A few weeks after Citi unexpectedly announced that it was facing a $180 million loss on a loan to an Asian hedge fund which saw major losses on its FX trades, now it's BNP Paribas turn: the French bank reportedly lost $80 million in derivative trades linked to the S&P500-linked derivative trades late last year, Bloomberg reports. In what appears to be a junior, if even more entertaining version of Jerome Kerviel's infamous SocGen blow up which forced the shocked Fed to cut by 75bps to avoid a crash, the trading loss emerged after Antoine Lours, BNP's head of US index trading, put on positions on the S&P 500 which ... (full story)