Calyon Financial

Calyon Financial was an institutional futures and options brokerage that operated within the Crédit Agricole Group. The business began in 1987 under the name Carr Futures and developed an international operating footprint with offices in Chicago, Paris, and Singapore. Its activities were focused on brokerage and related services for institutional participants in futures and options markets rather than on consumer banking or retail financial products. The company became part of Crédit Agricole in 1997, when Carr Futures was acquired by the French banking group. Its subsequent rebranding reflected the development of the Calyon identity, the investment-banking and capital-markets platform associated with Crédit Agricole and Crédit Lyonnais. In 2004, Carr Futures adopted the Calyon Financial name. Under that identity, the business continued to serve institutional market participants through its futures and options brokerage operations. Calyon Financial is also associated with the September 11, 2001 attacks because its predecessor, Carr Futures, occupied the 92nd floor of the North Tower of the World Trade Center. The office was immediately below the floors struck by American Airlines Flight 11. Although the company’s floor was not directly hit, the impact destroyed elevator access and blocked the stairwells, leaving employees trapped. All 69 Carr Futures employees who were present at work that day died in the collapse of the North Tower. Calls placed from the office, including a final emergency call shortly before the collapse, later formed part of the documented history of the attacks. The company’s independent existence ended on January 2, 2008, when Calyon Financial merged with Fimat, the futures and options brokerage associated with Société Générale. The combination created Newedge, a new institutional brokerage company jointly owned on a 50/50 basis by Calyon and Société Générale. At the time of the merger, Calyon Financial was reported as ranking eighth among futures commission merchants by segregated funds according to the U.S. Commodity Futures Trading Commission. Following the merger, the Calyon Financial brand ceased to operate as a standalone business. Its history therefore spans three principal phases: the Carr Futures brokerage established in 1987, its integration into Crédit Agricole and rebranding as Calyon Financial in 2004, and its eventual consolidation into Newedge in 2008.

Calyon Financial originated in 1987 as Carr Futures, an institutional futures and options brokerage with offices in Chicago, Paris, and Singapore. The company’s business was centered on serving professional and institutional market participants in exchange-traded derivatives. It was not a retail banking brand; its role was that of a specialist futures commission merchant and brokerage operation. In 1997, Carr Futures was acquired by Crédit Agricole. The acquisition brought the brokerage into the French banking group’s broader financial-services structure and gave Crédit Agricole an established presence in institutional derivatives brokerage. Carr Futures continued operating under its historical name for several years before being rebranded as Calyon Financial in 2004. The new identity aligned the brokerage with Calyon, the investment-banking and capital-markets organization associated with Crédit Agricole and Crédit Lyonnais. A major event in the company’s history occurred on September 11, 2001. Carr Futures’ New York office was located on the 92nd floor of the North Tower of the World Trade Center, one floor below the impact zone of American Airlines Flight 11. The floor itself was not directly struck, but the crash destroyed elevator access and debris blocked the stairwells. Employees were unable to escape as smoke, fire, and structural danger spread through the building. All 69 Carr Futures employees who were present that morning died when the North Tower collapsed. Emergency calls from the office, including a final call shortly before the collapse, became part of the historical record of the attacks. By the middle of the 2000s, the futures-brokerage sector was undergoing consolidation among major financial groups. In 2007, Calyon and Société Générale announced plans to combine Calyon Financial with Fimat, Société Générale’s institutional futures and options brokerage. The transaction was completed on January 2, 2008. The merged business was named Newedge and was jointly owned in equal shares by Calyon and Société Générale. This transaction ended Calyon Financial’s existence as a standalone branded brokerage. At the time of the merger, Calyon Financial was ranked eighth among futures commission merchants by segregated funds, according to the U.S. Commodity Futures Trading Commission. The company’s lifecycle consequently reflects the evolution of a specialist derivatives broker from an independent-origin business, through acquisition and corporate rebranding, to integration into a larger international brokerage platform. After the formation of Newedge, references to Calyon Financial primarily concern its predecessor operations, its role within Crédit Agricole, the September 11 tragedy, and the 2008 merger that replaced the brand.

• 2008

  Merged into Newedge

  [1]Calyon Financialen.wikipedia.org

  On January 2, Calyon Financial merged with Fimat to form Newedge, jointly owned by Calyon and Société Générale.

• 2007

  Calyon and Société Générale announce brokerage combination

  [2]Calyon Financial/Fimat agreement seen in H1 - SocGenreuters.com

  The parent banks announced plans to merge Calyon Financial and Fimat into a jointly owned institutional brokerage.

• 2004

  Carr Futures rebranded as Calyon Financial

  [1]Calyon Financialen.wikipedia.org

  The brokerage adopted the Calyon Financial name as part of the broader Calyon corporate identity.

• 2001

  September 11 World Trade Center attacks

  [1]Calyon Financialen.wikipedia.org

  Carr Futures’ North Tower office was destroyed in the September 11 attacks. All 69 employees who were present at the office died.

• 1997

  Acquired by Crédit Agricole

  [1]Calyon Financialen.wikipedia.org

  Crédit Agricole acquired Carr Futures, bringing the specialist brokerage into its financial-services group.

• 1987

  Carr Futures established

  [1]Calyon Financialen.wikipedia.org

  The institutional futures and options brokerage that later became Calyon Financial was established as Carr Futures, with offices in Chicago, Paris, and Singapore.

A specialist institutional brokerage focused on futures and options markets, operating internationally within the Crédit Agricole capital-markets structure.

• Futures brokerage · 1987

  Institutional futures brokerage

  Calyon Financial’s core business was institutional brokerage in futures markets. The service supported professional market participants seeking access to exchange-traded futures through a specialist intermediary. Available reference material identifies futures brokerage as a central part of the company’s business but does not provide a detailed product catalogue or individual contract specifications.

• Options brokerage · 1987

  Institutional options brokerage

  The company also specialized in brokerage for institutional options-market participants. This offering formed part of its broader futures and options platform and was carried forward into the merger with Fimat. Public reference material does not specify separate branded options products, pricing structures, or technology platforms.

• 2007

  Agree to combine Calyon Financial with FimatM&A

  Background

  Calyon and Société Générale pursued a combination of their institutional futures and options brokerage businesses amid consolidation in the derivatives-brokerage sector.

  Action taken

  The parent banks agreed to merge Calyon Financial and Fimat into a new company, later named Newedge.

  Aftermath

  The transaction was completed on January 2, 2008, with Calyon and Société Générale holding Newedge in equal shares. Calyon Financial ceased to operate as a standalone brand.

  Source

• 2004

  Rebrand Carr Futures as Calyon FinancialStrategy

  Background

  After Crédit Agricole acquired Carr Futures in 1997, the brokerage was brought into the Calyon identity used for the group’s investment-banking and capital-markets activities.

  Action taken

  Carr Futures was renamed Calyon Financial.

  Aftermath

  The new name remained in use until the business was merged into Newedge in 2008.

  Source

1. 1Calyon Financialen.wikipedia.org
2. 2Calyon Financial/Fimat agreement seen in H1 - SocGenreuters.com