List of trading losses explained

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.

Nominal amount lostUSD FX
rate[2] 		USD equivalentUSD
inflation
to 2007[3] 		2007 USD amount lostCountryCompanySource of lossYearPerson(s) associated with incident
at time of loss
USD 10 bn1USD 10 bn-19.4%USD 8.06 bnArchegos Capital Management[4] Total return swaps 2021Bill Hwang
USD 9 bn1USD 9 bn−3.7%USD 8.67 bnMorgan Stanley[5] Credit Default Swaps2008
USD 9 bn1USD 9 bn−7.0%USD 8.37 bnJPMorgan Chase[6] Credit Default Swaps 2012
USD 8 bn1USD 8 bn−12.3%USD 7.01 bnTsingshan Holding Group[7] Short positions on nickel 2022
USD 6.12 (EUR 4.9) bn0.679USD 7.22 bn−3.7%USD 6.95 bnSociété Générale[8] European Index Futures2008
USD 6.5 bn1USD 6.50 bn2.8%USD 6.69 bnAmaranth Advisors[9] Gas Futures 2006
USD 4.6 bn1USD 4.6 bn27.2%USD 5.85 bnLong Term Capital Management[10] Bond Arbitrage 1998
EUR 4 bnUSD 4 bnPFZW[11] Oil futures 2020
USD 4.5 bn1USD 4.5 bn-19.4%USD 3.6 bnMelvin Capital[12] Short positions on Gamestop and other US equities2021Gabe Plotkin
USD 4.1 bn1USD 4.1 bn-14.9%USD 3.49 bnPershing Square[13] Valeant Pharmaceuticals 2015-2017
JPY 285 bn108.78USD 2.62 bn32.1%USD 3.46 bnSumitomo Corporation[14] Copper Futures 1996
USD 3 bnThree Arrows CapitalCryptocurrency 2022Kyle Davies & Su Zhu
EUR 2.7 bn1USD 2.7 bn−7.0%USD 2.7 bnVestia[15] Interest Rate Swaps, Swaptions 2012
BRL 4.62 bn1.833USD 2.52 bn−3.7%USD 2.43 bnAracruz[16] [17] FX Options 2008, Rafael Sotero
USD 2.4 bnUSD 2.4 bnSemGroup[18] Oil Futures 2008
USD 1.7 bn[19] 1USD 1.7 bn39.9%USD 2.38 bnOrange County[20] Leveraged bond investments 1994
DEM 2.63 bn1.655USD 1.59 bn43.5%USD 2.28 bnMetallgesellschaft[21] Oil Futures 1993[22]
JPY 166 bn111.08USD 1.49 bn43.5%USD 2.14 bnShowa Shell Sekiyu[23] [24] FX Forwards 1993
JPY 153.6 bn102.18USD 1.50 bn39.9%USD 2.09 bnKashima OilFX Forwards 1994
USD 2 bnUSD 2 bnSoros Fund Management[25] Russian Equities 1998
USD 2 bnUSD 2 bnTiger Management[26] Shorting Japanese yen 1998
USD 2 bn1USD 2 bn−8.5%USD 1.83 bnUBS[27] Equities ETF and Delta 1 2011
HKD 14.7 bn7.786USD 1.89 bn−3.7%USD 1.82 bnCITIC Pacific[28] Foreign Exchange Trading 2008
GBP 827 mn0.633USD 1.31 bn36.1%USD 1.78 bnBarings Bank[29] Nikkei Futures 1995
RUB 78.5 bn38.98USD 2.01 bn−12.6%USD 1.76 bnTransneft[30] [31] [32] [33] Derivatives2014Maksim Grishanin, VP Finance
USD 1.8 bn1USD 1.8 bn−3.7%USD 1.74 bnDeutsche Bank[34] Derivatives 2008
USD 1.6 bnUSD 1.6 bnIcahn Enterprises[35] Hertz2020Carl Icahn
JPY 130 bnUSD 1.6 bnAIJ Investment Advisors[36] Volatility options2012Kazuhiko Asakawa
USD 1.75 (EUR 1.4) bn0.923USD 1.29 bn [37] 20.4%USD 1.56 bnBAWAG[38] Foreign Exchange Trading 2000 , Helmut Elsner
USD 1.1 bn1USD 1.10 bn36.1%USD 1.50 bnDaiwa Bank[39] Bonds 1995
USD 0.80 bn1USD 0.80 bn82.5%USD 1.46 bnSoros Fund[40] SP 500 Futures 1987
USD 1 bn1USD 1 bn252.5%USD 2.52 bnHunt Brothers Silver1980,
USD 0.94 (EUR 0.75) bn0.679USD 1.10 bn−3.7%USD 1.06 bnGroupe Caisse d'Epargne[41] [42] Derivatives 2008
BRL 2 bn1.833USD 1.09 bn−3.7%USD 1.05 bnSadia[43] FX and Credit Options 2008, Álvaro Ballejo
EUR 0.730 bnUSD 1 bn≈ USD 1 bn≈ Monte dei Paschi di Siena[44] Synthetic CDOs
Credit Default Swaps on Italian government bonds
Equity swaps on Intesa Sanpaolo shares[45] 		2005-2009
USD 1 bnSaudi National Bank[46] 2023
GBP 0.4 bn0.611USD 0.66 bn29.2%USD 0.85 bnMorgan Grenfell[47] Shares 1997
USD 0.6 bn1USD 0.60 bn39.9%USD 0.84 bnAskin Capital Management[48] Mortgage-Backed Securities 1994
USD 0.75 (EUR 0.60) bn1.371USD 0.82 bn0.0USD 0.82 bnWestLB[49] Common and Preferred Shares 2007[50]
USD 0.69 bn1USD 0.69 bn15.3%USD 0.80 bnAIB/Allfirst[51] Foreign Exchange Options2002
S$1.13 bn USD 0.80 bnHin Leong TradingOil 2020
DEM 0.47 bn2.587USD 0.18 bn320.6%USD 0.76 bnHerstatt Bank[52] [53] Foreign Exchange Trading 1974
USD 0.77 bnUSD 0.77 bnArkansas Teacher Retirement System[54] volatility-trading fund 2020
USD 0.68 bn0%USD 0.68 bnUnipecOil 2018[55] [56]
USD 0.65 bnQuantum FundJapanese Yen Shorting 1994[57]
CAD 0.68 bn1.066USD 0.64 bn0%USD 0.64 bnBank of Montreal[58] [59] Natural gas derivatives 2007David Lee, Kevin Cassidy [60] [61]
USD 0.6 bnQuantum FundShort IT stocks during the internet bubble 1999
USD 0.55 bn1USD 0.55 bn9.8%USD 0.60 bnChina Aviation Oil (Singapore)[62] Oil Futures and Options 2004
USD 0.57 bnCOSCO Shipping[63] Freight derivatives 2008
CHF 0.63 bn1.451USD 0.43 bn27.2%USD 0.55 bnUnion Bank of Switzerland[64] Equity Derivatives 1998
USD 0.52 bnUSD 0.52 bnState Teachers Retirement System of Ohio[65] Panda Power Funds2011-2021
EUR 0.48 bn1.08USD 0.519 bnUSD 0.35 bnÉlectricité de France S.A.[66] French electricity contracts2021
USD 0.44 bn1USD 0.44 bn82.5%USD 0.44 bnKnight Capital GroupEquities 2012
USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bnMerrill Lynch[67] Mortgages (IOs and POs) Trading 1987
USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bnState of West Virginia[68] Fixed Income and Interest Rate Derivatives 1987
USD 0.35 bn1USD 0.35 bn39.9%USD 0.49 bnKidder Peabody[69] Government Bonds 1994
USD 0.4 bn1USD 0.40 bn20.4%USD 0.48 bnManhattan Investment Fund[70] Short IT stocks during the internet bubble 2000Michael Berger
USD 0.37 (EUR 0.30) bn1.244USD 0.37 bn9.8%USD 0.41 bnHypo Alpe-Adria-Bank International[71] Foreign Exchange Trading 2004
1USD 0.4 bnPershing Square[72] Netflix2022
USD 0.35 bn1USD 0.35 bn0.0%USD 0.35 bnCalyon[73] Credit Derivatives 2007
USD 0.36 bn1USD 0.36 bn0.0%USD 0.36 bnPetro-Diamond Singapore[74] [75] [76] Oil derivatives 2019Wang Xingchen, Jack[77]
AUD 0.36 bn1.171USD 0.31 bn9.8%USD 0.34 bnNational Australia Bank[78] Foreign Exchange Trading 2004, Gianni Gray, Vince Ficarra & David Bullen[79]
JPY 28.6 bn USD 0.34 bnTateho Chemical Industries Bond futures 1987
JPY 32 bn USD 0.34 bnTokyo SecuritiesBond futures 1994
USD 0.078 bn1USD 0.078 bn320.4%USD 0.328 bnLloyds Bank[80] Foreign Exchange Trading 1974Marc Colombo
USD 0.37 (EUR 0.30) bn0.895USD 0.27 bn17.1%USD 0.31 bnDexia Bank[81] Corporate Bonds 2001
USD 0.296 bn (EUR 0.26) bn1.11USD 0.296 bn-1%USD 0.296 bnNatixis[82] Equities Derivatives 2018
USD 0.25 bn+1USD 0.25 bn+Parplus Partners[83] CBOE Volatility Index futures and options 2020Jim Carney
USD 0.225 bn1USD 0.225 bn43.5%USD 0.30 bnFXCM[84] Foreign exchange 2015
USD 0.207 bn1USD 0.207 bn43.5%USD 0.30 bnCodelco[85] Copper, silver, gold futures 1993
EUR 0.1601.1USD 0.176 bn0%USD 0.176bnBNP Paribas ArbitrageStructured products2016Armin S.[86]
JPY 11.5 bn USD 0.28 bn/Fuji Bank New York Branch[87] Foreign exchange trading 1984
USD 0.28 bnAllied-Lyons[88] FX derivatives 1991
USD 0.28 bn1 USD 0.28 bn Raytheon Technologies Corporation[89] volatility-trading fund2020
JPY 9.7 bn USD 0.24 bn/Dai-Ichi Kangyo Bank Singapore Branch Foreign exchange trading 1982 Haruo Kanda
JPY 22.9 bnUSD 0.23 bnNanzan Gakuen[90] Equity derivatives 2008
USD 0.16 bn1USD 0.16 bn39.9%USD 0.22 bnProcter & Gamble[91] Interest rate derivatives 1994
USD 0.04 bn1USD 0.04 bn433.8%USD 0.214 bnUnited California Bank of Basel[92] Cocoa futures1970
USD 0.2 bn1USD 0.20 bn6.2%USD 0.21 bnState Reserves Bureau Copper Scandal[93] Copper Futures 2005[94]
HKD 1.38 bnUSD 0.17 bnChinese Estates[95] Evergrande2021
GBP 0.09 bn0.611USD 0.15 bn29.2%USD 0.19 bnNatWest[96] Interest Rate Options 1997
USD 0.039 bn1USD 0.039 bn320.4%USD 0.164 bnFranklin National Bank[97] Foreign Exchange Trading1974Peter Shaddick
USD 0.11 bn1USD 0.11 bn39.9%USD 0.15 bnCuyahoga County, Ohio[98] Leveraged Fixed Income 1994
JPY 15.4 bnUSD 0.15 bnKomazawa Gakuen[99] Currency Derivatives 2008
SEK 1.23 bn7.804USD 0.15 bn−4.8%USD 0.143 bnHQ BankEquity Derivatives 2010, Mikael König, Patrik Enblad
USD 0.15 bnUSD 0.15 bnOptionSellers.com[100] commodity trading 2018 James S. Cordier
JPY 13.9 bn USD 0.14 bnNippon Steel ChemicalBond futures 1993
USD 0.14 bn1USD 0.14 bn−3.7%USD 0.13 bnMF Global[101] Wheat Futures 2008
N/AUSD 0.13 bnself-portfolio Bitcoin 2017-2018[102]
USD 0.120 bn1USD 0.12 bn−3,7%USD 0.12 bnMorgan Stanley[103] Credit-index options 2008Matt Piper
USD 0.12 (EUR 0.1) bn1USD 0.12 bn−1%USD 0.12 bnEinar Aas[104] Nordpool Power Derivatives 2018Einar Aas
JPY 11.9 bn USD 0.12 bnNippon SansoInterest rate swap 1995
USD 0.1 bn1USD 0.10 bn15.3%USD 0.12 bnRiječka banka (Rijeka Bank)[105] Foreign Exchange Trading 2002
HKD 1 bnUSD 0.12 bnBlue River Holdings[106] 2021
USD 0.11 bnBerkshire Hathaway[107] 2023

See also

Notes and References

  1. Web site: Doss . Jason R. . Frankowski . Richard S. . 2013 . The Practitioner's Guide to Securities Arbitration . Chicago . American Bar Association. 85 . https://web.archive.org/web/20141006122912/http://www.frankowskifirm.com/chapter-14-damages.html . 2014-10-06 .
  2. Web site: 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. Web site: US Consumer Price Index . https://web.archive.org/web/20171201032142/https://innovative-trading.tk/bitcoin . dead . 2017-12-01 . Using annual average CPI for year cited to 2007 average.
  4. Web site: Archegos poses hard questions for Wall Street. 2021-03-30. www.ft.com. 29 March 2021.
  5. Web site: Howie Hubler of New Jersey: The Return of a Subprime Villain. Howie. Hubler. 2010-03-24. The New York Observer. 2015-06-18.
  6. http://business.time.com/2012/05/17/jpmorgans-london-whale-loss-rises-to-3-billion-as-lawsuits-fly JPMorgan's 'London Whale' Loss Rises to $3 Billion as Lawsuits Fly
  7. Web site: Chinese Nickel Giant Tsingshan Faces $8 Billion Trading Loss as Ukraine War Upends Market. March 8, 2022. The Wall Street Journal. March 9, 2022.
  8. Web site: A Spiral of Losses by a 'Plain Vanilla' Trader. Nelson D.. Schwartz. 2008-01-25. The New York Times. 2008-01-25.
  9. https://web.archive.org/web/20110924015009/http://images.businessweek.com/slideshows/20110915/a-rogues-gallery-of-traders#slide4; Brian Hunter, Amaranth, hedge funds
  10. http://www.businessweek.com/1998/38/b3596001.htm FAILED WIZARDS OF WALL STREET
  11. https://fd.nl/beurs/1364042/pensioenfonds-zorg-en-welzijn-na-miljardenverlies-uit-olietermijnmarkt "Pensioenfonds Zorg en Welzijn na miljardenverlies uit olietermijnmarkt"
  12. Web site: Aliaj. Ortenca. 31 January 2021. Hedge fund Melvin sustains 53% loss after Reddit onslaught. 1 February 2021. Financial Times.
  13. Web site: Bill Ackman Lost $7.7 Million Per Day on Valeant Stock, 2017-03-15. Retrieved 2018-02-11 . 2018-02-12 . 2018-02-13 . https://web.archive.org/web/20180213195148/http://fortune.com/2017/03/15/valeant-stock-bill-ackman;/ . dead .
  14. http://search.japantimes.co.jp/cgi-bin/nn19980326a3.html; Rogue copper trader draws eight-year prison term
  15. https://www.ft.com/content/66713ccc-408d-4622-94ca-12fc2e8381d6 Vestia claims
  16. Web site: Brazil Stocks Tumble After Aracruz, Sadia Post Currency Losses. Bloomberg.com. 26 September 2008. 27 April 2010.
  17. Web site: Aracruz Fails to Settle $2.13 Billion Derivative Loss (Update6). 12 December 2008. 27 April 2009. Bloomberg.com.
  18. What Caused the Big Slide in Oil Prices. Ari J.. Officer. Time . November 14, 2008. content.time.com.
  19. http://faculty.chicagogsb.edu/thomas.evans/documents/bankruptcy.pdf The Effect of the Orange County Bankruptcy on Residential Real Estate Prices
  20. John . Greenwald. The California Wipeout. https://web.archive.org/web/20070514190849/http://www.time.com/time/magazine/article/0,9171,982029,00.html. dead. May 14, 2007. Time. December 19, 1994. 2007-07-22.
  21. News: Metallgesellschaft Reports Talks With Ex-Chief Fail. The New York Times . April 5, 1996. NYTimes.com.
  22. Web site: International Harald Tribune, August 10, 2007.
  23. Web site: Showa Shell Sekiyu K.K.. www.fundinguniverse.com. 27 April 2009.
  24. News: Determined Loser. (Kashima Oil). The Economist. April 16, 1994.
  25. Web site: INTERNATIONAL BUSINESS; Soros's Quantum Fund Losses in Russia Put at $2 Billion. Gretchen. Morgenson. August 27, 1998. NYTimes.com.
  26. Web site: Tiger fund tamed by yen. 1998-10-08. CNN Money.
  27. Web site: Kweku Adoboli arrested. Kweku . Adoboli. 2011-09-15. Business Insider. 2008-03-25.
  28. Web site: CITIC Pacific warns potential $2 billion forex losses, Reuters October 20, 2008. .
  29. Rogue Trader: How I Brought Down Barings Bank and Shook the Financial World by Nick Leeson and Edward Whitley (Hardcover - Mar 1996)
  30. http://www.moscow-post.com/economics/kak_gref_i_tokarev_sdelali_iz_rossii_daunshiftera20193/ How Gref and Tokarev downshifted Russia
  31. Web site: Мы устанавливаем важные обновления. Доступ к сайту появится в ближайшее время.. www.transneft.ru.
  32. Web site: Мы устанавливаем важные обновления. Доступ к сайту появится в ближайшее время.. www.transneft.ru.
  33. Web site: Чистая прибыль «Транснефти» упала в 2,7 раза из-за финансовых расходов. April 9, 2015. Ведомости.
  34. News: Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole - WSJ. Scott Patterson and Serena. Ng. WSJ .
  35. https://www.bloomberg.com/news/articles/2020-05-27/icahn-files-13d-a-on-hertz Carl Icahn Exits Bankrupt Hertz at Loss of Almost $1.6 Billion
  36. (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.
  37. 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.
  38. News: Trial begins Monday for suspects in Austrian bank scandal. July 13, 2007. New York Times. Boris. Groendahl. 3 May 2010.
  39. https://query.nytimes.com/gst/fullpage.html?res=990CE7D7173DF934A1575AC0A963958260 An Unusual Path to Big-Time Trading
  40. Martin Schwartz, Paul Flint, Dave Morine, Pit Bull: Lessons from Wall Street's Champion Day Trader, pg. 171, HarperBusiness, 1999
  41. https://www.reuters.com/article/businessNews/idUSTRE49I2P520081019 Caisse d'Epargne chairman resigns after trading loss
  42. Web site: France nabs trader over Caisse d'Epargne losses. www.politicalscandalnews.com / AFP Global Edition. 30 October 2008. May 4, 2010. https://web.archive.org/web/20171206153423/http://www.politicalscandalnews.com/article/France%20nabs%20trader%20over%20Caisse%20d%27Epargne%20losses/?k=j83s12y12h94s27k02. 2017-12-06. dead.
  43. Web site: Perdigão Acquires Sadia. ThePoultrySite.com. 20 May 2009. 27 April 2010.
  44. News: Bernabei. Silvia . Aloisi . Stefano. 2013-02-06. Monte Paschi puts derivatives loss at 730 million euros. en. Reuters. 2020-10-01.
  45. Web site: 2013-02-06. MPS: Alexandria Santorini e Nota Italia. Ecco la storia dei tre derivati prima del CDA di oggi. 2021-05-13. Money.it. it-IT.
  46. https://www.cnbc.com/2023/03/20/saudi-national-bank-loses-over-1-billion-on-credit-suisse-investment.html Saudi National Bank loses over $1 billion on Credit Suisse investment
  47. http://www.erisk.com/Learning/CaseStudies/MorganGrenfell.asp Morgan Grenfell case study at ERisk.com
  48. Web site: Sad episodes of Global securitisation: The Hall of Shame . 2008-03-09 . https://web.archive.org/web/20080509094436/http://www.vinodkothari.com/sadepisodes.htm#askin . 2008-05-09 . dead .
  49. http://www.iht.com/articles/2007/08/30/business/gbank.php Pressure mounts on WestLB to merge after reporting big trading losses
  50. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article1617724.ece WestLB ousts top traders after losses
  51. http://www.erisk.com/Learning/CaseStudies/AIBCaseStudy.pdf Allied Irish Banks case study at ERisk.com
  52. Book: Markham, Jerry W.. A Financial History of the United States, Volume 1. me Sharpe. Armonk, NY. 2002. 20.
  53. Heckinger. Richard . David Marshall . Robert Steigerwald. Financial Market Utilities and the Challenge of Just-In-Time Liquidity. Federal Reserve Bank of Chicago. Chicago. November 1, 2009. Chicago Fed Letter. 268a.
  54. https://www.institutionalinvestor.com/article/b1mlj29jx9wjsy/Teachers-Pension-Lost-774M-in-Allianz-Volatility-Funds-Lawsuit Teachers’ Pension Lost $774M in Allianz Volatility Funds: Lawsuit
  55. News: Chinese Oil Trader's $688 Million Loss Drags Down Sinopec Profit . Bloomberg.com . 27 January 2019 .
  56. News: Sinopec reveals $690m quarterly loss from crude hedging. Financial Times. 25 January 2019. Hornby. Lucy.
  57. Batnick, Michael (2018) Big Mistakes: The Best Investors and Their Worst Investments
  58. Web site: Breaking News - Headlines & Top Stories | The Star. Toronto. Star. May 31, 2024. Toronto Star.
  59. Web site: Bank of Montreal Raises Trading Loss to C$680 Million (Update6). Sean B. . Pasternak . 2007-05-17 . www.bloomberg.com.
  60. Web site: U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 20811. November 18, 2008. 28 April 2009.
  61. https://www.reuters.com/article/governmentFilingsNews/idUSN0618180320091106 Former bank natgas trader gets $500,000 fine-CFTC
  62. http://news.bbc.co.uk/1/hi/business/4827750.stm "Jail term for China Aviation boss"
  63. https://www.marketwatch.com/story/cosco-shares-fall-after-577-million-derivative-loss "Cosco shares fall after $577 million derivative loss"
  64. https://www.amazon.com/dp/0944188206 The Fall of the UBS: The Reasons Behind the Decline of the Union Bank of Switzerland
  65. https://www.daytondailynews.com/local/teachers-pension-fund-loses-525m-on-panda-power-deal/C4ZMA4GUWVHIZH6QV4NJGGC6UI/ Teachers pension fund loses $525M on Panda Power deal
  66. News: 2023-05-18 . EDF Power Traders Lost 'Shocking' €480 Million as Energy Prices Surged . en . Bloomberg.com . 2023-05-19.
  67. https://query.nytimes.com/gst/fullpage.html?res=9B0DE7D71F3EF932A25756C0A961948260&sec=&spon=&pagewanted=all Anatomy of a Staggering Loss
  68. https://query.nytimes.com/gst/fullpage.html?res=950DE1D7133DF933A25754C0A96F948260&sec=&spon=&pagewanted=all Treasurer of West Virginia Retires Over Fund's Losses
  69. https://www.sec.gov/litigation/opinions/33-8395.htm In the Matter of Orlando Joseph Jett
  70. https://www.nytimes.com/2007/02/23/business/23insider.html The Bankruptcy Development That Has Wall St. Worried
  71. http://www.ft.com/cms/s/2/9b823f0e-8397-11dc-a0a6-0000779fd2ac.html Banking: Watchdogs caught napping
  72. https://edition.cnn.com/2022/04/21/investing/bill-ackman-sells-netflix-stock/index.html Ackman gives up on Netflix, taking $400 million loss as shares tumble
  73. https://www.bloomberg.com/apps/news?pid=20601087&sid=aNS9FsnCwYco& Calyon Trader Fired for Losses Says He's No Rogue
  74. https://www.straitstimes.com/business/companies-markets/mitsubishis-singapore-unit-loses-441m-on-unauthorised-crude-oil-trading Mitsubishi's Singapore unit loses $441m on unauthorised crude oil trading
  75. https://www.mitsubishicorp.com/jp/ja/pr/archive/2019/html/0000038363.html 当社海外連結子会社での損失発生について
  76. Web site: Losses from Overseas Subsidiary’s Crude Oil Trading . Mitsubishi Corp. . 2019-09-20.
  77. Web site: Oil trader at Mitsubishi's Singapore unit fired for losing $441m denies making hidden bets | the Straits Times . www.straitstimes.com . 25 September 2019. 2019-09-25.
  78. http://www.theage.com.au/news/Business/Former-NAB-trader-pleads-guilty/2005/06/14/1118645792067.html Former NAB trader pleads guilty
  79. Web site: The World Today - NAB rogue traders jailed. Australian Broadcasting Corporation. 5 July 2023 .
  80. Web site: Rogue Trading at Lloyds Bank International, 1974: Operational Risk in Volatile Markets By Catherine Schenk 2017.
  81. Web site: Dexia sink $374.49 (€300)m in bond fraud: a mere drop in the ocean . 2008-03-09 . https://archive.today/20120708203548/http://alzahr.blogspot.com/2007/05/dexia-sink-300m-in-bond-fraud-mere-drop.html . 2012-07-08 . dead .
  82. News: Natixis's Pursuit of Exotic Trades Falters with $296 Million Hit . Bloomberg.com . 18 December 2018 .
  83. Web site: A Hedge Fund CEO Bragged About Not Taking Management Fees. He Was Right — Sort of. . 2020-03-27 . www.institutionalinvestor.com . Julie . Segal.
  84. Web site: Swiss Franc Stunner Claims Victims, Currency Broker FXCM Bludgeoned . Steve . Schaefer . www.forbes.com . . 2015-01-16.
  85. Futures (Cedar Falls, Iowa). 0746-2468. Futures Magazine Group. Codelco takes $200 million hit.. 1 March 1994. 27 April 2009.
  86. Web site: Bank-Irrtum zu seinen Gunsten. Niesmann. Andreas. 2016-06-05. focus.de. 2017-03-24.
  87. [Nikkei Inc.]
  88. "Allied-Lyons Reports Big Loss on Currency", New York Times, March 20, 1991
  89. https://www.institutionalinvestor.com/article/b1rd5q91rvjdgj/Raytheon-Technologies-Joins-Crowd-of-Investors-Suing-Allianz Raytheon Technologies Joins Crowd of Investors Suing Allianz
  90. https://diamond.jp/articles/-/32309 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
  91. http://www.iht.com/articles/1994/04/14/procter.php Procter & Gamble's Tale of Derivatives Woe
  92. News: How My Swiss Bank Blew $40 million And Went Broke . Adam . Smith . . September 4, 1972 . 23–32 . Google Books.
  93. http://business.timesonline.co.uk/tol/business/markets/china/article590311.ece City gripped by mystery of the phantom copper dealer
  94. https://www.theguardian.com/business/2005/nov/20/china.theobserver Copper bottom
  95. https://www.scmp.com/business/article/3162611/chinese-estates-post-us190-million-loss-disposal-china-evergrande-shares "Chinese Estates to post US$190 million loss as disposal of China Evergrande shares weighs heavily on bottom line"
  96. https://web.archive.org/web/20020511133909/http://www.telegraph.co.uk/htmlContent.jhtml?html=%2Farchive%2F1997%2F06%2F27%2Fcsfo27.html SFO probes NatWest black hole
  97. News: Franklin National Bank Dismisses Its President. John H.. Allan. The New York Times . May 14, 1974. NYTimes.com.
  98. http://findarticles.com/p/articles/mi_m0EIN/is_1995_Jan_5/ai_15998493 Significant Losses Stemming from the Termination of Its SAFE Investment Program Erode County's Previously Substantial Financial Margins
  99. https://www.j-cast.com/2012/05/28133565.html 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
  100. 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
  101. https://www.nytimes.com/2008/02/28/business/apee-wheat.html?_r=1&ref=business&oref=slogin Rogue Wheat Trader Blamed for $141 Million Loss
  102. Levy, Rachael; Hoffman, Liz (2019) "SoftBank Founder Masayoshi Son Lost $130 Million on Bitcoin" Wall Street Journal
  103. News: Suzanne. Craig. Mollenkamp, Carrick . Still 'Brutal' at Morgan Stanley. The Wall Street Journal. Dow Jones. C1. 2008-06-19. The trader, identified as Matt Piper, handled credit-index options that can act as insurance against defaults..
  104. Web site: Trader blows €100m hole in Nasdaq’s Nordic power market . . 2018-09-13 . registration . 2024-07-26.
  105. https://web.archive.org/web/20080128073131/http://www.telegraph.co.uk/news/main.jhtml?xml=%2Fnews%2F2002%2F03%2F24%2Fwtrade24.xml Croat trader puts bank in $109.87 (£70)m crisis
  106. https://webb-site.com/dbpub/articles.asp?p=44714 China Evergrande Group
  107. https://techcrunch.com/2023/11/24/warren-buffett-berkshire-hathaway-exits-paytm-at-a-40-loss/ Warren Buffett's Berkshire Hathaway exits Paytm at a 40% loss

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