List of trading losses

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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 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.

# 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 10 bn 1 USD 10 bn -19.4% USD 8.06 bn  United States Archegos Capital Management[4] Total return swaps 2021 Bill Hwang
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 9 bn 1 USD 9 bn −7.0% USD 8.37 bn  United Kingdom JPMorgan Chase[6] Credit Default Swaps 2012 Bruno Iksil
4 USD 8 bn 1 USD 8 bn −12.3% USD 7.01 bn  China Tsingshan Holding Group[7] Short positions on nickel 2022
5 USD 6.12 (EUR 4.9) bn 0.679 USD 7.22 bn −3.7% USD 6.95 bn  France Société Générale[8] European Index Futures 2008 Jérôme Kerviel
6 USD 6.5 bn 1 USD 6.50 bn 2.8% USD 6.69 bn  United States Amaranth Advisors[9] Gas Futures 2006 Brian Hunter
7 USD 4.6 bn 1 USD 4.6 bn 27.2% USD 5.85 bn  United States Long Term Capital Management[10] Bond Arbitrage 1998 John Meriwether
8 EUR 4 bn USD 4 bn  Netherlands PFZW[11] Oil futures 2020
9 USD 4.5 bn 1 USD 4.5 bn -19.4% USD 3.6 bn  United States Melvin Capital[12] Short positions on Gamestop and other US equities 2021 Gabriel Plotkin
10 USD 4.1 bn 1 USD 4.1 bn -14.9% USD 3.49 bn  United States Pershing Square[13] Valeant Pharmaceuticals 2015-2017 Bill Ackman
11 JPY 285 bn 108.78 USD 2.62 bn 32.1% USD 3.46 bn  Japan Sumitomo Corporation[14] Copper Futures 1996 Yasuo Hamanaka
12 BRL 4.62 bn 1.833 USD 2.52 bn −3.7% USD 2.43 bn  Brazil Aracruz[15][16] FX Options 2008 Isac Zagury, Rafael Sotero
13 USD 2.4 bn USD 2.4 bn  United States SemGroup[17] Oil Futures 2008
14 USD 1.7 bn[18] 1 USD 1.7 bn 39.9% USD 2.38 bn  United States Orange County[19] Leveraged bond investments 1994 Robert Citron
15 DEM 2.63 bn 1.655 USD 1.59 bn 43.5% USD 2.28 bn  Germany Metallgesellschaft[20] Oil Futures 1993 Heinz Schimmelbusch[21]
16 JPY 166 bn 111.08 USD 1.49 bn 43.5% USD 2.14 bn  Japan Showa Shell Sekiyu[22][23] FX Forwards 1993
17 JPY 153.6 bn 102.18 USD 1.50 bn 39.9% USD 2.09 bn  Japan Kashima Oil[23] FX Forwards 1994
18 USD 2 bn USD 2 bn  United States Tiger Management[24] Shorting Japanese yen 1998
19 USD 2 bn 1 USD 2 bn −8.5% USD 1.83 bn  United Kingdom UBS[25] Equities ETF and Delta 1 2011 Kweku Adoboli
20 HKD 14.7 bn 7.786 USD 1.89 bn −3.7% USD 1.82 bn  China CITIC Pacific[26] Foreign Exchange Trading 2008 Frances Yung
21 GBP 827 mn 0.633 USD 1.31 bn 36.1% USD 1.78 bn  Singapore Barings Bank[27] Nikkei Futures 1995 Nick Leeson
22 RUB 78.5 bn 38.98 USD 2.01 bn −12.6% USD 1.76 bn  Russia Transneft[28][29][30][31] Derivatives 2014 Maksim Grishanin, VP Finance
23 USD 1.8 bn 1 USD 1.8 bn −3.7% USD 1.74 bn  United States Deutsche Bank[32] Derivatives 2008 Boaz Weinstein
24 USD 1.6 bn USD 1.6 bn  United States Icahn Enterprises[33] Hertz 2020 Carl Icahn
25 USD 1.75 (EUR 1.4) bn 0.923 USD 1.29 bn [34] 20.4% USD 1.56 bn  Austria BAWAG[35] Foreign Exchange Trading 2000 [34] Wolfgang Flöttl, Helmut Elsner[35]
26 USD 1.1 bn 1 USD 1.10 bn 36.1% USD 1.50 bn  Japan Daiwa Bank[36] Bonds 1995 Toshihide Iguchi
27 USD 0.80 bn 1 USD 0.80 bn 82.5% USD 1.46 bn  United Kingdom Soros Fund[37] SP 500 Futures 1987 George Soros
28 USD 1 bn 1 USD 1 bn 252.5% USD 2.52 bn  United States Hunt Brothers Silver 1980 William Hunt, Nelson Hunt
29 USD 0.94 (EUR 0.75) bn 0.679 USD 1.10 bn −3.7% USD 1.06 bn  France Groupe Caisse d'Epargne[38][39] Derivatives 2008 Boris Picano-Nacci
30 BRL 2 bn 1.833 USD 1.09 bn −3.7% USD 1.05 bn  Brazil Sadia[15][16][40] FX and Credit Options 2008 Adriano Ferreira, Álvaro Ballejo
31 EUR 0.730 bn USD 1 bn≈ USD 1 bn≈  Italy Monte dei Paschi di Siena[41] Synthetic CDOs, Credit Default Swaps on italian government bonds, equity swaps on Intesa Sanpaolo shares[42] 2005-2009
32 GBP 0.4 bn 0.611 USD 0.66 bn 29.2% USD 0.85 bn  United Kingdom Morgan Grenfell[43] Shares 1997 Peter Young
33 USD 0.6 bn 1 USD 0.60 bn 39.9% USD 0.84 bn  United States Askin Capital Management[44] Mortgage-Backed Securities 1994 David Askin
34 USD 0.75 (EUR 0.60) bn 1.371 USD 0.82 bn 0.0 USD 0.82 bn  Germany WestLB[45] Common and Preferred Shares 2007 Friedhelm Breuers[46]
35 USD 0.69 bn 1 USD 0.69 bn 15.3% USD 0.80 bn  United States AIB/Allfirst[47] Foreign Exchange Options 2002 John Rusnak
36 S$1.13 bn USD 0.80 bn  Singapore Hin Leong Trading Oil 2020
37 DEM 0.47 bn 2.587 USD 0.18 bn 320.6% USD 0.76 bn  Germany Herstatt Bank[48][49] Foreign Exchange Trading 1974 Dany Dattel
38 USD 0.77 bn USD 0.77 bn  United States Arkansas Teacher Retirement System[50] volatility-trading fund 2020
39 USD 0.68 bn 0% USD 0.68 bn  China Unipec Oil 2018 [51][52]
40 USD 0.65 bn  United States Quantum Fund Japanese Yen Shorting 1994 Stanley Druckenmiller[53]
41 CAD 0.68 bn 1.066 USD 0.64 bn 0% USD 0.64 bn  Canada Bank of Montreal[54][55] Natural gas derivatives 2007 David Lee, Kevin Cassidy [56][57]
42 USD 0.6 bn  United States Quantum Fund Short IT stocks during the internet bubble 1999 Stanley Druckenmiller[53]
43 USD 0.55 bn 1 USD 0.55 bn 9.8% USD 0.60 bn  China China Aviation Oil (Singapore)[58] Oil Futures and Options 2004 Chen Jiulin
44 USD 0.57 bn  China COSCO Shipping[59] Freight derivatives 2008
45 CHF 0.63 bn 1.451 USD 0.43 bn 27.2% USD 0.55 bn   Switzerland Union Bank of Switzerland[60] Equity Derivatives 1998 Ramy Goldstein
46 USD 0.52 bn USD 0.52 bn  United States State Teachers Retirement System of Ohio[61] Panda Power Funds 2011-2021
47 USD 0.44 bn 1 USD 0.44 bn 82.5% USD 0.44 bn  United States Knight Capital Group Equities 2012 Thomas Joyce
48 USD 0.28 bn 1 USD 0.28 bn 82.5% USD 0.51 bn  United States Merrill Lynch[62] Mortgages (IOs and POs) Trading 1987 Howard A. Rubin
49 USD 0.28 bn 1 USD 0.28 bn 82.5% USD 0.51 bn  United States State of West Virginia[63] Fixed Income and Interest Rate Derivatives 1987 A. James Manchin
50 USD 0.35 bn 1 USD 0.35 bn 39.9% USD 0.49 bn  United States Kidder Peabody[64] Government Bonds 1994 Joseph Jett
51 USD 0.4 bn 1 USD 0.40 bn 20.4% USD 0.48 bn  United States Manhattan Investment Fund[65] Short IT stocks during the internet bubble 2000 Michael Berger
52 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[66] Foreign Exchange Trading 2004
53 1 USD 0.4 bn  United States Pershing Square[67] Netflix 2022 Bill Ackman
54 USD 0.35 bn 1 USD 0.35 bn 0.0% USD 0.35 bn  United States Calyon[68] Credit Derivatives 2007 Richard "Chip" Bierbaum
55 USD 0.36 bn 1 USD 0.36 bn 0.0% USD 0.36 bn  Singapore Petro-Diamond Singapore[69][70][71] Oil derivatives 2019 Wang Xingchen, Jack[72]
56 AUD 0.36 bn 1.171 USD 0.31 bn 9.8% USD 0.34 bn  Australia National Australia Bank[73] Foreign Exchange Trading 2004 Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen[74]
57 JPY 28.6 bn USD 0.34 bn  Japan Tateho Chemical Industries Bond futures 1987 [75]
58 JPY 32 bn USD 0.34 bn  Japan Tokyo Securities Bond futures 1994 [75]
59 USD 0.078 bn 1 USD 0.078 bn 320.4% USD 0.328 bn   Switzerland Lloyds Bank[76] Foreign Exchange Trading 1974 Marc Colombo
60 USD 0.37 (EUR 0.30) bn 0.895 USD 0.27 bn 17.1% USD 0.31 bn  Belgium Dexia Bank[77] Corporate Bonds 2001
61 USD 0.296 bn (EUR 0.26) bn 1.11 USD 0.296 bn -1% USD 0.296 bn  Hong Kong Natixis[78] Equities Derivatives 2018
62 USD 0.225 bn 1 USD 0.225 bn 43.5% USD 0.30 bn  United States FXCM[79] Foreign Exchange 2015
63 USD 0.207 bn 1 USD 0.207 bn 43.5% USD 0.30 bn  Chile Codelco[80] Copper, silver, gold futures 1993 Juan Pablo Davila
64 EUR 0.160 1.1 USD 0.176 bn 0% USD 0.176bn  Germany BNP Paribas Arbitrage Structured Products 2016 Armin S.[81]
65 JPY 11.5 bn USD 0.28 bn  Japan/ United States Fuji Bank New York Branch[75] Foreign Exchange Trading 1984
66 USD 0.28 bn  United Kingdom Allied-Lyons[82] FX Derivatives 1991
67 USD 0.28 bn USD 0.28 bn  United States Raytheon Technologies Corporation Pension Administration and Investment Committee[83] volatility-trading fund 2020
68 JPY 9.7 bn USD 0.24 bn  Japan/ Singapore Dai-Ichi Kangyo Bank Singapore Branch Foreign Exchange Trading 1982 Haruo Kanda[75]
69 JPY 22.9 bn USD 0.23 bn  Japan Nanzan Gakuen[84] Equity Derivatives 2008
70 USD 0.16 bn 1 USD 0.16 bn 39.9% USD 0.22 bn  United States Procter & Gamble[85] Interest Rate Derivatives 1994 Raymond Mains
71 USD 0.04 bn 1 USD 0.04 bn 433.8% USD 0.214 bn   Switzerland United California Bank of Basel[86] Cocoa futures 1970 Paul Erdman
72 USD 0.2 bn 1 USD 0.20 bn 6.2% USD 0.21 bn  China State Reserves Bureau Copper Scandal[87] Copper Futures 2005 Liu Qibing[88]
73 HKD 1.38 bn USD 0.17 bn  Hong Kong Chinese Estates[89] Evergrande 2021
74 GBP 0.09 bn 0.611 USD 0.15 bn 29.2% USD 0.19 bn  United Kingdom NatWest[90] Interest Rate Options 1997 Kyriacos Papouis
75 USD 0.039 bn 1 USD 0.039 bn 320.4% USD 0.164 bn  United States Franklin National Bank[91] Foreign Exchange Trading 1974 Peter Shaddick
76 USD 0.11 bn 1 USD 0.11 bn 39.9% USD 0.15 bn  United States Cuyahoga County, Ohio[92] Leveraged Fixed Income 1994
77 JPY 15.4 bn USD 0.15 bn  Japan Komazawa Gakuen[93] Currency Derivatives 2008
78 SEK 1.23 bn 7.804 USD 0.15 bn −4.8% USD 0.143 bn  Sweden HQ Bank[94] Equity Derivatives 2010 Fredrik Crafoord, Mikael König, Patrik Enblad
79 USD 0.15 bn USD 0.15 bn  United States OptionSellers.com[95] commodity trading 2018 James S. Cordier
80 JPY 13.9 bn USD 0.14 bn  Japan Nippon Steel Chemical Bond futures 1993 [75]
81 USD 0.14 bn 1 USD 0.14 bn −3.7% USD 0.13 bn  United States MF Global[96] Wheat Futures 2008 Evan Dooley
82 N/A USD 0.13 bn  Japan self-portfolio Bitcoin 2017-2018 Masayoshi Son[97]
83 USD 0.120 bn 1 USD 0.12 bn −3,7% USD 0.12 bn  United States Morgan Stanley[98] Credit-index options 2008 Matt Piper
84 USD 0.12 (EUR 0.1) bn 1 USD 0.12 bn −1% USD 0.12 bn  Norway Einar Aas[99] Nordpool Power Derivatives 2018 Einar Aas
85 JPY 11.9 bn USD 0.12 bn  Japan Nippon Sanso Interest rate swap 1995 [75]
86 USD 0.1 bn 1 USD 0.10 bn 15.3% USD 0.12 bn  Croatia Riječka banka (Rijeka Bank)[100] Foreign Exchange Trading 2002 Eduard Nodilo
87 HKD 1 bn USD 0.12 bn  Hong Kong Blue River Holdings[101] Evergrande Vehicle 2021

See also[edit]

References[edit]

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