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|51|USD 0.04 bn||1||USD 0.04 bn||433.8%||USD 0.214 bn||{{SUI}}||[[First Interstate Bancorp|United California Bank of Basel]]<ref>{{cite news |title=How My Swiss Bank Blew $40 million And Went Broke |first=Adam |last=Smith |magazine=[[New York Magazine]] |date=September 4, 1972 |url=https://books.google.com/books?id=yOYCAAAAMBAJ&pg=PA24&dq=united+california+bank+swiss+erdman&hl=en&sa=X&ved=0ahUKEwj76fPunrjSAhUDQiYKHexGBBEQ6AEIGjAA#v=onepage&q=united%20california%20bank%20swiss%20erdman&f=false |pages=23–32 |via=[[Google Books]]}}</ref>||Cocoa futures||1970||{{sortname|Paul|Erdman}}
|51|USD 0.04 bn||1||USD 0.04 bn||||433.8%||USD 0.214 bn||{{SUI}}||[[First Interstate Bancorp|United California Bank of Basel]]<ref>{{cite news |title=How My Swiss Bank Blew $40 million And Went Broke |first=Adam |last=Smith |magazine=[[New York Magazine]] |date=September 4, 1972 |url=https://books.google.com/books?id=yOYCAAAAMBAJ&pg=PA24&dq=united+california+bank+swiss+erdman&hl=en&sa=X&ved=0ahUKEwj76fPunrjSAhUDQiYKHexGBBEQ6AEIGjAA#v=onepage&q=united%20california%20bank%20swiss%20erdman&f=false |pages=23–32 |via=[[Google Books]]}}</ref>||Cocoa futures||1970||{{sortname|Paul|Erdman}}
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Revision as of 14:33, 25 November 2019

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.

# 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 bn 1 USD 9 bn −7.0% USD 8.37 bn  United Kingdom JPMorgan Chase[4] Credit Default Swaps 2012 Bruno Iksil
2 USD 9 bn 1 USD 9 bn −3.7% USD 8.67 bn  United States Morgan Stanley[5] Credit Default Swaps 2008 Howie Hubler
3 USD 6.12 (EUR 4.9) bn 0.679 USD 7.22 bn −3.7% USD 6.95 bn  France Société Générale[6] European Index Futures 2008 Jérôme Kerviel
4 USD 6.5 bn 1 USD 6.50 bn 2.8% USD 6.69 bn  United States Amaranth Advisors[7] Gas Futures 2006 Brian Hunter
5 USD 4.6 bn 1 USD 4.6 bn 27.2% USD 5.85 bn  United States Long Term Capital Management[8] Interest Rate and Equity Derivatives 1998 John Meriwether
5 USD 4.1 bn 1 USD 4.1 bn N/A USD 4.1 bn  United States Pershing Square[9] Valeant Pharmaceuticals 2015-2017 Bill Ackman
6 JPY 285 bn 108.78 USD 2.62 bn 32.1% USD 3.46 bn  Japan Sumitomo Corporation[10] Copper Futures 1996 Yasuo Hamanaka
7 BRL 4.62 bn 1.833 USD 2.52 bn −3.7% USD 2.43 bn  Brazil Aracruz[11][12] FX Options 2008 Isac Zagury, Rafael Sotero
8 USD 1.7 bn[13] 1 USD 1.7 bn 39.9% USD 2.38 bn  United States Orange County[14] Leveraged bond investments 1994 Robert Citron
9 DEM 2.63 bn 1.655 USD 1.59 bn 43.5% USD 2.28 bn  Germany Metallgesellschaft[15] Oil Futures 1993 Heinz Schimmelbusch[16]
10 JPY 166 bn 111.08 USD 1.49 bn 43.5% USD 2.14 bn  Japan Showa Shell Sekiyu [17][18] FX Forwards 1993
11 JPY 153.6 bn 102.18 USD 1.50 bn 39.9% USD 2.09 bn  Japan Kashima Oil[18] FX Forwards 1994
12 USD 2 bn 1 USD 2 bn −8.5% USD 1.83 bn  United Kingdom UBS[19] Equities ETF and Delta 1 2011 Kweku Adoboli
13 HKD 14.7 bn 7.786 USD 1.89 bn −3.7% USD 1.82 bn  China CITIC Pacific[20] Foreign Exchange Trading 2008 Frances Yung
14 GBP 827 mn 0.633 USD 1.31 bn 36.1% USD 1.78 bn  Singapore Barings Bank[21] Nikkei Futures 1995 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 bn 1 USD 1.8 bn −3.7% USD 1.74 bn  United States Deutsche Bank[26] Derivatives 2008 Boaz Weinstein
17 USD 1.75 (EUR 1.4) bn 0.923 USD 1.29 bn [27] 20.4% USD 1.56 bn  Austria BAWAG[28] Foreign Exchange Trading 2000 [27] Wolfgang Flöttl, Helmut Elsner[28]
18 USD 1.1 bn 1 USD 1.10 bn 36.1% USD 1.50 bn  Japan Daiwa Bank[29] Bonds 1995 Toshihide Iguchi
19 USD 0.80 bn 1 USD 0.80 bn 82.5% USD 1.46 bn  United Kingdom Soros Fund[30] SP 500 Futures 1987 George Soros
20 USD 1 bn 1 USD 1 bn 252.5% USD 2.52 bn  United States Hunt Brothers Silver 1980 William Hunt Nelson Hunt
21 USD 0.94 (EUR 0.75) bn 0.679 USD 1.10 bn −3.7% USD 1.06 bn  France Groupe Caisse d'Epargne[31][32] Derivatives 2008 Boris Picano-Nacci
22 BRL 2 bn 1.833 USD 1.09 bn −3.7% USD 1.05 bn  Brazil Sadia[11][12][33] FX and Credit Options 2008 Adriano Ferreira, Álvaro Ballejo
23 GBP 0.4 bn 0.611 USD 0.66 bn 29.2% USD 0.85 bn  United Kingdom Morgan Grenfell[34] Shares 1997 Peter Young
24 USD 0.6 bn 1 USD 0.60 bn 39.9% USD 0.84 bn  United States Askin Capital Management[35] Mortgage-Backed Securities 1994 David Askin
25 USD 0.75 (EUR 0.60) bn 1.371 USD 0.82 bn 0.0 USD 0.82 bn  Germany WestLB[36] Common and Preferred Shares 2007 Friedhelm Breuers[37]
26 USD 0.69 bn 1 USD 0.69 bn 15.3% USD 0.80 bn  United States AIB/Allfirst[38] Foreign Exchange Options 2002 John Rusnak
27 DEM 0.47 bn 2.587 USD 0.18 bn 320.6% USD 0.76 bn  Germany Herstatt Bank[39][40] Foreign Exchange Trading 1974 Dany Dattel
28 USD 0.68 bn 0% USD 0.68 bn  China Unipec Oil 2018 [41][42]
29 USD 0.65 bn  United States Quantum Fund Japanese Yen Shorting 1994 Stanley Druckenmiller[43]
30 CAD 0.68 bn 1.066 USD 0.64 bn 0% USD 0.64 bn  Canada Bank of Montreal[44][45] Natural gas derivatives 2007 David Lee, Kevin Cassidy [46][47]
31 USD 0.6 bn  United States Quantum Fund Short IT stocks during the internet bubble 1999 Stanley Druckenmiller[43]
32 USD 0.55 bn 1 USD 0.55 bn 9.8% USD 0.60 bn  China China Aviation Oil (Singapore)[48] Oil Futures and Options 2004 Chen Jiulin
33 CHF 0.63 bn 1.451 USD 0.43 bn 27.2% USD 0.55 bn  Switzerland Union Bank of Switzerland[49] Equity Derivatives 1998 Ramy Goldstein
34 USD 0.44 bn 1 USD 0.44 bn 82.5% USD 0.44 bn  United States Knight Capital Group Equities 2012 Thomas Joyce
35 USD 0.28 bn 1 USD 0.28 bn 82.5% USD 0.51 bn  United States Merrill Lynch[50] Mortgages (IOs and POs) Trading 1987 Howard A. Rubin
36 USD 0.28 bn 1 USD 0.28 bn 82.5% USD 0.51 bn  United States State of West Virginia[51] Fixed Income and Interest Rate Derivatives 1987 A. James Manchin
37 USD 0.35 bn 1 USD 0.35 bn 39.9% USD 0.49 bn  United States Kidder Peabody[52] Government Bonds 1994 Joseph Jett
38 USD 0.4 bn 1 USD 0.40 bn 20.4% USD 0.48 bn  United States Manhattan Investment Fund[53] Short IT stocks during the internet bubble 2000 Michael Berger
39 USD 0.37 (EUR 0.30) bn 1.244 USD 0.37 bn 9.8% USD 0.41 bn  Austria Hypo Alpe-Adria-Bank International[54] Foreign Exchange Trading 2004
40 USD 0.35 bn 1 USD 0.35 bn 0.0% USD 0.35 bn  United States Calyon[55] Credit Derivatives 2007 Richard "Chip" Bierbaum
41 USD 0.36 bn 1 USD 0.36 bn 0.0% USD 0.36 bn  Singapore Petro-Diamond Singapore[56][57][58] Oil derivatives 2019 Wang Xingchen, Jack[59]
42 AUD 0.36 bn 1.171 USD 0.31 bn 9.8% USD 0.34 bn  Australia National Australia Bank[60] Foreign Exchange Trading 2004 Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen[61]
43 USD 0.078 bn 1 USD 0.078 bn 320.4% USD 0.328 bn  Switzerland Lloyds Bank[62] Foreign Exchange Trading 1974 Marc Colombo
44 USD 0.37 (EUR 0.30) bn 0.895 USD 0.27 bn 17.1% USD 0.31 bn  Belgium Dexia Bank[63] Corporate Bonds 2001
45 USD 0.296 bn (EUR 0.26) bn 1,11 USD 0.296 bn -1% USD 0.296 bn  Hong Kong Natixis[64] Equities Derivatives 2018
46 USD 0.225 bn 1 USD 0.225 bn 43.5% USD 0.30 bn  United States FXCM[65] Foreign Exchange 2015
47 USD 0.207 bn 1 USD 0.207 bn 43.5% USD 0.30 bn  Chile Codelco[66] Copper, silver, gold futures 1993 Juan Pablo Davila
48 EUR 0.160 1.1 USD 0.176 bn 0% USD 0.176bn  Germany BNP Paribas Arbitrage Structured Products 2016 Armin S.[67]
49 JPY 22.9 bn USD 0.23 bn  Japan Nanzan Gakuen[68] Equity Derivatives 2008
50 USD 0.16 bn 1 USD 0.16 bn 39.9% USD 0.22 bn  United States Procter & Gamble[69] Interest Rate Derivatives 1994 Raymond Mains
USD 0.04 bn 1 USD 0.04 bn 433.8% USD 0.214 bn  Switzerland United California Bank of Basel[70] Cocoa futures 1970 Paul Erdman
52 USD 0.2 bn 1 USD 0.20 bn 6.2% USD 0.21 bn  China State Reserves Bureau Copper Scandal[71] Copper Futures 2005 Liu Qibing[72]
53 GBP 0.09 bn 0.611 USD 0.15 bn 29.2% USD 0.19 bn  United Kingdom NatWest[73] Interest Rate Options 1997 Kyriacos Papouis
54 USD 0.039 bn 1 USD 0.039 bn 320.4% USD 0.164 bn  United States Franklin National Bank[74] Foreign Exchange Trading 1974 Peter Shaddick
55 USD 0.11 bn 1 USD 0.11 bn 39.9% USD 0.15 bn  United States Cuyahoga County, Ohio[75] Leveraged Fixed Income 1994
56 JPY 15.4 bn USD 0.15 bn  Japan Komazawa Gakuen[76] Currency Derivatives 2008
57 SEK 1.23 bn 7.804 USD 0.15 bn −4.8% USD 0.143 bn  Sweden HQ Bank[77] Equity Derivatives 2010 Fredrik Crafoord, Mikael König, Patrik Enblad
58 USD 0.14 bn 1 USD 0.14 bn −3.7% USD 0.13 bn  United States MF Global[78] Wheat Futures 2008 Evan Dooley
59 N/A USD 0.13 bn  Japan self-portfolio Bitcoin 2017-2018 Masayoshi Son[79]
60 USD 0.120 bn 1 USD 0.12 bn −3,7% USD 0.12 bn  United States Morgan Stanley[80] Credit-index options 2008 Matt Piper
61 USD 0.12 (EUR 0.1) bn 1 USD 0.12 bn −1% USD 0.12 bn  Norway Einar Aas[81] Nordpool Power Derivatives 2018 Einar Aas
62 USD 0.1 bn 1 USD 0.10 bn 15.3% USD 0.12 bn  Croatia Riječka banka (Rijeka Bank)[82] Foreign Exchange Trading 2002 Eduard Nodilo

See also

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 Archived 2014-10-06 at the Wayback Machine
  2. ^ "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
  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 Archived 2009-01-10 at the Wayback Machine, Japan Times, 1998-03-26. Retrieved 2008-03-21
  11. ^ a b "Brazil Stocks Tumble After Aracruz, Sadia Post Currency Losses". Bloomberg.com. 26 September 2008. Retrieved 27 April 2010.
  12. ^ a b "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. ^ a b "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. ^ 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.
  28. ^ a b 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 (268a). Chicago: Federal Reserve Bank of Chicago.
  41. ^ https://www.bloomberg.com/news/articles/2019-01-27/chinese-oil-trader-s-688-million-loss-drags-down-sinopec-profit
  42. ^ https://www.ft.com/content/e33d9596-20b1-11e9-b126-46fc3ad87c65
  43. ^ a b Batnick, Michael (2018) Big Mistakes: The Best Investors and Their Worst Investments
  44. ^ BMO trading loss hits $680M
  45. ^ Bank of Montreal Raises Trading Loss to C$680 Million
  46. ^ "U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 20811". November 18, 2008. Retrieved 28 April 2009.
  47. ^ Former bank natgas trader gets $500,000 fine-CFTC Reuters, 6-November-2009
  48. ^ "Jail term for China Aviation boss", BBC News, 21 March 2006
  49. ^ The Fall of the UBS: The Reasons Behind the Decline of the Union Bank of Switzerland by Dirk Schutz, ISBN 0-944188-20-6
  50. ^ Anatomy of a Staggering Loss, New York Times, 1987-05-11, Retrieved 2008-01-24
  51. ^ Treasurer of West Virginia Retires Over Fund's Losses, New York Times, July 10, 1989. Retrieved 2008-03-22
  52. ^ In the Matter of Orlando Joseph Jett, U.S. Securities and Exchange Commission, March 5, 2004
  53. ^ The Bankruptcy Development That Has Wall St. Worried, New York Times, 2007-02-23. Retrieved 2008-01-24
  54. ^ Banking: Watchdogs caught napping, Financial Times, 2007-10-29. Retrieved 2008-01-24
  55. ^ Calyon Trader Fired for Losses Says He's No Rogue, Bloomberg, 2007-10-10. Retrieved 2009-06-01
  56. ^ Mitsubishi's Singapore unit loses $441m on unauthorised crude oil trading, Straits Times 2019-09-20. Retrieved 2019-09-20
  57. ^ 当社海外連結子会社での損失発生について Mitsubishi Corp. 2019-09-20. Retrieved 2019-09-20
  58. ^ https://www.mitsubishicorp.com/jp/en/pr/archive/2019/html/0000038364.html Mitsubishi Corp. 2019-09-20. Retrieved 2019-09-20
  59. ^ https://www.straitstimes.com/business/companies-markets/oil-trader-in-singapore-fired-by-mitsubishi-for-losing-441m-denies-making Retrieved 2019-09-25
  60. ^ Former NAB trader pleads guilty, The Age, 2005-06-14. Retrieved 2013-03-16
  61. ^ http://www.abc.net.au/worldtoday/content/2006/s1678388.htm
  62. ^ Rogue Trading at Lloyds Bank International, 1974: Operational Risk in Volatile Markets By Catherine Schenk 2017
  63. ^ Dexia sink $374.49 (€300)m in bond fraud: a mere drop in the ocean
  64. ^ [1]
  65. ^ [2]|date=15 January 2015|accessdate=04 August 2019}}
  66. ^ "Codelco takes $200 million hit". Futures (Cedar Falls, Iowa). Futures Magazine Group. 1 March 1994. ISSN 0746-2468. Retrieved 27 April 2009.
  67. ^ Niesmann, Andreas (2016-06-05). "Bank-Irrtum zu seinen Gunsten". focus.de. Retrieved 2017-03-24.
  68. ^ 法令違反の疑いも浮上する 名門・南山学園の資産運用の闇 (in Japanese) Weekly Diamond; Diamond Inc.; February 21, 2013.
  69. ^ Procter & Gamble's Tale of Derivatives Woe, International Herald Tribune, 1994-04-14. Retrieved 2008-01-24
  70. ^ Smith, Adam (September 4, 1972). "How My Swiss Bank Blew $40 million And Went Broke". New York Magazine. pp. 23–32 – via Google Books.
  71. ^ City gripped by mystery of the phantom copper dealer, The Times, 2005-11-15. Retrieved 2008-01-24
  72. ^ Copper bottom, The Observer, November 20, 2005
  73. ^ SFO probes NatWest black hole, Daily Telegraph, 1997-06-27. Retrieved 2008-01-24
  74. ^ Franklin National Bank Dismisses Its President New York Times May 14, 1974
  75. ^ 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
  76. ^ 駒澤大学、運用損失でBNPパリバなどに約170億円を賠償請求 (in Japanese) J-Cast News; February 21, 2012.
  77. ^ http://asia.news.yahoo.com/rtrs/20100629/tbs-hqbank-7318940.html[permanent dead link], Reuters, 2010-06-29
  78. ^ Rogue Wheat Trader Blamed for $141 Million Loss, New York Times, 2006-02-28. Retrieved 2008-03-03
  79. ^ Levy, Rachael; Hoffman, Liz (2019) "SoftBank Founder Masayoshi Son Lost $130 Million on Bitcoin" Wall Street Journal
  80. ^ 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.
  81. ^ [3],Financial Times, 2018-09-13
  82. ^ Croat trader puts bank in $109.87 (£70)m crisis, Daily Telegraph, 2003-03-24. Retrieved 2008-01-24
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