List of trading losses

Last updated

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 bnFlag of the United States (23px).png  United States Archegos Capital Management [4] Total return swaps2021 Bill Hwang
USD 9 bn1USD 9 bn−3.7%USD 8.67 bnFlag of the United States (23px).png  United States Morgan Stanley [5] Credit Default Swaps2008 Howie Hubler
USD 9 bn1USD 9 bn−7.0%USD 8.37 bnFlag of the United Kingdom.svg  United Kingdom JPMorgan Chase [6] Credit Default Swaps2012 Bruno Iksil
USD 8 bn1USD 8 bn−12.3%USD 7.01 bnFlag of the People's Republic of China.svg  China Tsingshan Holding Group [7] Short positions on nickel2022
USD 6.12 (EUR 4.9) bn0.679USD 7.22 bn−3.7%USD 6.95 bnFlag of France.svg  France Société Générale [8] European Index Futures2008 Jérôme Kerviel
USD 6.5 bn1USD 6.50 bn2.8%USD 6.69 bnFlag of the United States (23px).png  United States Amaranth Advisors [9] Gas Futures2006 Brian Hunter
USD 4.6 bn1USD 4.6 bn27.2%USD 5.85 bnFlag of the United States (23px).png  United States Long Term Capital Management [10] Bond Arbitrage1998 John Meriwether
EUR 4 bnUSD 4 bnFlag of the Netherlands.svg  Netherlands PFZW [11] Oil futures2020
USD 4.5 bn1USD 4.5 bn-19.4%USD 3.6 bnFlag of the United States (23px).png  United States Melvin Capital [12] Short positions on Gamestop and other US equities2021 Gabe Plotkin
USD 4.1 bn1USD 4.1 bn-14.9%USD 3.49 bnFlag of the United States (23px).png  United States Pershing Square [13] Valeant Pharmaceuticals2015-2017 Bill Ackman
JPY 285 bn108.78USD 2.62 bn32.1%USD 3.46 bnFlag of Japan.svg  Japan Sumitomo Corporation [14] Copper Futures1996 Yasuo Hamanaka
USD 3 bnFlag of Singapore.svg  Singapore Three Arrows Capital Cryptocurrency2022Kyle Davies & Su Zhu
EUR 2.7 bn1USD 2.7 bn−7.0%USD 2.7 bnFlag of the Netherlands.svg  Netherlands Vestia [15] Interest Rate Swaps, Swaptions2012 Marcel Vries
BRL 4.62 bn1.833USD 2.52 bn−3.7%USD 2.43 bnFlag of Brazil.svg  Brazil Aracruz [16] [17] FX Options2008 Isac Zagury , Rafael Sotero
USD 2.4 bnUSD 2.4 bnFlag of the United States (23px).png  United States SemGroup [18] Oil Futures2008
USD 1.7 bn [19] 1USD 1.7 bn39.9%USD 2.38 bnFlag of the United States (23px).png  United States Orange County [20] Leveraged bond investments1994 Robert Citron
DEM 2.63 bn1.655USD 1.59 bn43.5%USD 2.28 bnFlag of Germany.svg  Germany Metallgesellschaft [21] Oil Futures1993 Heinz Schimmelbusch [22]
JPY 166 bn111.08USD 1.49 bn43.5%USD 2.14 bnFlag of Japan.svg  Japan Showa Shell Sekiyu [23] [24] FX Forwards1993
JPY 153.6 bn102.18USD 1.50 bn39.9%USD 2.09 bnFlag of Japan.svg  Japan Kashima Oil [24] FX Forwards1994
USD 2 bnUSD 2 bnFlag of the United States (23px).png  United States Soros Fund Management [25] Russian Equities1998
USD 2 bnUSD 2 bnFlag of the United States (23px).png  United States Tiger Management [26] Shorting Japanese yen1998
USD 2 bn1USD 2 bn−8.5%USD 1.83 bnFlag of the United Kingdom.svg  United Kingdom UBS [27] Equities ETF and Delta 12011 Kweku Adoboli
HKD 14.7 bn7.786USD 1.89 bn−3.7%USD 1.82 bnFlag of the People's Republic of China.svg  China CITIC Pacific [28] Foreign Exchange Trading2008 Frances Yung
GBP 827 mn0.633USD 1.31 bn36.1%USD 1.78 bnFlag of Singapore.svg  Singapore Barings Bank [29] Nikkei Futures1995 Nick Leeson
RUB 78.5 bn38.98USD 2.01 bn−12.6%USD 1.76 bnFlag of Russia.svg  Russia Transneft [30] [31] [32] [33] Derivatives2014Maksim Grishanin, VP Finance
USD 1.8 bn1USD 1.8 bn−3.7%USD 1.74 bnFlag of the United States (23px).png  United States Deutsche Bank [34] Derivatives2008 Boaz Weinstein
USD 1.6 bnUSD 1.6 bnFlag of the United States (23px).png  United States Icahn Enterprises [35] Hertz 2020 Carl Icahn
JPY 130 bnUSD 1.6 bnFlag of Japan.svg  Japan AIJ Investment Advisors [36] Volatility options2012Kazuhiko Asakawa
USD 1.75 (EUR 1.4) bn0.923USD 1.29 bn [37] 20.4%USD 1.56 bnFlag of Austria.svg  Austria BAWAG [38] Foreign Exchange Trading2000 [37] Wolfgang Flöttl , Helmut Elsner [38]
USD 1.1 bn1USD 1.10 bn36.1%USD 1.50 bnFlag of Japan.svg  Japan Daiwa Bank [39] Bonds1995 Toshihide Iguchi
USD 0.80 bn1USD 0.80 bn82.5%USD 1.46 bnFlag of the United Kingdom.svg  United Kingdom Soros Fund [40] SP 500 Futures1987 George Soros
USD 1 bn1USD 1 bn252.5%USD 2.52 bnFlag of the United States (23px).png  United States Hunt Brothers Silver 1980 William Hunt , Nelson Hunt
USD 0.94 (EUR 0.75) bn0.679USD 1.10 bn−3.7%USD 1.06 bnFlag of France.svg  France Groupe Caisse d'Epargne [41] [42] Derivatives2008 Boris Picano-Nacci
BRL 2 bn1.833USD 1.09 bn−3.7%USD 1.05 bnFlag of Brazil.svg  Brazil Sadia [16] [17] [43] FX and Credit Options2008 Adriano Ferreira , Álvaro Ballejo
EUR 0.730 bnUSD 1 bn≈USD 1 bn≈Flag of Italy.svg  Italy 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 bnFlag of Saudi Arabia.svg  Saudi Arabia Saudi National Bank [46] Credit Suisse 2023
GBP 0.4 bn0.611USD 0.66 bn29.2%USD 0.85 bnFlag of the United Kingdom.svg  United Kingdom Morgan Grenfell [47] Shares1997 Peter Young
USD 0.6 bn1USD 0.60 bn39.9%USD 0.84 bnFlag of the United States (23px).png  United States Askin Capital Management [48] Mortgage-Backed Securities1994 David Askin
USD 0.75 (EUR 0.60) bn1.371USD 0.82 bn0.0USD 0.82 bnFlag of Germany.svg  Germany WestLB [49] Common and Preferred Shares2007 Friedhelm Breuers [50]
USD 0.69 bn1USD 0.69 bn15.3%USD 0.80 bnFlag of the United States (23px).png  United States AIB/Allfirst [51] Foreign Exchange Options2002 John Rusnak
S$1.13 bnUSD 0.80 bnFlag of Singapore.svg  Singapore Hin Leong Trading Oil2020
DEM 0.47 bn2.587USD 0.18 bn320.6%USD 0.76 bnFlag of Germany.svg  Germany Herstatt Bank [52] [53] Foreign Exchange Trading1974 Dany Dattel
USD 0.77 bnUSD 0.77 bnFlag of the United States (23px).png  United States Arkansas Teacher Retirement System [54] volatility-trading fund2020
USD 0.68 bn0%USD 0.68 bnFlag of the People's Republic of China.svg  China Unipec Oil2018 [55] [56]
USD 0.65 bnFlag of the United States (23px).png  United States Quantum Fund Japanese Yen Shorting1994 Stanley Druckenmiller [57]
CAD 0.68 bn1.066USD 0.64 bn0%USD 0.64 bnFlag of Canada (Pantone).svg  Canada Bank of Montreal [58] [59] Natural gas derivatives2007David Lee, Kevin Cassidy [60] [61]
USD 0.6 bnFlag of the United States (23px).png  United States Quantum Fund Short IT stocks during the internet bubble1999 Stanley Druckenmiller [57]
USD 0.55 bn1USD 0.55 bn9.8%USD 0.60 bnFlag of the People's Republic of China.svg  China China Aviation Oil (Singapore) [62] Oil Futures and Options2004 Chen Jiulin
USD 0.57 bnFlag of the People's Republic of China.svg  China COSCO Shipping [63] Freight derivatives2008
CHF 0.63 bn1.451USD 0.43 bn27.2%USD 0.55 bnFlag of Switzerland (Pantone).svg  Switzerland Union Bank of Switzerland [64] Equity Derivatives1998 Ramy Goldstein
USD 0.52 bnUSD 0.52 bnFlag of the United States (23px).png  United States State Teachers Retirement System of Ohio [65] Panda Power Funds 2011-2021
EUR 0.48 bn1.08USD 0.519 bnUSD 0.35 bnFlag of France.svg  France Électricité de France S.A. [66] French electricity contracts2021
USD 0.44 bn1USD 0.44 bn82.5%USD 0.44 bnFlag of the United States (23px).png  United States Knight Capital Group Equities2012 Thomas Joyce
USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bnFlag of the United States (23px).png  United States Merrill Lynch [67] Mortgages (IOs and POs) Trading1987 Howard A. Rubin
USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bnFlag of the United States (23px).png  United States State of West Virginia [68] Fixed Income and Interest Rate Derivatives1987 A. James Manchin
USD 0.35 bn1USD 0.35 bn39.9%USD 0.49 bnFlag of the United States (23px).png  United States Kidder Peabody [69] Government Bonds1994 Joseph Jett
USD 0.4 bn1USD 0.40 bn20.4%USD 0.48 bnFlag of the United States (23px).png  United States Manhattan Investment Fund [70] Short IT stocks during the internet bubble2000Michael Berger
USD 0.37 (EUR 0.30) bn1.244USD 0.37 bn9.8%USD 0.41 bnFlag of Austria.svg  Austria Hypo Alpe-Adria-Bank International [71] Foreign Exchange Trading2004
1USD 0.4 bnFlag of the United States (23px).png  United States Pershing Square [72] Netflix 2022 Bill Ackman
USD 0.35 bn1USD 0.35 bn0.0%USD 0.35 bnFlag of the United States (23px).png  United States Calyon [73] Credit Derivatives2007 Richard "Chip" Bierbaum
USD 0.36 bn1USD 0.36 bn0.0%USD 0.36 bnFlag of Singapore.svg  Singapore Petro-Diamond Singapore [74] [75] [76] Oil derivatives2019Wang Xingchen, Jack [77]
AUD 0.36 bn1.171USD 0.31 bn9.8%USD 0.34 bnFlag of Australia (converted).svg  Australia National Australia Bank [78] Foreign Exchange Trading2004 Luke Duffy , Gianni Gray, Vince Ficarra & David Bullen [79]
JPY 28.6 bnUSD 0.34 bnFlag of Japan.svg  Japan Tateho Chemical IndustriesBond futures1987 [80]
JPY 32 bnUSD 0.34 bnFlag of Japan.svg  Japan Tokyo Securities Bond futures1994 [80]
USD 0.078 bn1USD 0.078 bn320.4%USD 0.328 bnFlag of Switzerland (Pantone).svg  Switzerland Lloyds Bank [81] Foreign Exchange Trading1974Marc Colombo
USD 0.37 (EUR 0.30) bn0.895USD 0.27 bn17.1%USD 0.31 bnFlag of Belgium (civil).svg  Belgium Dexia Bank [82] Corporate Bonds2001
USD 0.296 bn (EUR 0.26) bn1.11USD 0.296 bn-1%USD 0.296 bnFlag of Hong Kong.svg  Hong Kong Natixis [83] Equities Derivatives2018
USD 0.25 bn+1USD 0.25 bn+Flag of the United States (23px).png  United States Parplus Partners [84] CBOE Volatility Index futures and options2020Jim Carney
USD 0.225 bn1USD 0.225 bn43.5%USD 0.30 bnFlag of the United States (23px).png  United States FXCM [85] Foreign exchange2015
USD 0.207 bn1USD 0.207 bn43.5%USD 0.30 bnFlag of Chile.svg  Chile Codelco [86] Copper, silver, gold futures1993 Juan Pablo Davila
EUR 0.1601.1USD 0.176 bn0%USD 0.176bnFlag of Germany.svg  Germany BNP Paribas Arbitrage Structured products2016 Armin S. [87]
JPY 11.5 bnUSD 0.28 bnFlag of Japan.svg  Japan/Flag of the United States (23px).png  United States Fuji Bank New York Branch [80] Foreign exchange trading1984
USD 0.28 bnFlag of the United Kingdom.svg  United Kingdom Allied-Lyons [88] FX derivatives1991
USD 0.28 bn1USD 0.28 bnFlag of the United States (23px).png  United States Raytheon Technologies Corporation [89] volatility-trading fund2020
JPY 9.7 bnUSD 0.24 bnFlag of Japan.svg  Japan/Flag of Singapore.svg  Singapore Dai-Ichi Kangyo Bank Singapore BranchForeign exchange trading1982Haruo Kanda [80]
JPY 22.9 bnUSD 0.23 bnFlag of Japan.svg  Japan Nanzan Gakuen [90] Equity derivatives2008
USD 0.16 bn1USD 0.16 bn39.9%USD 0.22 bnFlag of the United States (23px).png  United States Procter & Gamble [91] Interest rate derivatives1994 Raymond Mains
USD 0.04 bn1USD 0.04 bn433.8%USD 0.214 bnFlag of Switzerland (Pantone).svg  Switzerland United California Bank of Basel [92] Cocoa futures1970 Paul Erdman
USD 0.2 bn1USD 0.20 bn6.2%USD 0.21 bnFlag of the People's Republic of China.svg  China State Reserves Bureau Copper Scandal [93] Copper Futures2005 Liu Qibing [94]
HKD 1.38 bnUSD 0.17 bnFlag of Hong Kong.svg  Hong Kong Chinese Estates [95] Evergrande 2021
GBP 0.09 bn0.611USD 0.15 bn29.2%USD 0.19 bnFlag of the United Kingdom.svg  United Kingdom NatWest [96] Interest Rate Options1997 Kyriacos Papouis
USD 0.039 bn1USD 0.039 bn320.4%USD 0.164 bnFlag of the United States (23px).png  United States Franklin National Bank [97] Foreign Exchange Trading1974Peter Shaddick
USD 0.11 bn1USD 0.11 bn39.9%USD 0.15 bnFlag of the United States (23px).png  United States Cuyahoga County, Ohio [98] Leveraged Fixed Income1994
JPY 15.4 bnUSD 0.15 bnFlag of Japan.svg  Japan Komazawa Gakuen [99] Currency Derivatives2008
SEK 1.23 bn7.804USD 0.15 bn−4.8%USD 0.143 bnFlag of Sweden.svg  Sweden HQ Bank Equity Derivatives2010 Fredrik Crafoord , Mikael König, Patrik Enblad
USD 0.15 bnUSD 0.15 bnFlag of the United States (23px).png  United States OptionSellers.com [100] commodity trading2018James S. Cordier
JPY 13.9 bnUSD 0.14 bnFlag of Japan.svg  Japan Nippon Steel Chemical Bond futures1993 [80]
USD 0.14 bn1USD 0.14 bn−3.7%USD 0.13 bnFlag of the United States (23px).png  United States MF Global [101] Wheat Futures2008 Evan Dooley
N/AUSD 0.13 bnFlag of Japan.svg  Japan self-portfolioBitcoin2017-2018 Masayoshi Son [102]
USD 0.120 bn1USD 0.12 bn−3,7%USD 0.12 bnFlag of the United States (23px).png  United States Morgan Stanley [103] Credit-index options2008Matt Piper
USD 0.12 (EUR 0.1) bn1USD 0.12 bn−1%USD 0.12 bnFlag of Norway.svg  Norway Einar Aas [104] Nordpool Power Derivatives2018Einar Aas
JPY 11.9 bnUSD 0.12 bnFlag of Japan.svg  Japan Nippon Sanso Interest rate swap1995 [80]
USD 0.1 bn1USD 0.10 bn15.3%USD 0.12 bnFlag of Croatia.svg  Croatia Riječka banka (Rijeka Bank) [105] Foreign Exchange Trading2002 Eduard Nodilo
HKD 1 bnUSD 0.12 bnFlag of Hong Kong.svg  Hong Kong Blue River Holdings [106] Evergrande Vehicle 2021
USD 0.11 bnFlag of the United States (23px).png  United States Berkshire Hathaway [107] Paytm 2023

See also

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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. ↑ "Archegos poses hard questions for Wall Street". www.ft.com. 29 March 2021. Retrieved 2021-03-30.
  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. ↑ JPMorgan's 'London Whale' Loss Rises to $3 Billion as Lawsuits Fly, Time
  7. ↑ "Chinese Nickel Giant Tsingshan Faces $8 Billion Trading Loss as Ukraine War Upends Market". The Wall Street Journal . March 8, 2022. Retrieved March 9, 2022.
  8. ↑ Schwartz, Nelson D. (2008-01-25). "A Spiral of Losses by a 'Plain Vanilla' Trader". The New York Times . Retrieved 2008-01-25.
  9. ↑ Brian Hunter, Amaranth, hedge funds, Bloomberg Businessweek, "A Rogues' Gallery of Traders", September 16, 2011. Retrieved 2014-01-09.
  10. ↑ FAILED WIZARDS OF WALL STREET, BusinessWeek, 1998-09-21. Retrieved 2008-03-21
  11. ↑ "Pensioenfonds Zorg en Welzijn na miljardenverlies uit olietermijnmarkt", Het Financieele Dagblad , November 17, 2020.
  12. ↑ Aliaj, Ortenca (31 January 2021). "Hedge fund Melvin sustains 53% loss after Reddit onslaught". Financial Times . Retrieved 1 February 2021.
  13. ↑ "Bill Ackman Lost $7.7 Million Per Day on Valeant Stock, 2017-03-15. Retrieved 2018-02-11". Archived from the original on 2018-02-13. Retrieved 2018-02-12.
  14. ↑ 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
  15. ↑ Vestia claims, Time
  16. 1 2 "Brazil Stocks Tumble After Aracruz, Sadia Post Currency Losses". Bloomberg.com. 26 September 2008. Retrieved 27 April 2010.
  17. 1 2 "Aracruz Fails to Settle $2.13 Billion Derivative Loss (Update6)". Bloomberg.com. 12 December 2008. Retrieved 27 April 2009.
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  19. ↑ 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
  20. ↑ Greenwald, John (December 19, 1994). "The California Wipeout". Time. Archived from the original on May 14, 2007. Retrieved 2007-07-22.
  21. ↑ "Metallgesellschaft Reports Talks With Ex-Chief Fail". The New York Times. April 5, 1996 – via NYTimes.com.
  22. ↑ "International Harald Tribune, August 10, 2007".
  23. ↑ "Showa Shell Sekiyu K.K." www.fundinguniverse.com. Retrieved 27 April 2009.
  24. 1 2 "Determined Loser. (Kashima Oil)". The Economist. April 16, 1994.
  25. ↑ Morgenson, Gretchen (August 27, 1998). "INTERNATIONAL BUSINESS; Soros's Quantum Fund Losses in Russia Put at $2 Billion" – via NYTimes.com.
  26. ↑ "Tiger fund tamed by yen". CNN Money. 1998-10-08.
  27. ↑ Adoboli, Kweku (2011-09-15). "Kweku Adoboli arrested". Business Insider . Retrieved 2008-03-25.
  28. ↑ "CITIC Pacific warns potential $2 billion forex losses, Reuters October 20, 2008". Reuters .
  29. ↑ 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
  30. ↑ How Gref and Tokarev downshifted Russia Moscow Post, February 12, 2016.
  31. ↑ "Мы устанавливаем важные обновления. Доступ к сайту появится в ближайшее время" (PDF). www.transneft.ru.
  32. ↑ "Мы устанавливаем важные обновления. Доступ к сайту появится в ближайшее время" (PDF). www.transneft.ru.
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  34. ↑ Ng, Scott Patterson and Serena. "Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole - WSJ". WSJ.
  35. ↑ Carl Icahn Exits Bankrupt Hertz at Loss of Almost $1.6 Billion Bloomberg
  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. 1 2 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.
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