Timeline: Key dates in rogue trader drama

●Late 2005 Jérôme Kerviel starts making trades beyond his authority, hedging them with fake counterparty contracts, according to prosecutors.
● 2006-2007 Trading practices continue, according to prosecutors, but during this time alarms are raised throughout various parts of the bank, including the risk management department, accounts department, middle office and immediate superiors but each time he is able to produce fake counterparty contracts, showing he has covered positions, prosecutors say.
● November 2007 Eurex raises questions about a Kerviel trade, though it is unclear whether with SocGen or with regulators. Mr Kerviel makes a €55m ($81m) profit on his book, according to prosecutors.
● January 8-9 2008 Mr Kerviel opens the bulk of his 2008 trading positions, according to SocGen insiders.
● January 18 Alleged counterparty on a Kerviel trade raises the alarm about the validity of their contract on the trade. The trader’s superiors are informed and they alert the management of the division.
● January 19 Investigative team set up. Mr Kerviel questioned through the night. Mr Kerviel finally acknowledges committing unauthorised acts and, in particular, creating fictitious operations, according to SocGen.
The investigation team starts piecing together Mr Kerviel’s real trading position.
● January 20 During the morning, all positions are identified. Daniel Bouton, chief executive, informs the governor of the Banque de France, the board and regulator AMF, and proceeds with plan to liquidate position as quickly as possible.
● January 21-23 SocGen begins unwinding position in sharply falling market, turning €1.5bn paper loss into a deficit initially estimated at €4.9bn.
Another board meeting is convened on Wednesday, the day when the position is closed, and its members are fully briefed on the facts and their repercussions.
● Thursday January 24 SocGen communicates the bad news to the market.
● Monday January 28 Prosecutor begins process of charging Mr Kerviel with attempted fraud.
Sources: French prosecutor; SocGen; FT research

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