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List of trading losses

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This is an old revision of this page, as edited by 76.14.13.81 (talk) at 05:12, 2 February 2021 (Added the $4.5bn loss by Melvin Capital in the Gamestop short unwind last month). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

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] Bond Arbitrage 1998 John Meriwether
6 USD 4.5 bn 1 USD 4.5 bn -19.4% USD 3.6 bn  United States Melvin Capital Management[9] Gamestop & other US equities 2021 Gabriel Plotkin
7 USD 4.1 bn 1 USD 4.1 bn -14.9% USD 3.49 bn  United States Pershing Square[10] Valeant Pharmaceuticals 2015-2017 Bill Ackman
8 JPY 285 bn 108.78 USD 2.62 bn 32.1% USD 3.46 bn  Japan Sumitomo Corporation[11] Copper Futures 1996 Yasuo Hamanaka
9 BRL 4.62 bn 1.833 USD 2.52 bn −3.7% USD 2.43 bn  Brazil Aracruz[12][13] FX Options 2008 Isac Zagury, Rafael Sotero
10 USD 1.7 bn[14] 1 USD 1.7 bn 39.9% USD 2.38 bn  United States Orange County[15] Leveraged bond investments 1994 Robert Citron
11 DEM 2.63 bn 1.655 USD 1.59 bn 43.5% USD 2.28 bn  Germany Metallgesellschaft[16] Oil Futures 1993 Heinz Schimmelbusch[17]
12 JPY 166 bn 111.08 USD 1.49 bn 43.5% USD 2.14 bn  Japan Showa Shell Sekiyu [18][19] FX Forwards 1993
13 JPY 153.6 bn 102.18 USD 1.50 bn 39.9% USD 2.09 bn  Japan Kashima Oil[19] FX Forwards 1994
14 USD 2 bn 1 USD 2 bn −8.5% USD 1.83 bn  United Kingdom UBS[20] Equities ETF and Delta 1 2011 Kweku Adoboli
15 HKD 14.7 bn 7.786 USD 1.89 bn −3.7% USD 1.82 bn  China CITIC Pacific[21] Foreign Exchange Trading 2008 Frances Yung
16 GBP 827 mn 0.633 USD 1.31 bn 36.1% USD 1.78 bn  Singapore Barings Bank[22] Nikkei Futures 1995 Nick Leeson
17 RUB 78.5 bn 38.98 USD 2.01 bn −12.6% USD 1.76 bn  Russia Transneft[23][24][25][26] Derivatives 2014 Maksim Grishanin, VP Finance
18 USD 1.8 bn 1 USD 1.8 bn −3.7% USD 1.74 bn  United States Deutsche Bank[27] Derivatives 2008 Boaz Weinstein
19 USD 1.75 (EUR 1.4) bn 0.923 USD 1.29 bn [28] 20.4% USD 1.56 bn  Austria BAWAG[29] Foreign Exchange Trading 2000 [28] Wolfgang Flöttl, Helmut Elsner[29]
20 USD 1.1 bn 1 USD 1.10 bn 36.1% USD 1.50 bn  Japan Daiwa Bank[30] Bonds 1995 Toshihide Iguchi
21 USD 0.80 bn 1 USD 0.80 bn 82.5% USD 1.46 bn  United Kingdom Soros Fund[31] SP 500 Futures 1987 George Soros
22 USD 1 bn 1 USD 1 bn 252.5% USD 2.52 bn  United States Hunt Brothers Silver 1980 William Hunt Nelson Hunt
23 USD 0.94 (EUR 0.75) bn 0.679 USD 1.10 bn −3.7% USD 1.06 bn  France Groupe Caisse d'Epargne[32][33] Derivatives 2008 Boris Picano-Nacci
24 BRL 2 bn 1.833 USD 1.09 bn −3.7% USD 1.05 bn  Brazil Sadia[12][13][34] FX and Credit Options 2008 Adriano Ferreira, Álvaro Ballejo
25 EUR 0.730 bn USD 1 bn USD 1 bn  Italy Monte dei Paschi di Siena[35] CDOs and CDS derivatives 2006-2009
26 GBP 0.4 bn 0.611 USD 0.66 bn 29.2% USD 0.85 bn  United Kingdom Morgan Grenfell[36] Shares 1997 Peter Young
27 USD 0.6 bn 1 USD 0.60 bn 39.9% USD 0.84 bn  United States Askin Capital Management[37] Mortgage-Backed Securities 1994 David Askin
28 USD 0.75 (EUR 0.60) bn 1.371 USD 0.82 bn 0.0 USD 0.82 bn  Germany WestLB[38] Common and Preferred Shares 2007 Friedhelm Breuers[39]
29 USD 0.69 bn 1 USD 0.69 bn 15.3% USD 0.80 bn  United States AIB/Allfirst[40] Foreign Exchange Options 2002 John Rusnak
30 S$1.13 bn USD 0.80 bn  Singapore Hin Leong Trading Oil 2020
31 DEM 0.47 bn 2.587 USD 0.18 bn 320.6% USD 0.76 bn  Germany Herstatt Bank[41][42] Foreign Exchange Trading 1974 Dany Dattel
32 USD 0.68 bn 0% USD 0.68 bn  China Unipec Oil 2018 [43][44]
33 USD 0.65 bn  United States Quantum Fund Japanese Yen Shorting 1994 Stanley Druckenmiller[45]
34 CAD 0.68 bn 1.066 USD 0.64 bn 0% USD 0.64 bn  Canada Bank of Montreal[46][47] Natural gas derivatives 2007 David Lee, Kevin Cassidy [48][49]
35 USD 0.6 bn  United States Quantum Fund Short IT stocks during the internet bubble 1999 Stanley Druckenmiller[45]
36 USD 0.55 bn 1 USD 0.55 bn 9.8% USD 0.60 bn  China China Aviation Oil (Singapore)[50] Oil Futures and Options 2004 Chen Jiulin
37 CHF 0.63 bn 1.451 USD 0.43 bn 27.2% USD 0.55 bn  Switzerland Union Bank of Switzerland[51] Equity Derivatives 1998 Ramy Goldstein
38 USD 0.44 bn 1 USD 0.44 bn 82.5% USD 0.44 bn  United States Knight Capital Group Equities 2012 Thomas Joyce
39 USD 0.28 bn 1 USD 0.28 bn 82.5% USD 0.51 bn  United States Merrill Lynch[52] Mortgages (IOs and POs) Trading 1987 Howard A. Rubin
40 USD 0.28 bn 1 USD 0.28 bn 82.5% USD 0.51 bn  United States State of West Virginia[53] Fixed Income and Interest Rate Derivatives 1987 A. James Manchin
41 USD 0.35 bn 1 USD 0.35 bn 39.9% USD 0.49 bn  United States Kidder Peabody[54] Government Bonds 1994 Joseph Jett
42 USD 0.4 bn 1 USD 0.40 bn 20.4% USD 0.48 bn  United States Manhattan Investment Fund[55] Short IT stocks during the internet bubble 2000 Michael Berger
43 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[56] Foreign Exchange Trading 2004
44 USD 0.35 bn 1 USD 0.35 bn 0.0% USD 0.35 bn  United States Calyon[57] Credit Derivatives 2007 Richard "Chip" Bierbaum
45 USD 0.36 bn 1 USD 0.36 bn 0.0% USD 0.36 bn  Singapore Petro-Diamond Singapore[58][59][60] Oil derivatives 2019 Wang Xingchen, Jack[61]
46 AUD 0.36 bn 1.171 USD 0.31 bn 9.8% USD 0.34 bn  Australia National Australia Bank[62] Foreign Exchange Trading 2004 Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen[63]
47 JPY 28.6 bn USD 0.34 bn  Japan Tateho Chemical Industries Bond futures 1987 [64]
48 JPY 32 bn USD 0.34 bn  Japan Tokyo Securities Bond futures 1994 [64]
49 USD 0.078 bn 1 USD 0.078 bn 320.4% USD 0.328 bn  Switzerland Lloyds Bank[65] Foreign Exchange Trading 1974 Marc Colombo
50 USD 0.37 (EUR 0.30) bn 0.895 USD 0.27 bn 17.1% USD 0.31 bn  Belgium Dexia Bank[66] Corporate Bonds 2001
51 USD 0.296 bn (EUR 0.26) bn 1.11 USD 0.296 bn -1% USD 0.296 bn  Hong Kong Natixis[67] Equities Derivatives 2018
52 USD 0.225 bn 1 USD 0.225 bn 43.5% USD 0.30 bn  United States FXCM[68] Foreign Exchange 2015
53 USD 0.207 bn 1 USD 0.207 bn 43.5% USD 0.30 bn  Chile Codelco[69] Copper, silver, gold futures 1993 Juan Pablo Davila
54 EUR 0.160 1.1 USD 0.176 bn 0% USD 0.176bn  Germany BNP Paribas Arbitrage Structured Products 2016 Armin S.[70]
55 JPY 11.5 bn USD 0.28 bn  Japan/ United States Fuji Bank New York Branch[64] Foreign Exchange Trading 1984
56 JPY 9.7 bn USD 0.24 bn  Japan/ Singapore Dai-Ichi Kangyo Bank Singapore Branch Foreign Exchange Trading 1982 Haruo Kanda[64]
57 JPY 22.9 bn USD 0.23 bn  Japan Nanzan Gakuen[71] Equity Derivatives 2008
58 USD 0.16 bn 1 USD 0.16 bn 39.9% USD 0.22 bn  United States Procter & Gamble[72] Interest Rate Derivatives 1994 Raymond Mains
59 USD 0.04 bn 1 USD 0.04 bn 433.8% USD 0.214 bn  Switzerland United California Bank of Basel[73] Cocoa futures 1970 Paul Erdman
60 USD 0.2 bn 1 USD 0.20 bn 6.2% USD 0.21 bn  China State Reserves Bureau Copper Scandal[74] Copper Futures 2005 Liu Qibing[75]
61 GBP 0.09 bn 0.611 USD 0.15 bn 29.2% USD 0.19 bn  United Kingdom NatWest[76] Interest Rate Options 1997 Kyriacos Papouis
62 USD 0.039 bn 1 USD 0.039 bn 320.4% USD 0.164 bn  United States Franklin National Bank[77] Foreign Exchange Trading 1974 Peter Shaddick
63 USD 0.11 bn 1 USD 0.11 bn 39.9% USD 0.15 bn  United States Cuyahoga County, Ohio[78] Leveraged Fixed Income 1994
64 JPY 15.4 bn USD 0.15 bn  Japan Komazawa Gakuen[79] Currency Derivatives 2008
65 SEK 1.23 bn 7.804 USD 0.15 bn −4.8% USD 0.143 bn  Sweden HQ Bank[80] Equity Derivatives 2010 Fredrik Crafoord, Mikael König, Patrik Enblad
66 JPY 13.9 bn USD 0.14 bn  Japan Nippon Steel Chemical Bond futures 1993 [64]
67 USD 0.14 bn 1 USD 0.14 bn −3.7% USD 0.13 bn  United States MF Global[81] Wheat Futures 2008 Evan Dooley
68 N/A USD 0.13 bn  Japan self-portfolio Bitcoin 2017-2018 Masayoshi Son[82]
69 USD 0.120 bn 1 USD 0.12 bn −3,7% USD 0.12 bn  United States Morgan Stanley[83] Credit-index options 2008 Matt Piper
70 USD 0.12 (EUR 0.1) bn 1 USD 0.12 bn −1% USD 0.12 bn  Norway Einar Aas[84] Nordpool Power Derivatives 2018 Einar Aas
71 JPY 11.9 bn USD 0.12 bn  Japan Nippon Sanso Interest rate swap 1995 [64]
72 USD 0.1 bn 1 USD 0.10 bn 15.3% USD 0.12 bn  Croatia Riječka banka (Rijeka Bank)[85] Foreign Exchange Trading 2002 Eduard Nodilo

See also

References

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  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. ^ Aliaj, Ortenca (31 January 2021). "Hedge fund Melvin sustains 53% loss after Reddit onslaught". Financial Times. Retrieved 1 February 2021.{{cite web}}: CS1 maint: url-status (link)
  10. ^ Bill Ackman Lost $7.7 Million Per Day on Valeant Stock, 2017-03-15. Retrieved 2018-02-11
  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
  12. ^ a b "Brazil Stocks Tumble After Aracruz, Sadia Post Currency Losses". Bloomberg.com. 26 September 2008. Retrieved 27 April 2010.
  13. ^ a b "Aracruz Fails to Settle $2.13 Billion Derivative Loss (Update6)". Bloomberg.com. 12 December 2008. Retrieved 27 April 2009.
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  16. ^ New York Times, April 5, 1996
  17. ^ International Harald Tribune, August 10, 2007
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  20. ^ Adoboli, Kweku (2011-09-15). "Kweku Adoboli arrested". Business Insider. Retrieved 2008-03-25.
  21. ^ CITIC Pacific warns potential $2 billion forex losses, Reuters October 20, 2008
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  24. ^ Consolidated financial statements of Transneft JSC prepared in accordance with IFRS for the year ended 31 December 2014
  25. ^ Consolidated interim condensed financial statements of Transneft JSC prepared in accordance with IFRS for the nine months ended 30 September 2015
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  38. ^ Pressure mounts on WestLB to merge after reporting big trading losses, International Herald Tribune, August 30, 2007
  39. ^ WestLB ousts top traders after losses, Times Online, April 5, 2007
  40. ^ Allied Irish Banks case study at ERisk.com Archived 2006-11-15 at the Wayback Machine
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  54. ^ In the Matter of Orlando Joseph Jett, U.S. Securities and Exchange Commission, March 5, 2004
  55. ^ The Bankruptcy Development That Has Wall St. Worried, New York Times, 2007-02-23. Retrieved 2008-01-24
  56. ^ Banking: Watchdogs caught napping, Financial Times, 2007-10-29. Retrieved 2008-01-24
  57. ^ Calyon Trader Fired for Losses Says He's No Rogue, Bloomberg, 2007-10-10. Retrieved 2009-06-01
  58. ^ Mitsubishi's Singapore unit loses $441m on unauthorised crude oil trading, Straits Times 2019-09-20. Retrieved 2019-09-20
  59. ^ 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
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  68. ^ [2]|date=15 January 2015|accessdate=04 August 2019}}
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  73. ^ Smith, Adam (September 4, 1972). "How My Swiss Bank Blew $40 million And Went Broke". New York Magazine. pp. 23–32 – via Google Books.
  74. ^ City gripped by mystery of the phantom copper dealer, The Times, 2005-11-15. Retrieved 2008-01-24
  75. ^ Copper bottom, The Observer, November 20, 2005
  76. ^ SFO probes NatWest black hole, Daily Telegraph, 1997-06-27. Retrieved 2008-01-24
  77. ^ Franklin National Bank Dismisses Its President New York Times May 14, 1974
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  81. ^ Rogue Wheat Trader Blamed for $141 Million Loss, New York Times, 2006-02-28. Retrieved 2008-03-03
  82. ^ Levy, Rachael; Hoffman, Liz (2019) "SoftBank Founder Masayoshi Son Lost $130 Million on Bitcoin" Wall Street Journal
  83. ^ 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.
  84. ^ [3],Financial Times, 2018-09-13
  85. ^ Croat trader puts bank in $109.87 (£70)m crisis, Daily Telegraph, 2003-03-24. Retrieved 2008-01-24
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