30 of the biggest trading losses of all time

Trading

Here's a league table of 30 of the biggest trading losses of all time (excluding CDO losses post 2007).

Let us know if we have left anyone out!

1. Amaranth Advisors (Brian Hunter) - $6.5bn (Gas futures) 2006

=2. Bank Negara Malaysia - $6.2bn (mostly currencies) 1992-93

=2. JPMorgan - $6.2bn (Synthetic Credit Securities)

4. Societe Generale (Jerome Kerviel) - $5.9bn (European index futures) 2008

5. Long Term Capital Management - $4.6bn (Interest rate and equity derivatives) 1998

6. Credit Suisse - $2.65bn (mispriced debt securities) 2008

7. Sumitomo Corporation - $2.6bn (Copper futures) 1996

8. Bawag - $2.5bn (Currency and interest rate swaps) 2006

9. UBS - $2.3bn (Unauthorised equities trading)

10. Citic Pacific - $2bn (FX) 2008

=11. Metallgesellscahft - $1.6bn (Oil futures) 1993

=11 Sowood Capital Management - $1.6bn (Debt securities)

13. Barings - $1.4bn (Nikkei futures) 1995

14. Credit Suisse - $1.3bn (Emerging markets) 1998

15. Daiwa Bank - $1.1bn (bonds) 1995

16. Caisse d'Epargne - $808m (equity derivatives) 2008

=17. Bank of Montreal - $800m (Natural gas options) 2007

=18. WestLB - $800m (Equities) 2007

19. Paulson & Co - $720m (equity in Sino-Forest Corp) 2011

=20. Allied Irish Bank - $700m (Currencies) 2002

=20. Morgan Grenfell - $700m (Equities) 1997

22. UBS - $500m (Derivatives) 1998

=23. Kidder Peabody - $ 400m (US T-Bills) 1994

=23. Dexia - $400m (Bonds) 2001

=23. CIC - $400m (Equity derivatives) 2005

26. Merrill Lynch - $377m (Mortgages)

27. Calyon - $350m (Credit indices) 2007

28. National Australia Bank - $300m (Currencies) 2004

=29. Salomon Brothers -$250m (Mortgages) 1986

=29. NatWest Markets - $250m (Options) 1997

Notes - Bernie Madoff has been excluded - he ran a Ponzi scheme, and didn't actually lose money trading.

CDO losses from 2007 have also been excluded, on the basis that this table would be simply full of them and nothing else.

Sources - Bloomberg, Here Is The City, Wikipedia

 

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