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List of trading losses

From Wikipedia, the free encyclopedia

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 lost USD FX
rate[2] 		USD equivalent USD
inflation
to 2007[3] 		2007 USD amount lost Country Company Source of loss Year Person(s) associated with incident
at time of loss
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
USD 9 bn 1 USD 9 bn −3.7% USD 8.67 bn  United States Morgan Stanley[5] Credit Default Swaps 2008 Howie Hubler
USD 9 bn 1 USD 9 bn −7.0% USD 8.37 bn  United Kingdom JPMorgan Chase[6] Credit Default Swaps 2012 Bruno Iksil
USD 8 bn 1 USD 8 bn −12.3% USD 7.01 bn  China Tsingshan Holding Group[7] Short positions on nickel 2022
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
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
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
EUR 4 bn USD 4 bn  Netherlands PFZW[11] Oil futures 2020
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 Gabe Plotkin
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
JPY 285 bn 108.78 USD 2.62 bn 32.1% USD 3.46 bn  Japan Sumitomo Corporation[14] Copper Futures 1996 Yasuo Hamanaka
USD 3 bn  Singapore Three Arrows Capital Cryptocurrency 2022 Kyle Davies & Su Zhu
EUR 2.7 bn 1 USD 2.7 bn −7.0% USD 2.7 bn  Netherlands Vestia[15] Interest Rate Swaps, Swaptions 2012 Marcel Vries
BRL 4.62 bn 1.833 USD 2.52 bn −3.7% USD 2.43 bn  Brazil Aracruz[16][17] FX Options 2008 Isac Zagury, Rafael Sotero
USD 2.4 bn USD 2.4 bn  United States SemGroup[18] Oil Futures 2008
USD 1.7 bn[19] 1 USD 1.7 bn 39.9% USD 2.38 bn  United States Orange County[20] Leveraged bond investments 1994 Robert Citron
DEM 2.63 bn 1.655 USD 1.59 bn 43.5% USD 2.28 bn  Germany Metallgesellschaft[21] Oil Futures 1993 Heinz Schimmelbusch[22]
JPY 166 bn 111.08 USD 1.49 bn 43.5% USD 2.14 bn  Japan Showa Shell Sekiyu[23][24] FX Forwards 1993
JPY 153.6 bn 102.18 USD 1.50 bn 39.9% USD 2.09 bn  Japan Kashima Oil[24] FX Forwards 1994
USD 2 bn USD 2 bn  United States Soros Fund Management[25] Russian Equities 1998
USD 2 bn USD 2 bn  United States Tiger Management[26] Shorting Japanese yen 1998
USD 2 bn 1 USD 2 bn −8.5% USD 1.83 bn  United Kingdom UBS[27] Equities ETF and Delta 1 2011 Kweku Adoboli
HKD 14.7 bn 7.786 USD 1.89 bn −3.7% USD 1.82 bn  China CITIC Pacific[28] Foreign Exchange Trading 2008 Frances Yung
GBP 827 mn 0.633 USD 1.31 bn 36.1% USD 1.78 bn  Singapore Barings Bank[29] Nikkei Futures 1995 Nick Leeson
RUB 78.5 bn 38.98 USD 2.01 bn −12.6% USD 1.76 bn  Russia Transneft[30][31][32][33] Derivatives 2014 Maksim Grishanin, VP Finance
USD 1.8 bn 1 USD 1.8 bn −3.7% USD 1.74 bn  United States Deutsche Bank[34] Derivatives 2008 Boaz Weinstein
USD 1.6 bn USD 1.6 bn  United States Icahn Enterprises[35] Hertz 2020 Carl Icahn
JPY 130 bn USD 1.6 bn  Japan AIJ Investment Advisors[36] Volatility options 2012 Kazuhiko Asakawa
USD 1.75 (EUR 1.4) bn 0.923 USD 1.29 bn [37] 20.4% USD 1.56 bn  Austria BAWAG[38] Foreign Exchange Trading 2000 [37] Wolfgang Flöttl, Helmut Elsner[38]
USD 1.1 bn 1 USD 1.10 bn 36.1% USD 1.50 bn  Japan Daiwa Bank[39] Bonds 1995 Toshihide Iguchi
USD 0.80 bn 1 USD 0.80 bn 82.5% USD 1.46 bn  United Kingdom Soros Fund[40] SP 500 Futures 1987 George Soros
USD 1 bn 1 USD 1 bn 252.5% USD 2.52 bn  United States Hunt Brothers Silver 1980 William Hunt, Nelson Hunt
USD 0.94 (EUR 0.75) bn 0.679 USD 1.10 bn −3.7% USD 1.06 bn  France Groupe Caisse d'Epargne[41][42] Derivatives 2008 Boris Picano-Nacci
BRL 2 bn 1.833 USD 1.09 bn −3.7% USD 1.05 bn  Brazil Sadia[16][17][43] FX and Credit Options 2008 Adriano Ferreira, Álvaro Ballejo
EUR 0.730 bn USD 1 bn≈ USD 1 bn≈  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 bn  Saudi Arabia Saudi National Bank[46] Credit Suisse 2023
GBP 0.4 bn 0.611 USD 0.66 bn 29.2% USD 0.85 bn  United Kingdom Morgan Grenfell[47] Shares 1997 Peter Young
USD 0.6 bn 1 USD 0.60 bn 39.9% USD 0.84 bn  United States Askin Capital Management[48] Mortgage-Backed Securities 1994 David Askin
USD 0.75 (EUR 0.60) bn 1.371 USD 0.82 bn 0.0 USD 0.82 bn  Germany WestLB[49] Common and Preferred Shares 2007 Friedhelm Breuers[50]
USD 0.69 bn 1 USD 0.69 bn 15.3% USD 0.80 bn  United States AIB/Allfirst[51] Foreign Exchange Options 2002 John Rusnak
S$1.13 bn USD 0.80 bn  Singapore Hin Leong Trading Oil 2020
DEM 0.47 bn 2.587 USD 0.18 bn 320.6% USD 0.76 bn  Germany Herstatt Bank[52][53] Foreign Exchange Trading 1974 Dany Dattel
USD 0.77 bn USD 0.77 bn  United States Arkansas Teacher Retirement System[54] volatility-trading fund 2020
USD 0.68 bn 0% USD 0.68 bn  China Unipec Oil 2018 [55][56]
USD 0.65 bn  United States Quantum Fund Japanese Yen Shorting 1994 Stanley Druckenmiller[57]
CAD 0.68 bn 1.066 USD 0.64 bn 0% USD 0.64 bn  Canada Bank of Montreal[58][59] Natural gas derivatives 2007 David Lee, Kevin Cassidy [60][61]
USD 0.6 bn  United States Quantum Fund Short IT stocks during the internet bubble 1999 Stanley Druckenmiller[57]
USD 0.55 bn 1 USD 0.55 bn 9.8% USD 0.60 bn  China China Aviation Oil (Singapore)[62] Oil Futures and Options 2004 Chen Jiulin
USD 0.57 bn  China COSCO Shipping[63] Freight derivatives 2008
CHF 0.63 bn 1.451 USD 0.43 bn 27.2% USD 0.55 bn  Switzerland Union Bank of Switzerland[64] Equity Derivatives 1998 Ramy Goldstein
USD 0.52 bn USD 0.52 bn  United States State Teachers Retirement System of Ohio[65] Panda Power Funds 2011-2021
EUR 0.48 bn 1.08 USD 0.519 bn USD 0.35 bn  France Électricité de France S.A.[66] French electricity contracts 2021
USD 0.44 bn 1 USD 0.44 bn 82.5% USD 0.44 bn  United States Knight Capital Group Equities 2012 Thomas Joyce
USD 0.28 bn 1 USD 0.28 bn 82.5% USD 0.51 bn  United States Merrill Lynch[67] Mortgages (IOs and POs) Trading 1987 Howard A. Rubin
USD 0.28 bn 1 USD 0.28 bn 82.5% USD 0.51 bn  United States State of West Virginia[68] Fixed Income and Interest Rate Derivatives 1987 A. James Manchin
USD 0.35 bn 1 USD 0.35 bn 39.9% USD 0.49 bn  United States Kidder Peabody[69] Government Bonds 1994 Joseph Jett
USD 0.4 bn 1 USD 0.40 bn 20.4% USD 0.48 bn  United States Manhattan Investment Fund[70] Short IT stocks during the internet bubble 2000 Michael Berger
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[71] Foreign Exchange Trading 2004
1 USD 0.4 bn  United States Pershing Square[72] Netflix 2022 Bill Ackman
USD 0.35 bn 1 USD 0.35 bn 0.0% USD 0.35 bn  United States Calyon[73] Credit Derivatives 2007 Richard "Chip" Bierbaum
USD 0.36 bn 1 USD 0.36 bn 0.0% USD 0.36 bn  Singapore Petro-Diamond Singapore[74][75][76] Oil derivatives 2019 Wang Xingchen, Jack[77]
AUD 0.36 bn 1.171 USD 0.31 bn 9.8% USD 0.34 bn  Australia National Australia Bank[78] Foreign Exchange Trading 2004 Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen[79]
JPY 28.6 bn USD 0.34 bn  Japan Tateho Chemical Industries Bond futures 1987 [80]
JPY 32 bn USD 0.34 bn  Japan Tokyo Securities Bond futures 1994 [80]
USD 0.078 bn 1 USD 0.078 bn 320.4% USD 0.328 bn  Switzerland Lloyds Bank[81] Foreign Exchange Trading 1974 Marc Colombo
USD 0.37 (EUR 0.30) bn 0.895 USD 0.27 bn 17.1% USD 0.31 bn  Belgium Dexia Bank[82] Corporate Bonds 2001
USD 0.296 bn (EUR 0.26) bn 1.11 USD 0.296 bn -1% USD 0.296 bn  Hong Kong Natixis[83] Equities Derivatives 2018
USD 0.25 bn 1 USD 0.25 bn  United States Parplus Partners[84] CBOE Volatility Index futures and options 2020 Jim Carney
USD 0.225 bn 1 USD 0.225 bn 43.5% USD 0.30 bn  United States FXCM[85] Foreign exchange 2015
USD 0.207 bn 1 USD 0.207 bn 43.5% USD 0.30 bn  Chile Codelco[86] Copper, silver, gold futures 1993 Juan Pablo Davila
EUR 0.160 1.1 USD 0.176 bn 0% USD 0.176bn  Germany BNP Paribas Arbitrage Structured products 2016 Armin S.[87]
JPY 11.5 bn USD 0.28 bn  Japan/ United States Fuji Bank New York Branch[80] Foreign exchange trading 1984
USD 0.28 bn  United Kingdom Allied-Lyons[88] FX derivatives 1991
USD 0.28 bn 1 USD 0.28 bn  United States Raytheon Technologies Corporation[89] volatility-trading fund 2020
JPY 9.7 bn USD 0.24 bn  Japan/ Singapore Dai-Ichi Kangyo Bank Singapore Branch Foreign exchange trading 1982 Haruo Kanda[80]
JPY 22.9 bn USD 0.23 bn  Japan Nanzan Gakuen[90] Equity derivatives 2008
USD 0.16 bn 1 USD 0.16 bn 39.9% USD 0.22 bn  United States Procter & Gamble[91] 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[92] Cocoa futures 1970 Paul Erdman
USD 0.2 bn 1 USD 0.20 bn 6.2% USD 0.21 bn  China State Reserves Bureau Copper Scandal[93] Copper Futures 2005 Liu Qibing[94]
HKD 1.38 bn USD 0.17 bn  Hong Kong Chinese Estates[95] Evergrande 2021
GBP 0.09 bn 0.611 USD 0.15 bn 29.2% USD 0.19 bn  United Kingdom NatWest[96] Interest Rate Options 1997 Kyriacos Papouis
USD 0.039 bn 1 USD 0.039 bn 320.4% USD 0.164 bn  United States Franklin National Bank[97] Foreign Exchange Trading 1974 Peter Shaddick
USD 0.11 bn 1 USD 0.11 bn 39.9% USD 0.15 bn  United States Cuyahoga County, Ohio[98] Leveraged Fixed Income 1994
JPY 15.4 bn USD 0.15 bn  Japan Komazawa Gakuen[99] Currency Derivatives 2008
SEK 1.23 bn 7.804 USD 0.15 bn −4.8% USD 0.143 bn  Sweden HQ Bank Equity Derivatives 2010 Fredrik Crafoord, Mikael König, Patrik Enblad
USD 0.15 bn USD 0.15 bn  United States OptionSellers.com[100] commodity trading 2018 James S. Cordier
JPY 13.9 bn USD 0.14 bn  Japan Nippon Steel Chemical Bond futures 1993 [80]
USD 0.14 bn 1 USD 0.14 bn −3.7% USD 0.13 bn  United States MF Global[101] Wheat Futures 2008 Evan Dooley
N/A USD 0.13 bn  Japan self-portfolio Bitcoin 2017-2018 Masayoshi Son[102]
USD 0.120 bn 1 USD 0.12 bn −3,7% USD 0.12 bn  United States Morgan Stanley[103] Credit-index options 2008 Matt Piper
USD 0.12 (EUR 0.1) bn 1 USD 0.12 bn −1% USD 0.12 bn  Norway Einar Aas[104] Nordpool Power Derivatives 2018 Einar Aas
JPY 11.9 bn USD 0.12 bn  Japan Nippon Sanso Interest rate swap 1995 [80]
USD 0.1 bn 1 USD 0.10 bn 15.3% USD 0.12 bn  Croatia Riječka banka (Rijeka Bank)[105] Foreign Exchange Trading 2002 Eduard Nodilo
HKD 1 bn USD 0.12 bn  Hong Kong Blue River Holdings[106] Evergrande Vehicle 2021
USD 0.11 bn  United States Berkshire Hathaway[107] Paytm 2023

See also

[edit]

References

[edit]
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  99. ^ 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.
  100. ^ This hedge fund manager lost an estimated $150 million, so he went on YouTube to say sorry Josh Katzowitz. Daily Dot.
  101. ^ Rogue Wheat Trader Blamed for $141 Million Loss, New York Times, 2006-02-28. Retrieved 2008-03-03
  102. ^ Levy, Rachael; Hoffman, Liz (2019) "SoftBank Founder Masayoshi Son Lost $130 Million on Bitcoin" Wall Street Journal
  103. ^ 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.
  104. ^ "Trader blows €100m hole in Nasdaq's Nordic power market". Financial Times. 2018-09-13. Retrieved 2024-07-26.
  105. ^ Croat trader puts bank in $109.87 (£70)m crisis, Daily Telegraph, 2003-03-24. Retrieved 2008-01-24
  106. ^ China Evergrande Group, David Webb.
  107. ^ Warren Buffett's Berkshire Hathaway exits Paytm at a 40% loss TechCrunch
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