List of trading losses: Difference between revisions
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|SEK 1.23 bn||7.804||USD 0.15 bn||−4.8%||USD 0.143 bn||{{SWE}}||[[HQ Bank]]<ref>http://asia.news.yahoo.com/rtrs/20100629/tbs-hqbank-7318940.html{{Dead link|date=December 2018 |bot=InternetArchiveBot |fix-attempted=yes }}, Reuters, 2010-06-29</ref>|| Equity Derivatives || 2010 |
|SEK 1.23 bn||7.804||USD 0.15 bn||−4.8%||USD 0.143 bn||{{SWE}}||[[HQ Bank]]<ref>http://asia.news.yahoo.com/rtrs/20100629/tbs-hqbank-7318940.html{{Dead link|date=December 2018 |bot=InternetArchiveBot |fix-attempted=yes }}, Reuters, 2010-06-29</ref>|| Equity Derivatives || 2010 |
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|{{sortname|Fredrik|Crafoord}}, [[Mikael König]], Patrik |
|{{sortname|Fredrik|Crafoord}}, [[Mikael König]], Patrik Enblad |
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|USD 0.15 bn|| || || ||USD 0.15 bn||{{USA}}||OptionSellers.com<ref>[https://www.dailydot.com/upstream/hedge-fund-manager-youtube-apology/ This hedge fund manager lost an estimated $150 million, so he went on YouTube to say sorry] Josh Katzowitz. Daily Dot.</ref>|| commodity trading || 2018 || James S. Cordier |
|USD 0.15 bn|| || || ||USD 0.15 bn||{{USA}}||OptionSellers.com<ref>[https://www.dailydot.com/upstream/hedge-fund-manager-youtube-apology/ This hedge fund manager lost an estimated $150 million, so he went on YouTube to say sorry] Josh Katzowitz. Daily Dot.</ref>|| commodity trading || 2018 || James S. Cordier |
Revision as of 11:48, 12 December 2023
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The following contains a list of trading losses of the equivalent of US$100 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 those associated with Bernie Madoff's Ponzi scheme (estimated in the $50 billion range) as Madoff did not lose most of this money in trading.
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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 |
---|---|---|---|---|---|---|---|---|---|
AUD 37 bn[4][5][6] | 0.7 | USD 26 bn | -28% | USD 18.6 bn | ![]() |
Reserve Bank of Australia | Bonds | 2022 | Philip Lowe |
USD 15 bn | 1 | USD 15 bn | -32% | USD 10.3 bn | ![]() |
Silicon Valley Bank[7] | Bonds | 2023 | |
USD 15 bn | 1 | USD 15 bn [citation needed] | ![]() |
FTX | Cryptocurrencies | 2022 | Sam Bankman-Fried, Caroline Ellison | ||
USD 10 bn | 1 | USD 10 bn | -19.4% | USD 8.06 bn | ![]() |
Archegos Capital Management[8] | Total return swaps | 2021 | Bill Hwang |
USD 9 bn | 1 | USD 9 bn | −3.7% | USD 8.67 bn | ![]() |
Morgan Stanley[9] | Credit Default Swaps | 2008 | Howie Hubler |
USD 9 bn | 1 | USD 9 bn | −7.0% | USD 8.37 bn | ![]() |
JPMorgan Chase[10] | Credit Default Swaps | 2012 | Bruno Iksil |
USD 8 bn | 1 | USD 8 bn | −12.3% | USD 7.01 bn | ![]() |
Tsingshan Holding Group[11] | Short positions on nickel | 2022 | |
USD 6.12 (EUR 4.9) bn | 0.679 | USD 7.22 bn | −3.7% | USD 6.95 bn | ![]() |
Société Générale[12] | European Index Futures | 2008 | Jérôme Kerviel |
USD 6.5 bn | 1 | USD 6.50 bn | 2.8% | USD 6.69 bn | ![]() |
Amaranth Advisors[13] | Gas Futures | 2006 | Brian Hunter |
USD 4.6 bn | 1 | USD 4.6 bn | 27.2% | USD 5.85 bn | ![]() |
Long Term Capital Management[14] | Bond Arbitrage | 1998 | John Meriwether |
EUR 4 bn | USD 4 bn | ![]() |
PFZW[15] | Oil futures | 2020 | ||||
USD 4.5 bn | 1 | USD 4.5 bn | -19.4% | USD 3.6 bn | ![]() |
Melvin Capital[16] | Short positions on Gamestop and other US equities | 2021 | Gabe Plotkin |
USD 4.1 bn | 1 | USD 4.1 bn | -14.9% | USD 3.49 bn | ![]() |
Pershing Square[17] | Valeant Pharmaceuticals | 2015-2017 | Bill Ackman |
JPY 285 bn | 108.78 | USD 2.62 bn | 32.1% | USD 3.46 bn | ![]() |
Sumitomo Corporation[18] | Copper Futures | 1996 | Yasuo Hamanaka |
USD 3 bn | ![]() |
Three Arrows Capital | Cryptocurrency | 2022 | Kyle Davies & Su Zhu | ||||
BRL 4.62 bn | 1.833 | USD 2.52 bn | −3.7% | USD 2.43 bn | ![]() |
Aracruz[19][20] | FX Options | 2008 | Isac Zagury, Rafael Sotero |
USD 2.4 bn | USD 2.4 bn | ![]() |
SemGroup[21] | Oil Futures | 2008 | ||||
USD 1.7 bn[22] | 1 | USD 1.7 bn | 39.9% | USD 2.38 bn | ![]() |
Orange County[23] | Leveraged bond investments | 1994 | Robert Citron |
DEM 2.63 bn | 1.655 | USD 1.59 bn | 43.5% | USD 2.28 bn | ![]() |
Metallgesellschaft[24] | Oil Futures | 1993 | Heinz Schimmelbusch[25] |
JPY 166 bn | 111.08 | USD 1.49 bn | 43.5% | USD 2.14 bn | ![]() |
Showa Shell Sekiyu[26][27] | FX Forwards | 1993 | |
JPY 153.6 bn | 102.18 | USD 1.50 bn | 39.9% | USD 2.09 bn | ![]() |
Kashima Oil[27] | FX Forwards | 1994 | |
USD 2 bn | USD 2 bn | ![]() |
Tiger Management[28] | Shorting Japanese yen | 1998 | ||||
USD 2 bn | 1 | USD 2 bn | −8.5% | USD 1.83 bn | ![]() |
UBS[29] | Equities ETF and Delta 1 | 2011 | Kweku Adoboli |
HKD 14.7 bn | 7.786 | USD 1.89 bn | −3.7% | USD 1.82 bn | ![]() |
CITIC Pacific[30] | Foreign Exchange Trading | 2008 | Frances Yung |
GBP 827 mn | 0.633 | USD 1.31 bn | 36.1% | USD 1.78 bn | ![]() |
Barings Bank[31] | Nikkei Futures | 1995 | Nick Leeson |
RUB 78.5 bn | 38.98 | USD 2.01 bn | −12.6% | USD 1.76 bn | ![]() |
Transneft[32][33][34][35] | Derivatives | 2014 | Maksim Grishanin, VP Finance |
USD 1.8 bn | 1 | USD 1.8 bn | −3.7% | USD 1.74 bn | ![]() |
Deutsche Bank[36] | Derivatives | 2008 | Boaz Weinstein |
USD 1.6 bn | USD 1.6 bn | ![]() |
Icahn Enterprises[37] | Hertz | 2020 | Carl Icahn | |||
JPY 130 bn | USD 1.6 bn | ![]() |
AIJ Investment Advisors[38] | Volatility options | 2012 | Kazuhiko Asakawa | |||
USD 1.75 (EUR 1.4) bn | 0.923 | USD 1.29 bn [39] | 20.4% | USD 1.56 bn | ![]() |
BAWAG[40] | Foreign Exchange Trading | 2000 [39] | Wolfgang Flöttl, Helmut Elsner[40] |
USD 1.1 bn | 1 | USD 1.10 bn | 36.1% | USD 1.50 bn | ![]() |
Daiwa Bank[41] | Bonds | 1995 | Toshihide Iguchi |
USD 0.80 bn | 1 | USD 0.80 bn | 82.5% | USD 1.46 bn | ![]() |
Soros Fund[42] | SP 500 Futures | 1987 | George Soros |
USD 1 bn | 1 | USD 1 bn | 252.5% | USD 2.52 bn | ![]() |
Hunt Brothers | Silver | 1980 | William Hunt, Nelson Hunt |
USD 0.94 (EUR 0.75) bn | 0.679 | USD 1.10 bn | −3.7% | USD 1.06 bn | ![]() |
Groupe Caisse d'Epargne[43][44] | Derivatives | 2008 | Boris Picano-Nacci |
BRL 2 bn | 1.833 | USD 1.09 bn | −3.7% | USD 1.05 bn | ![]() |
Sadia[19][20][45] | FX and Credit Options | 2008 | Adriano Ferreira, Álvaro Ballejo |
EUR 0.730 bn | USD 1 bn≈ | USD 1 bn≈ | ![]() |
Monte dei Paschi di Siena[46] | Synthetic CDOs, Credit Default Swaps on Italian government bonds, equity swaps on Intesa Sanpaolo shares[47] | 2005-2009 | |||
USD 1 bn | ![]() |
Saudi National Bank[48] | Credit Suisse | 2023 | |||||
GBP 0.4 bn | 0.611 | USD 0.66 bn | 29.2% | USD 0.85 bn | ![]() |
Morgan Grenfell[49] | Shares | 1997 | Peter Young |
USD 0.6 bn | 1 | USD 0.60 bn | 39.9% | USD 0.84 bn | ![]() |
Askin Capital Management[50] | Mortgage-Backed Securities | 1994 | David Askin |
USD 0.75 (EUR 0.60) bn | 1.371 | USD 0.82 bn | 0.0 | USD 0.82 bn | ![]() |
WestLB[51] | Common and Preferred Shares | 2007 | Friedhelm Breuers[52] |
USD 0.69 bn | 1 | USD 0.69 bn | 15.3% | USD 0.80 bn | ![]() |
AIB/Allfirst[53] | Foreign Exchange Options | 2002 | John Rusnak |
S$1.13 bn | USD 0.80 bn | ![]() |
Hin Leong Trading | Oil | 2020 | ||||
DEM 0.47 bn | 2.587 | USD 0.18 bn | 320.6% | USD 0.76 bn | ![]() |
Herstatt Bank[54][55] | Foreign Exchange Trading | 1974 | Dany Dattel |
USD 0.77 bn | USD 0.77 bn | ![]() |
Arkansas Teacher Retirement System[56] | volatility-trading fund | 2020 | ||||
USD 0.68 bn | 0% | USD 0.68 bn | ![]() |
Unipec | Oil | 2018 | [57][58] | ||
USD 0.65 bn | ![]() |
Quantum Fund | Japanese Yen Shorting | 1994 | Stanley Druckenmiller[59] | ||||
CAD 0.68 bn | 1.066 | USD 0.64 bn | 0% | USD 0.64 bn | ![]() |
Bank of Montreal[60][61] | Natural gas derivatives | 2007 | David Lee, Kevin Cassidy [62][63] |
USD 0.6 bn | ![]() |
Quantum Fund | Short IT stocks during the internet bubble | 1999 | Stanley Druckenmiller[59] | ||||
USD 0.55 bn | 1 | USD 0.55 bn | 9.8% | USD 0.60 bn | ![]() |
China Aviation Oil (Singapore)[64] | Oil Futures and Options | 2004 | Chen Jiulin |
USD 0.57 bn | ![]() |
COSCO Shipping[65] | Freight derivatives | 2008 | |||||
CHF 0.63 bn | 1.451 | USD 0.43 bn | 27.2% | USD 0.55 bn | ![]() |
Union Bank of Switzerland[66] | Equity Derivatives | 1998 | Ramy Goldstein |
USD 0.52 bn | USD 0.52 bn | ![]() |
State Teachers Retirement System of Ohio[67] | Panda Power Funds | 2011-2021 | ||||
EUR 0.48 bn | 1.08 | USD 0.519 bn | USD 0.35 bn | ![]() |
Électricité de France S.A.[68] | French electricity contracts | 2021 | ||
USD 0.44 bn | 1 | USD 0.44 bn | 82.5% | USD 0.44 bn | ![]() |
Knight Capital Group | Equities | 2012 | Thomas Joyce |
USD 0.28 bn | 1 | USD 0.28 bn | 82.5% | USD 0.51 bn | ![]() |
Merrill Lynch[69] | Mortgages (IOs and POs) Trading | 1987 | Howard A. Rubin |
USD 0.28 bn | 1 | USD 0.28 bn | 82.5% | USD 0.51 bn | ![]() |
State of West Virginia[70] | Fixed Income and Interest Rate Derivatives | 1987 | A. James Manchin |
USD 0.35 bn | 1 | USD 0.35 bn | 39.9% | USD 0.49 bn | ![]() |
Kidder Peabody[71] | Government Bonds | 1994 | Joseph Jett |
USD 0.4 bn | 1 | USD 0.40 bn | 20.4% | USD 0.48 bn | ![]() |
Manhattan Investment Fund[72] | Short IT stocks during the internet bubble | 2000 | Michael Berger |
USD 0.37 (EUR 0.30) bn | 1.244 | USD 0.37 bn | 9.8% | USD 0.41 bn | ![]() |
Hypo Alpe-Adria-Bank International[73] | Foreign Exchange Trading | 2004 | |
1 | USD 0.4 bn | ![]() |
Pershing Square[74] | Netflix | 2022 | Bill Ackman | |||
USD 0.35 bn | 1 | USD 0.35 bn | 0.0% | USD 0.35 bn | ![]() |
Calyon[75] | Credit Derivatives | 2007 | Richard "Chip" Bierbaum |
USD 0.36 bn | 1 | USD 0.36 bn | 0.0% | USD 0.36 bn | ![]() |
Petro-Diamond Singapore[76][77][78] | Oil derivatives | 2019 | Wang Xingchen, Jack[79] |
AUD 0.36 bn | 1.171 | USD 0.31 bn | 9.8% | USD 0.34 bn | ![]() |
National Australia Bank[80] | Foreign Exchange Trading | 2004 | Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen[81] |
JPY 28.6 bn | USD 0.34 bn | ![]() |
Tateho Chemical Industries | Bond futures | 1987 | [82] | |||
JPY 32 bn | USD 0.34 bn | ![]() |
Tokyo Securities | Bond futures | 1994 | [82] | |||
USD 0.078 bn | 1 | USD 0.078 bn | 320.4% | USD 0.328 bn | ![]() |
Lloyds Bank[83] | Foreign Exchange Trading | 1974 | Marc Colombo |
USD 0.37 (EUR 0.30) bn | 0.895 | USD 0.27 bn | 17.1% | USD 0.31 bn | ![]() |
Dexia Bank[84] | Corporate Bonds | 2001 | |
USD 0.296 bn (EUR 0.26) bn | 1.11 | USD 0.296 bn | -1% | USD 0.296 bn | ![]() |
Natixis[85] | Equities Derivatives | 2018 | |
USD 0.25 bn+ | 1 | USD 0.25 bn+ | ![]() |
Parplus Partners[86] | CBOE Volatility Index futures and options | 2020 | Jim Carney | ||
USD 0.225 bn | 1 | USD 0.225 bn | 43.5% | USD 0.30 bn | ![]() |
FXCM[87] | Foreign exchange | 2015 | |
USD 0.207 bn | 1 | USD 0.207 bn | 43.5% | USD 0.30 bn | ![]() |
Codelco[88] | Copper, silver, gold futures | 1993 | Juan Pablo Davila |
EUR 0.160 | 1.1 | USD 0.176 bn | 0% | USD 0.176bn | ![]() |
BNP Paribas Arbitrage | Structured products | 2016 | Armin S.[89] |
JPY 11.5 bn | USD 0.28 bn | ![]() ![]() |
Fuji Bank New York Branch[82] | Foreign exchange trading | 1984 | ||||
USD 0.28 bn | ![]() |
Allied-Lyons[90] | FX derivatives | 1991 | |||||
USD 0.28 bn | 1 | USD 0.28 bn | ![]() |
Raytheon Technologies Corporation Pension Administration and Investment Committee[91] | volatility-trading fund | 2020 | |||
JPY 9.7 bn | USD 0.24 bn | ![]() ![]() |
Dai-Ichi Kangyo Bank Singapore Branch | Foreign exchange trading | 1982 | Haruo Kanda[82] | |||
JPY 22.9 bn | USD 0.23 bn | ![]() |
Nanzan Gakuen[92] | Equity derivatives | 2008 | ||||
USD 0.16 bn | 1 | USD 0.16 bn | 39.9% | USD 0.22 bn | ![]() |
Procter & Gamble[93] | Interest rate derivatives | 1994 | Raymond Mains |
USD 0.04 bn | 1 | USD 0.04 bn | 433.8% | USD 0.214 bn | ![]() |
United California Bank of Basel[94] | Cocoa futures | 1970 | Paul Erdman |
USD 0.2 bn | 1 | USD 0.20 bn | 6.2% | USD 0.21 bn | ![]() |
State Reserves Bureau Copper Scandal[95] | Copper Futures | 2005 | Liu Qibing[96] |
HKD 1.38 bn | USD 0.17 bn | ![]() |
Chinese Estates[97] | Evergrande | 2021 | ||||
GBP 0.09 bn | 0.611 | USD 0.15 bn | 29.2% | USD 0.19 bn | ![]() |
NatWest[98] | Interest Rate Options | 1997 | Kyriacos Papouis |
USD 0.039 bn | 1 | USD 0.039 bn | 320.4% | USD 0.164 bn | ![]() |
Franklin National Bank[99] | Foreign Exchange Trading | 1974 | Peter Shaddick |
USD 0.11 bn | 1 | USD 0.11 bn | 39.9% | USD 0.15 bn | ![]() |
Cuyahoga County, Ohio[100] | Leveraged Fixed Income | 1994 | |
JPY 15.4 bn | USD 0.15 bn | ![]() |
Komazawa Gakuen[101] | Currency Derivatives | 2008 | ||||
SEK 1.23 bn | 7.804 | USD 0.15 bn | −4.8% | USD 0.143 bn | ![]() |
HQ Bank[102] | Equity Derivatives | 2010 | Fredrik Crafoord, Mikael König, Patrik Enblad |
USD 0.15 bn | USD 0.15 bn | ![]() |
OptionSellers.com[103] | commodity trading | 2018 | James S. Cordier | |||
JPY 13.9 bn | USD 0.14 bn | ![]() |
Nippon Steel Chemical | Bond futures | 1993 | [82] | |||
USD 0.14 bn | 1 | USD 0.14 bn | −3.7% | USD 0.13 bn | ![]() |
MF Global[104] | Wheat Futures | 2008 | Evan Dooley |
N/A | USD 0.13 bn | ![]() |
self-portfolio | Bitcoin | 2017-2018 | Masayoshi Son[105] | |||
USD 0.120 bn | 1 | USD 0.12 bn | −3,7% | USD 0.12 bn | ![]() |
Morgan Stanley[106] | Credit-index options | 2008 | Matt Piper |
USD 0.12 (EUR 0.1) bn | 1 | USD 0.12 bn | −1% | USD 0.12 bn | ![]() |
Einar Aas[107] | Nordpool Power Derivatives | 2018 | Einar Aas |
JPY 11.9 bn | USD 0.12 bn | ![]() |
Nippon Sanso | Interest rate swap | 1995 | [82] | |||
USD 0.1 bn | 1 | USD 0.10 bn | 15.3% | USD 0.12 bn | ![]() |
Riječka banka (Rijeka Bank)[108] | Foreign Exchange Trading | 2002 | Eduard Nodilo |
HKD 1 bn | USD 0.12 bn | ![]() |
Blue River Holdings[109] | Evergrande Vehicle | 2021 |
See also
- Rogue trader
- Financial risk management § Investment management
- Derivative (finance)
- Silver Thursday
- Sumitomo copper affair
References
- ^ 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 Archived 2014-10-06 at the Wayback Machine
- ^ "Foreign Exchange Rates (Annual), Federal Reserve Statistical Release G.5A". Annual average for year quoted in table (usually year loss reported). All except AUD, EUR, GBP expressed as currency per USD
- ^ "US Consumer Price Index". Archived from the original on 2017-12-01. Using annual average CPI for year cited to 2007 average.
- ^ Lowe, Philip (2022-10-27). "Governor's Foreword | Reserve Bank of Australia Annual Report – October 2022". Reserve Bank of Australia. Retrieved 2023-04-21.
- ^ "The RBA's billion-dollar blunders, and why it's still paying for them". Australian Financial Review. 2023-04-20. Retrieved 2023-04-21.
- ^ "Final Report | Review of the Reserve Bank of Australia". rbareview.gov.au. Retrieved 2023-04-21.
- ^ McCrum, Dan; Franklin, Joshua; Gara, Antoine; Kinder, Tabby (22 February 2023). "Silicon Valley Bank profit squeeze in tech downturn attracts short sellers". Financial Times. Retrieved 9 March 2023.
- ^ "Archegos poses hard questions for Wall Street". www.ft.com. 29 March 2021. Retrieved 2021-03-30.
- ^ Hubler, Howie (2010-03-24). "Howie Hubler of New Jersey: The Return of a Subprime Villain". The New York Observer. Retrieved 2015-06-18.
- ^ JPMorgan's 'London Whale' Loss Rises to $3 Billion as Lawsuits Fly, Time
- ^ "Chinese Nickel Giant Tsingshan Faces $8 Billion Trading Loss as Ukraine War Upends Market". The Wall Street Journal. March 8, 2022. Retrieved March 9, 2022.
- ^ Schwartz, Nelson D. (2008-01-25). "A Spiral of Losses by a 'Plain Vanilla' Trader". The New York Times. Retrieved 2008-01-25.
- ^ Brian Hunter, Amaranth, hedge funds, Bloomberg Businessweek, "A Rogues' Gallery of Traders", September 16, 2011. Retrieved 2014-01-09.
- ^ FAILED WIZARDS OF WALL STREET, BusinessWeek, 1998-09-21. Retrieved 2008-03-21
- ^ "Pensioenfonds Zorg en Welzijn na miljardenverlies uit olietermijnmarkt", Het Financieele Dagblad, November 17, 2020.
- ^ Aliaj, Ortenca (31 January 2021). "Hedge fund Melvin sustains 53% loss after Reddit onslaught". Financial Times. Retrieved 1 February 2021.
- ^ Bill Ackman Lost $7.7 Million Per Day on Valeant Stock, 2017-03-15. Retrieved 2018-02-11
- ^ Rogue copper trader draws eight-year prison term Archived 2009-01-10 at the Wayback Machine, Japan Times, 1998-03-26. Retrieved 2008-03-21
- ^ a b "Brazil Stocks Tumble After Aracruz, Sadia Post Currency Losses". Bloomberg.com. 26 September 2008. Retrieved 27 April 2010.
- ^ a b "Aracruz Fails to Settle $2.13 Billion Derivative Loss (Update6)". Bloomberg.com. 12 December 2008. Retrieved 27 April 2009.
- ^ https://content.time.com/time/business/article/0,8599,1859380,00.html
- ^ 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
- ^ Greenwald, John (December 19, 1994). "The California Wipeout". Time. Archived from the original on May 14, 2007. Retrieved 2007-07-22.
- ^ New York Times, April 5, 1996
- ^ International Harald Tribune, August 10, 2007
- ^ "Showa Shell Sekiyu K.K." www.fundinguniverse.com. Retrieved 27 April 2009.
- ^ a b "Determined Loser. (Kashima Oil)". The Economist. April 16, 1994.
- ^ "Tiger fund tamed by yen". CNN Money. 1998-10-08.
- ^ Adoboli, Kweku (2011-09-15). "Kweku Adoboli arrested". Business Insider. Retrieved 2008-03-25.
- ^ CITIC Pacific warns potential $2 billion forex losses, Reuters October 20, 2008
- ^ 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
- ^ How Gref and Tokarev downshifted Russia Moscow Post, February 12, 2016.
- ^ Consolidated financial statements of Transneft JSC prepared in accordance with IFRS for the year ended 31 December 2014
- ^ Consolidated interim condensed financial statements of Transneft JSC prepared in accordance with IFRS for the nine months ended 30 September 2015
- ^ Чистая прибыль "Транснефти" упала в 2,7 раза из-за финансовых расходов | Ведомости
- ^ Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole
- ^ Carl Icahn Exits Bankrupt Hertz at Loss of Almost $1.6 Billion Bloomberg
- ^ (in Japanese) 消えた年金、回収率6% AIJ元社長に実刑判決 The Nikkei. December 19, 2013.
- ^ a b 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.
- ^ a b Groendahl, Boris (July 13, 2007). "Trial begins Monday for suspects in Austrian bank scandal". New York Times. Retrieved 3 May 2010.
- ^ An Unusual Path to Big-Time Trading, New York Times, September 27, 1995. Retrieved 2008-01-24
- ^ 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
- ^ Caisse d'Epargne chairman resigns after trading loss, Reuters, October 19, 2008
- ^ "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.
- ^ "Perdigão Acquires Sadia". ThePoultrySite.com. 20 May 2009. Retrieved 27 April 2010.
- ^ Bernabei, Silvia Aloisi, Stefano (2013-02-06). "Monte Paschi puts derivatives loss at 730 million euros". Reuters. Retrieved 2020-10-01.
{{cite news}}
: CS1 maint: multiple names: authors list (link) - ^ "MPS: Alexandria Santorini e Nota Italia. Ecco la storia dei tre derivati prima del CDA di oggi". Money.it (in Italian). 2013-02-06. Retrieved 2021-05-13.
- ^ Saudi National Bank loses over $1 billion on Credit Suisse investment, March 20, 2023. Natasha Turak. CNBC.
- ^ Morgan Grenfell case study at ERisk.com Archived 2006-03-18 at archive.today
- ^ "Sad episodes of Global securitisation: The Hall of Shame". Archived from the original on 2008-05-09. Retrieved 2008-03-09.
- ^ Pressure mounts on WestLB to merge after reporting big trading losses, International Herald Tribune, August 30, 2007
- ^ WestLB ousts top traders after losses, Times Online, April 5, 2007
- ^ Allied Irish Banks case study at ERisk.com Archived 2006-11-15 at the Wayback Machine
- ^ Markham, Jerry W. (2002). A Financial History of the United States, Volume 1. Armonk, NY: me Sharpe. p. 20.
- ^ Heckinger, Richard; David Marshall; Robert Steigerwald (November 1, 2009). "Financial Market Utilities and the Challenge of Just-In-Time Liquidity" (PDF). Chicago Fed Letter (268a). Chicago: Federal Reserve Bank of Chicago.
- ^ Teachers’ Pension Lost $774M in Allianz Volatility Funds: Lawsuit Institutional Investor. July 21, 2020.
- ^ "Chinese Oil Trader's $688 Million Loss Drags Down Sinopec Profit". Bloomberg.com. 27 January 2019.
- ^ Hornby, Lucy (25 January 2019). "Sinopec reveals $690m quarterly loss from crude hedging". Financial Times.
- ^ a b Batnick, Michael (2018) Big Mistakes: The Best Investors and Their Worst Investments
- ^ BMO trading loss hits $680M
- ^ Bank of Montreal Raises Trading Loss to C$680 Million
- ^ "U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 20811". November 18, 2008. Retrieved 28 April 2009.
- ^ Former bank natgas trader gets $500,000 fine-CFTC Reuters, 6-November-2009
- ^ "Jail term for China Aviation boss", BBC News, 21 March 2006
- ^ "Cosco shares fall after $577 million derivative loss", MarketWatch, December 16, 2008
- ^ The Fall of the UBS: The Reasons Behind the Decline of the Union Bank of Switzerland by Dirk Schutz, ISBN 0-944188-20-6
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