List of trading losses (2024)

#Nominal Amount LostUSD FX Rate at time of loss^[1]USD Equivalent at time of lossUSD Inflation to 2007^[2]Real Amount LostCountryCompanySource of LossYearPerson(s) associated with incident1USD 9 bn1USD 9 bn-3.7%USD 8.67 bnFile:Flag of the United States.svgUnited StatesMorgan Stanley^[3]Credit Default Swaps2008Howie Hubler2sjs1.473USD 7.22 bn-3.7%USD 6.95 bnFile:Flag of France.svgFranceSociété Générale^[4]European Index Futures2008Jérôme Kerviel3USD 6.5 bn1USD 6.50 bn2.8%USD 6.69 bnFile:Flag of the United States.svgUnited StatesAmaranth Advisors^[5]Gas Futures2006Brian Hunter4USD 5.80 bn1USD 5.80 bn-7.0%USD 5.80 bnFile:Flag of the United Kingdom.svgUnited KingdomJPMorgan Chase^[6]Credit default swaps2012Bruno Iksil5USD 4.6 bn1USD 4.6 bn27.2%USD 5.85 bnFile:Flag of the United States.svgUnited StatesLong Term Capital Management^[7]Interest Rate and Equity Derivatives1998John Meriwether6JPY 285 bn108.78USD 2.62 bn32.1%USD 3.46 bnFile:Flag of Japan.svgJapanSumitomo Corporation^[8]Copper Futures1996Yasuo Hamanaka7BRL 4.62 bn1.833USD 2.52 bn-3.7%USD 2.43 bnFile:Flag of Brazil.svgBrazilAracruz^[9][10]FX Options2008Isac Zagury, Rafael Sotero8USD 2 bn1USD 2 bn-8.5%USD 1.83 bnFile:Flag of the United Kingdom.svgUnited KingdomUBS^[11]Equities ETF and Delta 12011Kweku Adoboli9USD 1.7 bn^[12]1USD 1.7 bn39.9%USD 2.38 bnFile:Flag of the United States.svgUnited StatesOrange County^[13]Leveraged bond investments1994Robert Citron10DEM 2.63 bn1.655USD 1.59 bn43.5%USD 2.28 bnFile:Flag of Germany.svgGermanyMetallgesellschaft^[14]Oil Futures1993Heinz Schimmelbusch^[15]11JPY 166 bn111.08USD 1.49 bn43.5%USD 2.14 bnFile:Flag of Japan.svgJapanShowa Shell Sekiyu ^[16][17]FX Forwards199312JPY 1536 bn102.18USD 1.50 bn39.9%USD 2.09 bnFile:Flag of Japan.svgJapanKashima Oil^[17]FX Forwards199413HKD 14.7 bn7.786USD 1.89 bn-3.7%USD 1.82 bnFile:Flag of the People's Republic of China.svgChinaCITIC Pacific^[18]Foreign Exchange Trading2008Frances Yung13USD 1.8 bn1USD 1.8 bn-3.7%USD 1.74 bnFile:Flag of the United States.svgUnited StatesDeutsche Bank^[19]Derivatives2008Boaz Weinstein14GBP 827 bn1.579USD 1.31 bn36.1%USD 1.78 bnFile:Flag of Singapore.svgSingaporeBarings Bank^[20]Nikkei Futures1995Nick Leeson15EUR 1.4 bn0.923USD 1.29 bn ^[21]20.4%USD 1.56 bnFile:Flag of Austria.svgAustriaBAWAG ^[22]Foreign Exchange Trading2000 ^[21]Wolfgang Flöttl, Helmut Elsner^[22]16USD 1.1 bn1USD 1.10 bn36.1%USD 1.50 bnFile:Flag of Japan.svgJapanDaiwa Bank^[23]Bonds1995Toshihide Iguchi17USD .8 bn1USD .8 bn82.5%USD 1.46 bnFile:Flag of the United Kingdom.svgUnited KingdomSoros Fund^[24]SP 500 Futures1987George Soros18EUR 0.75 bn1.473USD 1.10 bn-3.7%USD 1.06 bnFile:Flag of France.svgFranceGroupe Caisse d'Epargne^{[25] [26]}Derivatives2008Boris Picano-Nacci19BRL 2 bn1.833USD 1.09 bn-3.7%USD 1.05 bnFile:Flag of Brazil.svgBrazilSadia^{[9][10] [27]}FX and Credit Options2008Adriano Ferreira, Álvaro Ballejo20GBP 0.4 bn1.638USD 0.66 bn29.2%USD 0.85 bnFile:Flag of the United Kingdom.svgUnited KingdomMorgan Grenfell^[28]Shares1997Peter Young21USD 0.6 bn1USD 0.60 bn39.9%USD 0.84 bnFile:Flag of the United States.svgUnited StatesAskin Capital Management^[29]Mortgage-Backed Securities1994David Askin22EUR 0.60 bn1.371USD 0.82 bn0.0USD 0.82 bnFile:Flag of Germany.svgGermanyWestLB^[30]Common and Preferred Shares2007Friedhelm Breuers^[31]23USD 0.69 bn1USD 0.69 bn15.3%USD 0.80 bnFile:Flag of the United States.svgUnited StatesAIB/Allfirst^[32]Foreign Exchange Options2002John Rusnak24DEM 0.47 bn2.587USD 0.18 bn320.6%USD 0.76 bnFile:Flag of Germany.svgGermanyHerstatt Bank^[33][34]Foreign Exchange Trading1974Dany Dattel25CAD 0.68 bn1.066USD 0.64 bn0%USD 0.64 bnFile:Flag of Canada.svgCanadaBank of Montreal^[35][36]Natural gas derivatives2007David Lee, Kevin Cassidy ^[37][38]26USD 0.55 bn1USD 0.55 bn9.8%USD 0.60 bnFile:Flag of the People's Republic of China.svgChinaChina Aviation Oil (Singapore)^[39]Oil Futures and Options2004Chen Jiulin27CHF 0.63 bn1.451USD 0.43 bn27.2%USD 0.55 bnFile:Flag of Switzerland.svgSwitzerlandUnion Bank of Switzerland^[40]Equity Derivatives1998Ramy Goldstein28USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bnFile:Flag of the United States.svgUnited StatesMerrill Lynch^[41]Mortgages (IOs and POs) Trading1987Howard A. Rubin29USD 0.28 bn1USD 0.28 bn82.5%USD 0.51 bnFile:Flag of the United States.svgUnited StatesState of West Virginia^[42]Fixed Income and Interest Rate Derivatives1987A. James Manchin30USD 0.35 bn1USD 0.35 bn39.9%USD 0.49 bnFile:Flag of the United States.svgUnited StatesKidder Peabody^[43]Government Bonds1994Joseph Jett31USD 0.4 bn1USD 0.40 bn20.4%USD 0.48 bnFile:Flag of the United States.svgUnited StatesManhattan Investment Fund^[44]Short IT stocks during the internet bubble2000Michael Berger32EUR 0.30 bn1.244USD 0.37 bn9.8%USD 0.41 bnFile:Flag of Austria.svgAustriaHypo Group Alpe Adria^[45]Foreign Exchange Trading200433USD 0.35 bn1USD 0.35 bn0.0%USD 0.35 bnFile:Flag of the United States.svgUnited StatesCalyon^[46]Credit Derivatives2007Richard "Chip" Bierbaum34AUD 0.36 bn0.854USD 0.31 bn9.8%USD 0.34 bnFile:Flag of Australia.svgAustraliaNational Australia Bank^[47]Foreign Exchange Trading2004Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen^[48]35EUR 0.30 bn0.895USD 0.27 bn17.1%USD 0.31 bnFile:Flag of Belgium (civil).svgBelgiumDexia Bank^[49]Corporate Bonds200136USD 0.207 bn1USD 0.207 bn43.5%USD 0.30 bnFile:Flag of Chile.svgChileCodelco^[50]Copper, silver, gold futures1993Juan Pablo Davila37USD 0.16 bn1USD 0.16 bn39.9%USD 0.22 bnFile:Flag of the United States.svgUnited StatesProcter & Gamble^[51]Interest Rate Derivatives1994Raymond Mains38USD 0.2 bn1USD 0.20 bn6.2%USD 0.21 bnFile:Flag of the People's Republic of China.svgChinaState Reserves Bureau Copper Scandal^[52]Copper Futures2005Liu Qibing^[53]39SEK 1230 bn7.804USD 0.15 bn-4.8%USD 0.143 bnFile:Flag of Sweden.svgSwedenHQ Bank^[54]Equity Derivatives2010Fredrik Crafoord, Mikael König, Patrik Enblad40GBP 0.09 bn1.638USD 0.15 bn29.2%USD 0.19 bnFile:Flag of the United Kingdom.svgUnited KingdomNatWest^[55]Interest Rate Options1997Kyriacos Papouis41USD 0.11 bn1USD 0.11 bn39.9%USD 0.15 bnFile:Flag of the United States.svgUnited StatesCuyahoga County, Ohio^[56]Leveraged Fixed Income199442USD 0.14 bn1USD 0.14 bn-3.7%USD 0.13 bnFile:Flag of the United States.svgUnited StatesMF Global^[57]Wheat Futures2008Evan Dooley43USD 0.12 bn1USD 0.12 bn-3.7%USD 0.12 bnFile:Flag of the United States.svgUnited StatesMorgan Stanley^[58]Credit-index options2008Matt Piper44USD 0.1 bn1USD 0.10 bn15.3%USD 0.12 bnFile:Flag of Croatia.svgCroatiaRiječka banka (Rijeka Bank)^[59]Foreign Exchange Trading2002Eduard Nodilo