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List of trading losses: Difference between revisions

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Reflecting values lost in local currency plus exchange rate to USD at the moment. Over time, when exchange rates change, these ranking will change too to reflec the real value lost, not the nominal
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! Name
! Name
! Amount Lost
! Amount Lost
! Exchange Rate at the time
! [[Citizenship]]
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! Employer
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! Year
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|{{sortname|Jérôme|Kerviel}}<ref>{{cite web | url=http://www.nytimes.com/2008/01/25/business/worldbusiness/25trader.html | title=A Spiral of Losses by a ‘Plain Vanilla’ Trader | first=Nelson D. | last=Schwartz | date=2008-01-25 | publisher=[[The New York Times]] | accessdate=2008-01-25 }}</ref> ||US$7.1&nbsp;billion&nbsp;||{{FRA}}||[[Société Générale]] || European Index futures||2008
|{{sortname|Jérôme|Kerviel}}<ref>{{cite web | url=http://www.nytimes.com/2008/01/25/business/worldbusiness/25trader.html | title=A Spiral of Losses by a ‘Plain Vanilla’ Trader | first=Nelson D. | last=Schwartz | date=2008-01-25 | publisher=[[The New York Times]] | accessdate=2008-01-25 }}</ref> ||EUR 4.9&nbsp;billion&nbsp;||1.45||{{FRA}}||[[Société Générale]] || European Index futures||2008
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|{{sortname|Brian|Hunter|Brian Hunter (trader)}}<ref>[http://www.nytimes.com/2007/07/26/business/26trader.html Fund Accused of Manipulating Gas Markets], New York Times, 2007-07-26. Retrieved 2008-01-24</ref>||US$6.5&nbsp;billion&nbsp;||{{CAN}}||[[Amaranth Advisors]] || Gas futures || 2006
|{{sortname|Brian|Hunter|Brian Hunter (trader)}}<ref>[http://www.nytimes.com/2007/07/26/business/26trader.html Fund Accused of Manipulating Gas Markets], New York Times, 2007-07-26. Retrieved 2008-01-24</ref>||US$6.5&nbsp;billion&nbsp;||{{CAN}}||[[Amaranth Advisors]] || Gas futures || 2006

Revision as of 12:49, 9 February 2008

The following contains a list of trading losses of USD100 million or higher. Due to 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 amount lost, starting with the greatest.

Name Amount Lost Exchange Rate at the time Citizenship Employer Source of Loss Year
Jérôme Kerviel[1] EUR 4.9 billion  1.45  France Société Générale European Index futures 2008
Brian Hunter[2] US$6.5 billion   Canada Amaranth Advisors Gas futures 2006
John Meriwether[3] US$4.6 billion   United States Long Term Capital Management Interest Rate and Equity Derivatives 1998
Yasuo Hamanaka US$2.6 billion   Japan Sumitomo Corporation Copper futures 1996
Wolfgang Flöttl, Helmut Elsner US$2.5 billion   Austria BAWAG Currency- and interest swaps 2006
Robert Citron US$1.7 billion   United States Orange County Interest Rate Derivatives 1994
Nick Leeson US$1.4 billion   United Kingdom Barings Bank Nikkei Futures 1995
Heinz Schimmelbusch[4] US$1.3 billion   Germany Metallgesellschaft Oil Futures 1993
Toshihide Iguchi[5] US$1.1 billion   Japan Daiwa Bank Bonds 1995
David Lee US$0.8 billion   United States Bank of Montreal Natural Gas Options 2007
Friedhelm Breuers US$0.8 billion   Germany WestLB Common and Preferred Shares 2007
John Rusnak US$0.7 billion   United States Allfirst Currency 2002
Peter Young US$0.7 billion   United Kingdom Morgan Grenfell Shares 1997
Chen Jiulin US$0.6 billion   China China Aviation Oil (Singapore) Oil Futures and Options 2004
Ramy Goldstein US$0.5 billion  United Bank of Switzerland Global Derivatives 1998
Joseph Jett[6] US$0.4 billion   United States Kidder Peabody Government Bonds 1994
David Askin US$0.4 billion   United States Askin Capital Management Mortgage-Backed Securities 1994
Michael Berger[7] US$0.4 billion   United States Manhattan Investment Fund Short IT stocks during the internet bubble 2000
Wolfgang Kulterer[8] US$0.4 billion   Austria Hypo Group Alpe Adria Currency Trading 2004
(not disclosed) US$0.4 billion  Dexia Bank Corporate Bonds 2001
Dany Dattel[9] US$0.36 billion   Germany Herstatt Bank Foreign Exchange Trading 1974
Richard "Chip" Bierbaum[10] US$0.35 billion   United States Calyon Credit Indices 2007
Luke Duffy[11] US$0.3 billion   Australia National Australia Bank Currency 2004
Liu Qibing[12] US$0.2 billion   China State Reserves Bureau Copper Futures 2005
Howard A. Rubin[13] US$0.25 billion   United States Merrill Lynch Mortgages (IOs and POs) Trading 1987
Raymond Mains[14] US$0.2 billion   United States Procter & Gamble Interest Rate Derivatives 1994
Kyriacos Papouis[15] US$0.2 billion   United Kingdom NatWest Interest Rate Options 1997
(not disclosed)[16] US$0.1 billion   Sweden Carnegie Investment Bank Equity Derivatives 2007
Eduard Nodilo[17] US$0.1 billion   Croatia Riječka banka (Rijeka Bank) Foreign Exchange Trading 2002

References

  1. ^ Schwartz, Nelson D. (2008-01-25). "A Spiral of Losses by a 'Plain Vanilla' Trader". The New York Times. Retrieved 2008-01-25.
  2. ^ Fund Accused of Manipulating Gas Markets, New York Times, 2007-07-26. Retrieved 2008-01-24
  3. ^ UPHEAVAL AT SALOMON; Salomon Is Punished by Treasury, Which Partly Relents Hours Later, New York Times, 1991-08-19. Retrieved 2008-01-24
  4. ^ Int. Harald Tribune Aug.10.2007
  5. ^ An Unusual Path to Big-Time Trading, New York Times, September 27, 1995. Retrieved 2008-01-24
  6. ^ In the Matter of Orlando Joseph Jett, U.S. Securities and Exchange Commission, March 5, 2004
  7. ^ The Bankruptcy Development That Has Wall St. Worried, New York Times, 2007-02-23. Retrieved 2008-01-24
  8. ^ Banking: Watchdogs caught napping, Financial Times, 2007-10-29. Retrieved 2008-01-24
  9. ^ Article on Herstatt-Bank (de)
  10. ^ Calyon trader fired over big losses says he is not a rogue, International Herald Tribune, 2007-10-11. Retrieved 2008-01-24
  11. ^ Former NAB trader pleads guilty, International Herald Tribune, 2005-03-23. Retrieved 2008-01-24
  12. ^ City gripped by mystery of the phantom copper dealer, The Times, 2005-11-15. Retrieved 2008-01-24
  13. ^ Anatomy of a Staggering Loss, New York Times, 1987-05-11, Retrieved 2008-01-24
  14. ^ Procter & Gamble's Tale of Derivatives Woe, International Herald Tribune, 1994-04-14. Retrieved 2008-01-24
  15. ^ SFO probes NatWest black hole, Daily Telegraph, 1997-06-27. Retrieved 2008-01-24
  16. ^ Carnegie's board ordered to resign, Financial Times, 2007-09-28
  17. ^ Croat trader puts bank in £70m crisis, Daily Telegraph, 2003-03-24. Retrieved 2008-01-24
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