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Report: BNP Paribas to shut down proprietary trading arm Opera

Parisian bank BNP Paribas SA is shutting down Opéra Trading Capital SA, its proprietary trading arm which makes risky bets with shareholders' funds, Bloomberg reported, citing people with knowledge of the matter.

The sources told Bloomberg that the fund had already begun selling off its positions, and had informed its employees, brokers and counter-parties about the closure.

According to the publication, Opera struggled to make a profit in 2018, and regulators have clamped down on proprietary trading in general.