List of trading losses


Wikimedia list article

The following contains a list of trading losses of the equivalent of USD100 million or higher. Trading losses are the amount of principal losses in an account.[1] Because of the secretive nature of many hedge funds and fund managers, some notable losses may never be reported to the public. The list is ordered by the real amount lost, starting with the greatest.


This list includes both fraudulent and non-fraudulent losses, but excludes losses associated with Bernie Madoff's Ponzi scheme, which is estimated in the $50 billion range, because Madoff did not lose the majority of this money in trading.


This list is incomplete; you can help by expanding it.



















































































































































































































































































































































































































































































































































































































#
Nominal amount lost
USD FX rate at time of loss[2]USD equivalent at time of loss
USD inflation to 2007[3]2007 USD Amount Lost
Country
Company
Source of Loss
Year
Person(s) associated with incident
1
USD 9 bn1USD 9 bn−7.0%USD 9 bn
 United Kingdom

JPMorgan Chase[4]		Credit Default Swaps2012

Bruno Iksil
2
USD 9 bn1USD 9 bn−3.7%USD 8.67 bn
 United States

Morgan Stanley[5]		Credit Default Swaps2008

Howie Hubler
3
USD 6.12 (EUR 4.9) bn0.679USD 7.22 bn−3.7%USD 6.95 bn
 France

Société Générale[6]		European Index Futures2008

Jérôme Kerviel
4
USD 6.5 bn1USD 6.50 bn2.8%USD 6.69 bn
 United States

Amaranth Advisors[7]		Gas Futures2006

Brian Hunter
5
USD 4.6 bn1USD 4.6 bn27.2%USD 5.85 bn
 United States

Long Term Capital Management[8]		Interest Rate and Equity Derivatives1998

John Meriwether
5
USD 4.1 bn1USD 4.1 bnN/AUSD 4.1 bn
 United States

Pershing Square[9]		Valeant Pharmaceuticals2015-2017

Bill Ackman
6
JPY 285 bn108.78USD 2.62 bn32.1%USD 3.46 bn
 Japan

Sumitomo Corporation[10]		Copper Futures1996

Yasuo Hamanaka
7
BRL 4.62 bn1.833USD 2.52 bn−3.7%USD 2.43 bn
 Brazil

Aracruz[11][12]		FX Options2008

Isac Zagury, Rafael Sotero
8
USD 1.7 bn[13]1USD 1.7 bn39.9%USD 2.38 bn
 United States

Orange County[14]		Leveraged bond investments1994

Robert Citron
9
DEM 2.63 bn1.655USD 1.59 bn43.5%USD 2.28 bn
 Germany

Metallgesellschaft[15]		Oil Futures1993

Heinz Schimmelbusch[16]
10
JPY 166 bn111.08USD 1.49 bn43.5%USD 2.14 bn
 Japan

Showa Shell Sekiyu [17][18]		FX Forwards1993

11
JPY 153.6 bn102.18USD 1.50 bn39.9%USD 2.09 bn
 Japan

Kashima Oil[18]		FX Forwards1994

12
USD 2 bn1USD 2 bn−8.5%USD 1.83 bn
 United Kingdom

UBS[19]		Equities ETF and Delta 12011

Kweku Adoboli
13
HKD 14.7 bn7.786USD 1.89 bn−3.7%USD 1.82 bn
 China

CITIC Pacific[20]		Foreign Exchange Trading2008

Frances Yung
14
GBP 827 mn0.633USD 1.31 bn36.1%USD 1.78 bn
 Singapore

Barings Bank[21]		Nikkei Futures1995

Nick Leeson
15
RUB 78.5 bn
38.98
USD 2.01 bn
−12.6%
USD 1.76 bn

 Russia

Transneft[22][23][24][25]		Derivatives
2014
Maksim Grishanin, VP Finance
16
USD 1.8 bn1USD 1.8 bn−3.7%USD 1.74 bn
 United States

Deutsche Bank[26]		Derivatives2008

Boaz Weinstein
17
USD 1.75 (EUR 1.4) bn0.923USD 1.29 bn [27]20.4%USD 1.56 bn
 Austria

BAWAG[28]		Foreign Exchange Trading2000 [27]
Wolfgang Flöttl, Helmut Elsner[28]
18
USD 1.1 bn1USD 1.10 bn36.1%USD 1.50 bn
 Japan

Daiwa Bank[29]		Bonds1995

Toshihide Iguchi
19
USD 0.80 bn1USD 0.80 bn82.5%USD 1.46 bn
 United Kingdom

Soros Fund[30]		SP 500 Futures1987

George Soros
20
USD 1 bn1USD 1 bn252.5%USD 2.52 bn
 United States
Hunt BrothersSilver1980

William Hunt Nelson Hunt
21
USD 0.94 (EUR 0.75) bn0.679USD 1.10 bn−3.7%USD 1.06 bn
 France

Groupe Caisse d'Epargne[31][32]		Derivatives2008

Boris Picano-Nacci
22
BRL 2 bn1.833USD 1.09 bn−3.7%USD 1.05 bn
 Brazil

Sadia[11][12][33]		FX and Credit Options2008

Adriano Ferreira, Álvaro Ballejo
23
GBP 0.4 bn0.611USD 0.66 bn29.2%USD 0.85 bn
 United Kingdom

Morgan Grenfell[34]		Shares1997

Peter Young
24
USD 0.6 bn1USD 0.60 bn39.9%USD 0.84 bn
 United States

Askin Capital Management[35]		Mortgage-Backed Securities1994

David Askin
25
USD 0.75 (EUR 0.60) bn1.371USD 0.82 bn0.0USD 0.82 bn
 Germany

WestLB[36]		Common and Preferred Shares2007

Friedhelm Breuers[37]
26
USD 0.69 bn1USD 0.69 bn15.3%USD 0.80 bn
 United States

AIB/Allfirst[38]		Foreign Exchange Options2002

John Rusnak
27
DEM 0.47 bn2.587USD 0.18 bn320.6%USD 0.76 bn
 Germany

Herstatt Bank[39][40]		Foreign Exchange Trading1974

Dany Dattel
28
CAD 0.68 bn1.066USD 0.64 bn0%USD 0.64 bn
 Canada

Bank of Montreal[41][42]		Natural gas derivatives2007
David Lee, Kevin Cassidy [43][44]
29
USD 0.55 bn1USD 0.55 bn9.8%USD 0.60 bn
 China

China Aviation Oil (Singapore)[45]		Oil Futures and Options2004

Chen Jiulin
30
CHF 0.63 bn1.451USD 0.43 bn27.2%USD 0.55 bn
  Switzerland

Union Bank of Switzerland[46]		Equity Derivatives1998

Ramy Goldstein
31
USD 0.44 bn1USD 0.44 bn82.5%USD 0.44 bn
 United States
Knight Capital GroupEquities2012

Thomas Joyce
32
USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bn
 United States

Merrill Lynch[47]		Mortgages (IOs and POs) Trading1987

Howard A. Rubin
33
USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bn
 United States

State of West Virginia[48]		Fixed Income and Interest Rate Derivatives1987

A. James Manchin
34
USD 0.35 bn1USD 0.35 bn39.9%USD 0.49 bn
 United States

Kidder Peabody[49]		Government Bonds1994

Joseph Jett
34
USD 0.4 bn1USD 0.40 bn20.4%USD 0.48 bn
 United States

Manhattan Investment Fund[50]		Short IT stocks during the internet bubble2000
Michael Berger
35
USD 0.37 (EUR 0.30) bn1.244USD 0.37 bn9.8%USD 0.41 bn
 Austria

Hypo Alpe-Adria-Bank International[51]		Foreign Exchange Trading2004

36
USD 0.35 bn1USD 0.35 bn0.0%USD 0.35 bn
 United States

Calyon[52]		Credit Derivatives2007

Richard "Chip" Bierbaum
37
AUD 0.36 bn1.171USD 0.31 bn9.8%USD 0.34 bn
 Australia

National Australia Bank[53]		Foreign Exchange Trading2004

Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen[54]
38
USD 0.078 bn1USD 0.078 bn320.4%USD 0.328 bn
  Switzerland

Lloyds Bank[55]		Foreign Exchange Trading1974
Marc Colombo
39
USD 0.37 (EUR 0.30) bn0.895USD 0.27 bn17.1%USD 0.31 bn
 Belgium

Dexia Bank[56]		Corporate Bonds2001

40
USD 0.207 bn1USD 0.207 bn43.5%USD 0.30 bn
 Chile

Codelco[57]		Copper, silver, gold futures1993

Juan Pablo Davila
41
EUR 0.160
1.1
USD 0.176 bn
0%
USD 0.176bn

 Germany

BNP Paribas Arbitrage
Structured Products
2016

Armin S.[58]
42
USD 0.16 bn1USD 0.16 bn39.9%USD 0.22 bn
 United States

Procter & Gamble[59]		Interest Rate Derivatives1994

Raymond Mains
43
USD 0.04 bn1USD 0.04 bn433.8%USD 0.214 bn
  Switzerland

United California Bank of Basel[60]		Cocoa futures1970
Paul Erdman
44
USD 0.2 bn1USD 0.20 bn6.2%USD 0.21 bn
 China

State Reserves Bureau Copper Scandal[61]		Copper Futures2005

Liu Qibing[62]
45
GBP 0.09 bn0.611USD 0.15 bn29.2%USD 0.19 bn
 United Kingdom

NatWest[63]		Interest Rate Options1997

Kyriacos Papouis
46
USD 0.039 bn1USD 0.039 bn320.4%USD 0.164 bn
 United States

Franklin National Bank[64]		Foreign Exchange Trading1974Peter Shaddick
47
USD 0.11 bn1USD 0.11 bn39.9%USD 0.15 bn
 United States

Cuyahoga County, Ohio[65]		Leveraged Fixed Income1994

48
SEK 1.23 bn7.804USD 0.15 bn−4.8%USD 0.143 bn
 Sweden

HQ Bank[66]		Equity Derivatives2010

Fredrik Crafoord, Mikael König, Patrik Enblad
49
USD 0.14 bn1USD 0.14 bn−3.7%USD 0.13 bn
 United States

MF Global[67]		Wheat Futures2008

Evan Dooley
50
USD 0.12 bn1USD 0.12 bn−3.7%USD 0.12 bn
 United States

Morgan Stanley[68]		Credit-index options2008
Matt Piper
51
USD 0.1 bn1USD 0.10 bn15.3%USD 0.12 bn
 Croatia

Riječka banka (Rijeka Bank)[69]		Foreign Exchange Trading2002

Eduard Nodilo


See also


  • Rogue trader

  • Derivative (finance)

  • Silver Thursday

  • Sumitomo copper affair


References




  1. ^ Doss, Jason R. & Frankowski, Richard S. (2013). "The Practitioner's Guide to Securities Arbitration." Chicago: American Bar Association. p. 85. http://www.frankowskifirm.com/chapter-14-damages.html


  2. ^ "Foreign Exchange Rates (Annual), Federal Reserve Statistical Release G.5A"..mw-parser-output cite.citationfont-style:inherit.mw-parser-output .citation qquotes:"""""""'""'".mw-parser-output .citation .cs1-lock-free abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png")no-repeat;background-position:right .1em center.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Lock-gray-alt-2.svg/9px-Lock-gray-alt-2.svg.png")no-repeat;background-position:right .1em center.mw-parser-output .citation .cs1-lock-subscription abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Lock-red-alt-2.svg/9px-Lock-red-alt-2.svg.png")no-repeat;background-position:right .1em center.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registrationcolor:#555.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration spanborder-bottom:1px dotted;cursor:help.mw-parser-output .cs1-ws-icon abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/12px-Wikisource-logo.svg.png")no-repeat;background-position:right .1em center.mw-parser-output code.cs1-codecolor:inherit;background:inherit;border:inherit;padding:inherit.mw-parser-output .cs1-hidden-errordisplay:none;font-size:100%.mw-parser-output .cs1-visible-errorfont-size:100%.mw-parser-output .cs1-maintdisplay:none;color:#33aa33;margin-left:0.3em.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration,.mw-parser-output .cs1-formatfont-size:95%.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-leftpadding-left:0.2em.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-rightpadding-right:0.2em Annual average for year quoted in table (usually year loss reported). All except AUD, EUR, GBP expressed as currency per USD


  3. ^ "US Consumer Price Index". Archived from the original on 2017-12-01. Using annual average CPI for year cited to 2007 average.


  4. ^ JPMorgan’s ‘London Whale’ Loss Rises to $3 Billion as Lawsuits Fly, Time


  5. ^ Hubler, Howie (2010-03-24). "Howie Hubler of New Jersey: The Return of a Subprime Villain". The New York Observer. Retrieved 2015-06-18.


  6. ^ Schwartz, Nelson D. (2008-01-25). "A Spiral of Losses by a 'Plain Vanilla' Trader". The New York Times. Retrieved 2008-01-25.


  7. ^ Brian Hunter, Amaranth, hedge funds, Bloomberg Businessweek, "A Rogues' Gallery of Traders", September 16, 2011. Retrieved 2014-01-09.


  8. ^ FAILED WIZARDS OF WALL STREET, BusinessWeek, 1998-09-21. Retrieved 2008-03-21


  9. ^ Bill Ackman Lost $7.7 Million Per Day on Valeant Stock, 2017-03-15. Retrieved 2018-02-11


  10. ^ Rogue copper trader draws eight-year prison term, Japan Times, 1998-03-26. Retrieved 2008-03-21


  11. ^ ab "Brazil Stocks Tumble After Aracruz, Sadia Post Currency Losses". Bloomberg.com. 26 September 2008. Retrieved 27 April 2010.


  12. ^ ab "Aracruz Fails to Settle $2.13 Billion Derivative Loss (Update6)". Bloomberg.com. 12 December 2008. Retrieved 27 April 2009.


  13. ^ The Effect of the Orange County Bankruptcy on Residential Real Estate Prices[permanent dead link], Thomas A. Evans, Chicago Graduate School of Business, November 14, 2006


  14. ^ Greenwald, John (December 19, 1994). "The California Wipeout". Time. Retrieved 2007-07-22.


  15. ^ New York Times, April 5, 1996


  16. ^ International Harald Tribune, August 10, 2007


  17. ^ "Showa Shell Sekiyu K.K." www.fundinguniverse.com. Retrieved 27 April 2009.


  18. ^ ab "Determined Loser. (Kashima Oil)". The Economist. April 16, 1994.


  19. ^ Adoboli, Kweku (2011-09-15). "Kweku Adoboli arrested". Business Insider. Retrieved 2008-03-25.


  20. ^ CITIC Pacific warns potential $2 billion forex losses, Reuters October 20, 2008


  21. ^ Rogue Trader: How I Brought Down Barings Bank and Shook the Financial World by Nick Leeson and Edward Whitley (Hardcover - Mar 1996)
    ISBN 0-316-51856-5


  22. ^ How Gref and Tokarev downshifted Russia Moscow Post, February 12, 2016.


  23. ^ Consolidated financial statements of Transneft JSC prepared in accordance with IFRS for the year ended 31 December 2014


  24. ^ Consolidated interim condensed financial statements of Transneft JSC prepared in accordance with IFRS for the nine months ended 30 September 2015


  25. ^ Чистая прибыль "Транснефти" упала в 2,7 раза из-за финансовых расходов | Ведомости


  26. ^ Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole


  27. ^ ab The trading that generated losses ended in 2000 but the losses were not uncovered until 2006. The USD equivalent shown here is for 2000; it is often quoted as USD 1.9 bn which is the euro amount converted at the 2006 FX rate.


  28. ^ ab Groendahl, Boris (July 13, 2007). "Trial begins Monday for suspects in Austrian bank scandal". New York Times. Retrieved 3 May 2010.


  29. ^ An Unusual Path to Big-Time Trading, New York Times, September 27, 1995. Retrieved 2008-01-24


  30. ^ Martin Schwartz, Paul Flint, Dave Morine, Pit Bull: Lessons from Wall Street's Champion Day Trader, pg. 171, HarperBusiness, 1999
    ISBN 0-88730-956-9


  31. ^ Caisse d'Epargne chairman resigns after trading loss, Reuters, October 19, 2008


  32. ^ "France nabs trader over Caisse d'Epargne losses". www.politicalscandalnews.com / AFP Global Edition. 30 October 2008. Archived from the original on 2017-12-06. Retrieved May 4, 2010.


  33. ^ "Perdigão Acquires Sadia". ThePoultrySite.com. 20 May 2009. Retrieved 27 April 2010.


  34. ^ Morgan Grenfell case study at ERisk.com Archived 2006-03-18 at Archive.today


  35. ^ "Sad episodes of Global securitisation: The Hall of Shame". Archived from the original on 2008-05-09. Retrieved 2008-03-09.


  36. ^ Pressure mounts on WestLB to merge after reporting big trading losses, International Herald Tribune, August 30, 2007


  37. ^ WestLB ousts top traders after losses, Times Online, April 5, 2007


  38. ^ Allied Irish Banks case study at ERisk.com Archived 2006-11-15 at the Wayback Machine


  39. ^ Markham, Jerry W. (2002). A Financial History of the United States, Volume 1. Armonk, NY: me Sharpe. p. 20.


  40. ^ Heckinger, Richard; David Marshall; Robert Steigerwald (November 1, 2009). "Financial Market Utilities and the Challenge of Just-In-Time Liquidity" (PDF). Chicago Fed Letter. Chicago: Federal Reserve Bank of Chicago (268a).


  41. ^ BMO trading loss hits $680M


  42. ^ Bank of Montreal Raises Trading Loss to C$680 Million


  43. ^ "U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 20811". November 18, 2008. Retrieved 28 April 2009.


  44. ^ Former bank natgas trader gets $500,000 fine-CFTC Reuters, 6-November-2009


  45. ^ "Jail term for China Aviation boss", BBC News, 21 March 2006


  46. ^ The Fall of the UBS: The Reasons Behind the Decline of the Union Bank of Switzerland by Dirk Schutz,
    ISBN 0-944188-20-6


  47. ^ Anatomy of a Staggering Loss, New York Times, 1987-05-11, Retrieved 2008-01-24


  48. ^ Treasurer of West Virginia Retires Over Fund's Losses, New York Times, July 10, 1989. Retrieved 2008-03-22


  49. ^ In the Matter of Orlando Joseph Jett, U.S. Securities and Exchange Commission, March 5, 2004


  50. ^ The Bankruptcy Development That Has Wall St. Worried, New York Times, 2007-02-23. Retrieved 2008-01-24


  51. ^ Banking: Watchdogs caught napping, Financial Times, 2007-10-29. Retrieved 2008-01-24


  52. ^ Calyon Trader Fired for Losses Says He's No Rogue, Bloomberg, 2007-10-10. Retrieved 2009-06-01


  53. ^ Former NAB trader pleads guilty, The Age, 2005-06-14. Retrieved 2013-03-16


  54. ^ http://www.abc.net.au/worldtoday/content/2006/s1678388.htm


  55. ^ Rogue Trading at Lloyds Bank International, 1974: Operational Risk in Volatile Markets By Catherine Schenk 2017


  56. ^ Dexia sink $374.49 (€300)m in bond fraud: a mere drop in the ocean


  57. ^ "Codelco takes $200 million hit". Futures (Cedar Falls, Iowa). Futures Magazine Group. 1 March 1994. ISSN 0746-2468. Retrieved 27 April 2009.


  58. ^ Niesmann, Andreas (2016-06-05). "Bank-Irrtum zu seinen Gunsten". focus.de. Retrieved 2017-03-24.


  59. ^ Procter & Gamble's Tale of Derivatives Woe, International Herald Tribune, 1994-04-14. Retrieved 2008-01-24


  60. ^ Smith, Adam (September 4, 1972). "How My Swiss Bank Blew $40 million And Went Broke". New York Magazine. pp. 23–32 – via Google Books.


  61. ^ City gripped by mystery of the phantom copper dealer, The Times, 2005-11-15. Retrieved 2008-01-24


  62. ^ Copper bottom, The Observer, November 20, 2005


  63. ^ SFO probes NatWest black hole, Daily Telegraph, 1997-06-27. Retrieved 2008-01-24


  64. ^ Franklin National Bank Dismisses Its President New York Times May 14, 1974


  65. ^ Significant Losses Stemming from the Termination of Its SAFE Investment Program Erode County's Previously Substantial Financial Margins Archived 2010-06-09 at the Wayback Machine, Business Wire, Jan 5, 1995. Retrieved 2008-03-22


  66. ^ http://asia.news.yahoo.com/rtrs/20100629/tbs-hqbank-7318940.html[permanent dead link], Reuters, 2010-06-29


  67. ^ Rogue Wheat Trader Blamed for $141 Million Loss, New York Times, 2006-02-28. Retrieved 2008-03-03


  68. ^ Craig, Suzanne; Mollenkamp, Carrick (2008-06-19). "Still 'Brutal' at Morgan Stanley". The Wall Street Journal. Dow Jones. p. C1. The trader, identified as Matt Piper, handled credit-index options that can act as insurance against defaults.


  69. ^ Croat trader puts bank in $109.87 (£70)m crisis, Daily Telegraph, 2003-03-24. Retrieved 2008-01-24








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