Equity derivatives house of the year - Société Générale

The fourth quarter of 2008 will be remembered as one of the trickiest periods ever for equity derivatives dealers. Following the collapse of Lehman Brothers in September that year, global equity markets experienced unprecedented volatility alongside increased correlation and crumbling dividend expectations. A few equity derivatives desks incurred losses north of €1 billion in the last three months of the year alone, with barely any avoiding substantial losses (Risk December 2008, pages 20–23).