DELTA NEUTRAL

He knew every gap in their system. They knew every number he produced.

Paris, 2005. Marc Aurel spent five years in compliance learning exactly where the bank's surveillance cameras point-and where they don't. When he finally makes it to the trading floor, he uses that knowledge to build something the system was never designed to see. A €49 billion position. Disguised as routine arbitrage. Generating returns so extraordinary that no one asks the question that would end it. By the time a compliance officer works late on a Friday evening in January 2008, it's already too late for a clean answer. The bank faces insolvency if it holds. It faces scandal if it discloses. It spends three days selling in secret, feeding a market collapse it refuses to explain-while it decides what story it needs to tell. Marc is that story. Rogue employee. Exceptional deception. Acting alone. But a board member sold €86 million in shares eleven days before anyone officially knew there was a problem. And a set of handwritten meeting notes-kept in a private file, never entered into the investigation record-describes a trading desk with returns that were "structurally inconsistent with its mandate." Six weeks before the sale.

Delta Neutral is a financial thriller about institutional memory, deliberate blindness, and the distance between what is true and what can be proved. Marc Aurel did everything they say he did. The question the bank spent years and millions ensuring would never receive a clean answer is: what did they know, and when did knowing it become a choice? ---

Perfect for readers of: • John Grisham • Michael Lewis • Margin Call • The Big Short "
JÉRÔME KERVIEL