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Swiss exchange fines SocGen over lax trading controls

Société Générale, the French bank whose controls failed to pick up a fraud that led to a €4.9bn ($7.6bn) trading loss in January, has been slapped with a fine by Switzerland's stock market for neglecting to record properly the activities of its traders and for allowing an unregistered user access to the exchange's platform.

SWX Swiss Exchange has fined the French bank Sfr30,000 (€18,500) for failing to disclose that entries on the exchange's system in July 2006 had been made using the identification numbers of five traders who were absent at the time, according to an SWX release.

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