not on ET.
The best traders on ET are beaten hands down. :D

And the usual bashers don't react on this story? Probably they believe it can be done. Make 10 million GBP in a day is normal, I agree.
 
TraDaToR said:
Pretty sure he would have been held responsible by the brokerage...Of course he wouln't have been able to pay, would have filed for personal bankruptcy...
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Cuts both ways. Then the coin is his :)
 
schweiz said:
It is clear: the best traders are not on ET.
The best traders on ET are beaten hands down. :D


And the usual bashers don't react on this story? Probably they believe it can be done. Make 10 million GBP in a day is normal, I agree.
More...



I don't think you understood the question...
How can an account worth $23,000 incur a million dollar lost without being shut ...
 
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