List of trading losses

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 losses associated with Bernie Madoff's Ponzi scheme, which is estimated in the $50 billion range, because Madoff did not lose the majority of this money in trading.

This list is incomplete; you can help by expanding it.
# 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 9 bn1USD 9 bn−7.0%USD 8.37 bn United KingdomJPMorgan Chase[4]Credit Default Swaps2012 Bruno Iksil
2 USD 9 bn1USD 9 bn−3.7%USD 8.67 bn United StatesMorgan Stanley[5]Credit Default Swaps2008 Howie Hubler
3 USD 6.12 (EUR 4.9) bn0.679USD 7.22 bn−3.7%USD 6.95 bn FranceSociété Générale[6]European Index Futures2008 Jérôme Kerviel
4 USD 6.5 bn1USD 6.50 bn2.8%USD 6.69 bn United StatesAmaranth Advisors[7]Gas Futures2006 Brian Hunter
5 USD 4.6 bn1USD 4.6 bn27.2%USD 5.85 bn United StatesLong Term Capital Management[8]Bond Arbitrage1998 John Meriwether
6 USD 4.1 bn1USD 4.1 bnN/AUSD 4.1 bn United StatesPershing Square[9]Valeant Pharmaceuticals2015-2017 Bill Ackman
7 JPY 285 bn108.78USD 2.62 bn32.1%USD 3.46 bn JapanSumitomo Corporation[10]Copper Futures1996 Yasuo Hamanaka
8 BRL 4.62 bn1.833USD 2.52 bn−3.7%USD 2.43 bn BrazilAracruz[11][12]FX Options2008 Isac Zagury, Rafael Sotero
9 USD 1.7 bn[13]1USD 1.7 bn39.9%USD 2.38 bn United StatesOrange County[14]Leveraged bond investments1994 Robert Citron
10 DEM 2.63 bn1.655USD 1.59 bn43.5%USD 2.28 bn GermanyMetallgesellschaft[15]Oil Futures1993 Heinz Schimmelbusch[16]
11 JPY 166 bn111.08USD 1.49 bn43.5%USD 2.14 bn JapanShowa Shell Sekiyu [17][18]FX Forwards1993
12 JPY 153.6 bn102.18USD 1.50 bn39.9%USD 2.09 bn JapanKashima Oil[18]FX Forwards1994
13 USD 2 bn1USD 2 bn−8.5%USD 1.83 bn United KingdomUBS[19]Equities ETF and Delta 12011 Kweku Adoboli
14 HKD 14.7 bn7.786USD 1.89 bn−3.7%USD 1.82 bn ChinaCITIC Pacific[20]Foreign Exchange Trading2008 Frances Yung
15 GBP 827 mn0.633USD 1.31 bn36.1%USD 1.78 bn SingaporeBarings Bank[21]Nikkei Futures1995 Nick Leeson
16 RUB 78.5 bn 38.98 USD 2.01 bn −12.6% USD 1.76 bn  Russia Transneft[22][23][24][25] Derivatives 2014 Maksim Grishanin, VP Finance
17 USD 1.8 bn1USD 1.8 bn−3.7%USD 1.74 bn United StatesDeutsche Bank[26]Derivatives2008 Boaz Weinstein
18 USD 1.75 (EUR 1.4) bn0.923USD 1.29 bn [27]20.4%USD 1.56 bn AustriaBAWAG[28]Foreign Exchange Trading2000 [27] Wolfgang Flöttl, Helmut Elsner[28]
19 USD 1.1 bn1USD 1.10 bn36.1%USD 1.50 bn JapanDaiwa Bank[29]Bonds1995 Toshihide Iguchi
20 USD 0.80 bn1USD 0.80 bn82.5%USD 1.46 bn United KingdomSoros Fund[30]SP 500 Futures1987 George Soros
21 USD 1 bn1USD 1 bn252.5%USD 2.52 bn United StatesHunt BrothersSilver1980 William Hunt Nelson Hunt
22 USD 0.94 (EUR 0.75) bn0.679USD 1.10 bn−3.7%USD 1.06 bn FranceGroupe Caisse d'Epargne[31][32]Derivatives2008 Boris Picano-Nacci
23 BRL 2 bn1.833USD 1.09 bn−3.7%USD 1.05 bn BrazilSadia[11][12][33]FX and Credit Options2008 Adriano Ferreira, Álvaro Ballejo
24 GBP 0.4 bn0.611USD 0.66 bn29.2%USD 0.85 bn United KingdomMorgan Grenfell[34]Shares1997 Peter Young
25 USD 0.6 bn1USD 0.60 bn39.9%USD 0.84 bn United StatesAskin Capital Management[35]Mortgage-Backed Securities1994 David Askin
26 USD 0.75 (EUR 0.60) bn1.371USD 0.82 bn0.0USD 0.82 bn GermanyWestLB[36]Common and Preferred Shares2007 Friedhelm Breuers[37]
27 USD 0.69 bn1USD 0.69 bn15.3%USD 0.80 bn United StatesAIB/Allfirst[38]Foreign Exchange Options2002 John Rusnak
28 S$1.13 bnUSD 0.80 bn SingaporeHin Leong TradingOil2020
29 DEM 0.47 bn2.587USD 0.18 bn320.6%USD 0.76 bn GermanyHerstatt Bank[39][40]Foreign Exchange Trading1974 Dany Dattel
30 USD 0.68 bn0%USD 0.68 bn ChinaUnipecOil2018 [41][42]
31 USD 0.65 bn United StatesQuantum FundJapanese Yen Shorting1994 Stanley Druckenmiller[43]
32 CAD 0.68 bn1.066USD 0.64 bn0%USD 0.64 bn CanadaBank of Montreal[44][45]Natural gas derivatives2007 David Lee, Kevin Cassidy [46][47]
33 USD 0.6 bn United StatesQuantum FundShort IT stocks during the internet bubble1999 Stanley Druckenmiller[43]
34 USD 0.55 bn1USD 0.55 bn9.8%USD 0.60 bn ChinaChina Aviation Oil (Singapore)[48]Oil Futures and Options2004 Chen Jiulin
35 CHF 0.63 bn1.451USD 0.43 bn27.2%USD 0.55 bn  SwitzerlandUnion Bank of Switzerland[49]Equity Derivatives1998 Ramy Goldstein
36 USD 0.44 bn1USD 0.44 bn82.5%USD 0.44 bn United StatesKnight Capital GroupEquities2012 Thomas Joyce
37 USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bn United StatesMerrill Lynch[50]Mortgages (IOs and POs) Trading1987 Howard A. Rubin
38 USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bn United StatesState of West Virginia[51]Fixed Income and Interest Rate Derivatives1987 A. James Manchin
39 USD 0.35 bn1USD 0.35 bn39.9%USD 0.49 bn United StatesKidder Peabody[52]Government Bonds1994 Joseph Jett
40 USD 0.4 bn1USD 0.40 bn20.4%USD 0.48 bn United StatesManhattan Investment Fund[53]Short IT stocks during the internet bubble2000 Michael Berger
41 USD 0.37 (EUR 0.30) bn1.244USD 0.37 bn9.8%USD 0.41 bn AustriaHypo Alpe-Adria-Bank International[54]Foreign Exchange Trading2004
42 USD 0.35 bn1USD 0.35 bn0.0%USD 0.35 bn United StatesCalyon[55]Credit Derivatives2007 Richard "Chip" Bierbaum
43 USD 0.36 bn1USD 0.36 bn0.0%USD 0.36 bn SingaporePetro-Diamond Singapore[56][57][58]Oil derivatives2019 Wang Xingchen, Jack[59]
44 AUD 0.36 bn1.171USD 0.31 bn9.8%USD 0.34 bn AustraliaNational Australia Bank[60]Foreign Exchange Trading2004 Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen[61]
45 JPY 28.6 bnUSD 0.34 bn JapanTateho Chemical IndustriesBond futures1987[62]
46 JPY 32 bnUSD 0.34 bn JapanTokyo SecuritiesBond futures1994[62]
47 USD 0.078 bn1USD 0.078 bn320.4%USD 0.328 bn  SwitzerlandLloyds Bank[63]Foreign Exchange Trading1974 Marc Colombo
48 USD 0.37 (EUR 0.30) bn0.895USD 0.27 bn17.1%USD 0.31 bn BelgiumDexia Bank[64]Corporate Bonds2001
49 USD 0.296 bn (EUR 0.26) bn1.11USD 0.296 bn-1%USD 0.296 bn Hong KongNatixis[65]Equities Derivatives2018
50 USD 0.225 bn1USD 0.225 bn43.5%USD 0.30 bn United StatesFXCM[66]Foreign Exchange2015
51 USD 0.207 bn1USD 0.207 bn43.5%USD 0.30 bn ChileCodelco[67]Copper, silver, gold futures1993 Juan Pablo Davila
52 EUR 0.160 1.1 USD 0.176 bn 0% USD 0.176bn  Germany BNP Paribas Arbitrage Structured Products 2016 Armin S.[68]
53 JPY 11.5 bnUSD 0.28 bn Japan/ United StatesFuji Bank New York Branch[62]Foreign Exchange Trading1984
55 JPY 9.7 bnUSD 0.24 bn Japan/ SingaporeDai-Ichi Kangyo Bank Singapore BranchForeign Exchange Trading1982Haruo Kanda[62]
56 JPY 22.9 bnUSD 0.23 bn JapanNanzan Gakuen[69]Equity Derivatives2008
57 USD 0.16 bn1USD 0.16 bn39.9%USD 0.22 bn United StatesProcter & Gamble[70]Interest Rate Derivatives1994 Raymond Mains
58 USD 0.04 bn1USD 0.04 bn433.8%USD 0.214 bn  SwitzerlandUnited California Bank of Basel[71]Cocoa futures1970Paul Erdman
59 USD 0.2 bn1USD 0.20 bn6.2%USD 0.21 bn ChinaState Reserves Bureau Copper Scandal[72]Copper Futures2005 Liu Qibing[73]
60 GBP 0.09 bn0.611USD 0.15 bn29.2%USD 0.19 bn United KingdomNatWest[74]Interest Rate Options1997 Kyriacos Papouis
61 USD 0.039 bn1USD 0.039 bn320.4%USD 0.164 bn United StatesFranklin National Bank[75]Foreign Exchange Trading1974Peter Shaddick
62 USD 0.11 bn1USD 0.11 bn39.9%USD 0.15 bn United StatesCuyahoga County, Ohio[76]Leveraged Fixed Income1994
63 JPY 15.4 bnUSD 0.15 bn JapanKomazawa Gakuen[77]Currency Derivatives2008
64 SEK 1.23 bn7.804USD 0.15 bn−4.8%USD 0.143 bn SwedenHQ Bank[78]Equity Derivatives2010 Fredrik Crafoord, Mikael König, Patrik Enblad
65 JPY 13.9 bnUSD 0.14 bn JapanNippon Steel ChemicalBond futures1993[62]
66 USD 0.14 bn1USD 0.14 bn−3.7%USD 0.13 bn United StatesMF Global[79]Wheat Futures2008 Evan Dooley
67 N/AUSD 0.13 bn Japanself-portfolioBitcoin2017-2018 Masayoshi Son[80]
68 USD 0.120 bn1USD 0.12 bn−3,7%USD 0.12 bn United StatesMorgan Stanley[81]Credit-index options2008 Matt Piper
69 USD 0.12 (EUR 0.1) bn1USD 0.12 bn−1%USD 0.12 bn NorwayEinar Aas[82]Nordpool Power Derivatives2018 Einar Aas
70 JPY 11.9 bnUSD 0.12 bn JapanNippon SansoInterest rate swap1995[62]
71 USD 0.1 bn1USD 0.10 bn15.3%USD 0.12 bn CroatiaRiječka banka (Rijeka Bank)[83]Foreign Exchange Trading2002 Eduard Nodilo

See also

References
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  82. ,Financial Times, 2018-09-13
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