BNP Paribas Arbitrage, SNC
BNP Paribas Arbitrage SNC (now BNP Paribas Financial Markets SNC as of December 2023) was the dedicated derivatives, arbitrage, and market making arm of BNP Paribas Group, headquartered in Paris, France. Operating as a Societe En Nom Collectif, it focused on providing liquidity, risk management, and structured products to institutional clients globally. The firm leverages BNP Paribas Group’s global expertise in capital markets and derivatives, serving financial institutions, governments, and corporates with innovative and sustainable solutions. Exact employee count is not public, but as part of BNP Paribas Global Markets, it is one of the larger teams within the group.
Investment Strategy
BNP Paribas Arbitrage SNC specialized in arbitrage, derivatives trading, and automated market making across multiple asset classes including equity, fixed income, and listed/OTC derivatives. The firm used quantitative models, capital markets expertise, and proprietary trading strategies to provide liquidity and manage risk for clients. Its sustainable business model integrates innovative digital platforms and solutions tailored for institutional needs, and operates with strict risk controls, including credit, counterparty, and market risk management. Exposure focuses on derivatives (OTC and listed), repo and securities lending, with roles as sponsor, originator, and investor in market activities.
Top Holdings
Equity Positions (4,317)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NVDA | NVIDIA Corp | 3.17% | $5.52B | 34,969,013 | $69.59 | $157.99 | +$1.62B |
M MSFT | Microsoft Corp | 2.76% | $4.82B | 9,688,119 | $393.50 | $497.41 | +$1.02B |
A AAPL | Apple Inc | 2.32% | $4.05B | 19,749,991 | $187.03 | $205.17 | +$68.5M |
A AVGO | Broadcom Inc | 1.79% | $3.12B | 11,314,354 | $136.18 | $275.65 | +$1.43B |
M META | Meta Platforms Inc | 1.69% | $2.95B | 4,000,241 | $452.67 | $738.09 | +$949.1M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF Trust | Bought | Put | $3.82B | 618 | $617.85 | $585.11 | +324.92 | +$2.18B |
N NVDA | NVIDIA Corp | Sold | Put | $2.96B | 1,870 | $157.99 | $94.31 | -80.55 | +$840.6M |
T TSLA | Tesla Inc | Bought | Put | $2.32B | 731 | $317.66 | $271.62 | +177.92 | +$888.5M |
I IWM | iShares Russell 2000 ETF | Bought | Put | $1.82B | 845 | $215.79 | $206.70 | +305.37 | +$747.0M |
I IWM | iShares Russell 2000 ETF | Bought | Call | $1.54B | 715 | $215.79 | $200.73 | +214.86 | +$545.2M |