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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.
This list is incomplete; you can help by adding missing items. (August 2008)
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
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
BRL 4.62 bn
1.833
USD 2.52 bn
−3.7%
USD 2.43 bn
Brazil
Aracruz[15][16]
FX Options
2008
Isac Zagury, Rafael Sotero
USD 2.4 bn
USD 2.4 bn
United States
SemGroup[17]
Oil Futures
2008
USD 1.7 bn[18]
1
USD 1.7 bn
39.9%
USD 2.38 bn
United States
Orange County[19]
Leveraged bond investments
1994
Robert Citron
DEM 2.63 bn
1.655
USD 1.59 bn
43.5%
USD 2.28 bn
Germany
Metallgesellschaft[20]
Oil Futures
1993
Heinz Schimmelbusch[21]
JPY 166 bn
111.08
USD 1.49 bn
43.5%
USD 2.14 bn
Japan
Showa Shell Sekiyu[22][23]
FX Forwards
1993
JPY 153.6 bn
102.18
USD 1.50 bn
39.9%
USD 2.09 bn
Japan
Kashima Oil[23]
FX Forwards
1994
USD 2 bn
USD 2 bn
United States
Tiger Management[24]
Shorting Japanese yen
1998
USD 2 bn
1
USD 2 bn
−8.5%
USD 1.83 bn
United Kingdom
UBS[25]
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[26]
Foreign Exchange Trading
2008
Frances Yung
GBP 827 mn
0.633
USD 1.31 bn
36.1%
USD 1.78 bn
Singapore
Barings Bank[27]
Nikkei Futures
1995
Nick Leeson
RUB 78.5 bn
38.98
USD 2.01 bn
−12.6%
USD 1.76 bn
Russia
Transneft[28][29][30][31]
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[32]
Derivatives
2008
Boaz Weinstein
USD 1.6 bn
USD 1.6 bn
United States
Icahn Enterprises[33]
Hertz
2020
Carl Icahn
JPY 130 bn
USD 1.6 bn
Japan
AIJ Investment Advisors[34]
Volatility options
2012
Kazuhiko Asakawa
USD 1.75 (EUR 1.4) bn
0.923
USD 1.29 bn [35]
20.4%
USD 1.56 bn
Austria
BAWAG[36]
Foreign Exchange Trading
2000 [35]
Wolfgang Flöttl, Helmut Elsner[36]
USD 1.1 bn
1
USD 1.10 bn
36.1%
USD 1.50 bn
Japan
Daiwa Bank[37]
Bonds
1995
Toshihide Iguchi
USD 0.80 bn
1
USD 0.80 bn
82.5%
USD 1.46 bn
United Kingdom
Soros Fund[38]
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[39][40]
Derivatives
2008
Boris Picano-Nacci
BRL 2 bn
1.833
USD 1.09 bn
−3.7%
USD 1.05 bn
Brazil
Sadia[15][16][41]
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[42]
Synthetic CDOs, Credit Default Swaps on Italian government bonds, equity swaps on Intesa Sanpaolo shares[43]
2005-2009
USD 1 bn
Saudi Arabia
Saudi National Bank[44]
Credit Suisse
2023
GBP 0.4 bn
0.611
USD 0.66 bn
29.2%
USD 0.85 bn
United Kingdom
Morgan Grenfell[45]
Shares
1997
Peter Young
USD 0.6 bn
1
USD 0.60 bn
39.9%
USD 0.84 bn
United States
Askin Capital Management[46]
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[47]
Common and Preferred Shares
2007
Friedhelm Breuers[48]
USD 0.69 bn
1
USD 0.69 bn
15.3%
USD 0.80 bn
United States
AIB/Allfirst[49]
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[50][51]
Foreign Exchange Trading
1974
Dany Dattel
USD 0.77 bn
USD 0.77 bn
United States
Arkansas Teacher Retirement System[52]
volatility-trading fund
2020
USD 0.68 bn
0%
USD 0.68 bn
China
Unipec
Oil
2018
[53][54]
USD 0.65 bn
United States
Quantum Fund
Japanese Yen Shorting
1994
Stanley Druckenmiller[55]
CAD 0.68 bn
1.066
USD 0.64 bn
0%
USD 0.64 bn
Canada
Bank of Montreal[56][57]
Natural gas derivatives
2007
David Lee, Kevin Cassidy [58][59]
USD 0.6 bn
United States
Quantum Fund
Short IT stocks during the internet bubble
1999
Stanley Druckenmiller[55]
USD 0.55 bn
1
USD 0.55 bn
9.8%
USD 0.60 bn
China
China Aviation Oil (Singapore)[60]
Oil Futures and Options
2004
Chen Jiulin
USD 0.57 bn
China
COSCO Shipping[61]
Freight derivatives
2008
CHF 0.63 bn
1.451
USD 0.43 bn
27.2%
USD 0.55 bn
Switzerland
Union Bank of Switzerland[62]
Equity Derivatives
1998
Ramy Goldstein
USD 0.52 bn
USD 0.52 bn
United States
State Teachers Retirement System of Ohio[63]
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.[64]
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[65]
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[66]
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[67]
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[68]
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[69]
Foreign Exchange Trading
2004
1
USD 0.4 bn
United States
Pershing Square[70]
Netflix
2022
Bill Ackman
USD 0.35 bn
1
USD 0.35 bn
0.0%
USD 0.35 bn
United States
Calyon[71]
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[72][73][74]
Oil derivatives
2019
Wang Xingchen, Jack[75]
AUD 0.36 bn
1.171
USD 0.31 bn
9.8%
USD 0.34 bn
Australia
National Australia Bank[76]
Foreign Exchange Trading
2004
Luke Duffy, Gianni Gray, Vince Ficarra & David Bullen[77]
JPY 28.6 bn
USD 0.34 bn
Japan
Tateho Chemical Industries
Bond futures
1987
[78]
JPY 32 bn
USD 0.34 bn
Japan
Tokyo Securities
Bond futures
1994
[78]
USD 0.078 bn
1
USD 0.078 bn
320.4%
USD 0.328 bn
Switzerland
Lloyds Bank[79]
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[80]
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[81]
Equities Derivatives
2018
USD 0.25 bn+
1
USD 0.25 bn+
United States
Parplus Partners[82]
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[83]
Foreign exchange
2015
USD 0.207 bn
1
USD 0.207 bn
43.5%
USD 0.30 bn
Chile
Codelco[84]
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.[85]
JPY 11.5 bn
USD 0.28 bn
Japan/United States
Fuji Bank New York Branch[78]
Foreign exchange trading
1984
USD 0.28 bn
United Kingdom
Allied-Lyons[86]
FX derivatives
1991
USD 0.28 bn
1
USD 0.28 bn
United States
Raytheon Technologies Corporation Pension Administration and Investment Committee[87]
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[78]
JPY 22.9 bn
USD 0.23 bn
Japan
Nanzan Gakuen[88]
Equity derivatives
2008
USD 0.16 bn
1
USD 0.16 bn
39.9%
USD 0.22 bn
United States
Procter & Gamble[89]
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[90]
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[91]
Copper Futures
2005
Liu Qibing[92]
HKD 1.38 bn
USD 0.17 bn
Hong Kong
Chinese Estates[93]
Evergrande
2021
GBP 0.09 bn
0.611
USD 0.15 bn
29.2%
USD 0.19 bn
United Kingdom
NatWest[94]
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[95]
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[96]
Leveraged Fixed Income
1994
JPY 15.4 bn
USD 0.15 bn
Japan
Komazawa Gakuen[97]
Currency Derivatives
2008
SEK 1.23 bn
7.804
USD 0.15 bn
−4.8%
USD 0.143 bn
Sweden
HQ Bank[98]
Equity Derivatives
2010
Fredrik Crafoord, Mikael König, Patrik Enblad
USD 0.15 bn
USD 0.15 bn
United States
OptionSellers.com[99]
commodity trading
2018
James S. Cordier
JPY 13.9 bn
USD 0.14 bn
Japan
Nippon Steel Chemical
Bond futures
1993
[78]
USD 0.14 bn
1
USD 0.14 bn
−3.7%
USD 0.13 bn
United States
MF Global[100]
Wheat Futures
2008
Evan Dooley
N/A
USD 0.13 bn
Japan
self-portfolio
Bitcoin
2017-2018
Masayoshi Son[101]
USD 0.120 bn
1
USD 0.12 bn
−3,7%
USD 0.12 bn
United States
Morgan Stanley[102]
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[103]
Nordpool Power Derivatives
2018
Einar Aas
JPY 11.9 bn
USD 0.12 bn
Japan
Nippon Sanso
Interest rate swap
1995
[78]
USD 0.1 bn
1
USD 0.10 bn
15.3%
USD 0.12 bn
Croatia
Riječka banka (Rijeka Bank)[104]
Foreign Exchange Trading
2002
Eduard Nodilo
HKD 1 bn
USD 0.12 bn
Hong Kong
Blue River Holdings[105]
Evergrande Vehicle
2021
^Doss, Jason R. & Frankowski, Richard S. (2013). "The Practitioner's Guide to Securities Arbitration." Chicago: American Bar Association. p. 85. http://www.frankowskifirm.com/chapter-14-damages.html Archived 2014-10-06 at the Wayback Machine
^"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
^"US Consumer Price Index". Archived from the original on 2017-12-01. Using annual average CPI for year cited to 2007 average.
^"Archegos poses hard questions for Wall Street". www.ft.com. 29 March 2021. Retrieved 2021-03-30.
^Hubler, Howie (2010-03-24). "Howie Hubler of New Jersey: The Return of a Subprime Villain". The New York Observer. Retrieved 2015-06-18.
^JPMorgan's 'London Whale' Loss Rises to $3 Billion as Lawsuits Fly, Time
^"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.
^Schwartz, Nelson D. (2008-01-25). "A Spiral of Losses by a 'Plain Vanilla' Trader". The New York Times. Retrieved 2008-01-25.
^Brian Hunter, Amaranth, hedge funds, Bloomberg Businessweek, "A Rogues' Gallery of Traders", September 16, 2011. Retrieved 2014-01-09.
^FAILED WIZARDS OF WALL STREET, BusinessWeek, 1998-09-21. Retrieved 2008-03-21
^"Pensioenfonds Zorg en Welzijn na miljardenverlies uit olietermijnmarkt", Het Financieele Dagblad, November 17, 2020.
^Aliaj, Ortenca (31 January 2021). "Hedge fund Melvin sustains 53% loss after Reddit onslaught". Financial Times. Retrieved 1 February 2021.
^Bill Ackman Lost $7.7 Million Per Day on Valeant Stock, 2017-03-15. Retrieved 2018-02-11
^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
^ ab"Brazil Stocks Tumble After Aracruz, Sadia Post Currency Losses". Bloomberg.com. 26 September 2008. Retrieved 27 April 2010.
^ ab"Aracruz Fails to Settle $2.13 Billion Derivative Loss (Update6)". Bloomberg.com. 12 December 2008. Retrieved 27 April 2009.
^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
^Greenwald, John (December 19, 1994). "The California Wipeout". Time. Archived from the original on May 14, 2007. Retrieved 2007-07-22.
^New York Times, April 5, 1996
^International Harald Tribune, August 10, 2007
^"Showa Shell Sekiyu K.K." www.fundinguniverse.com. Retrieved 27 April 2009.
^ ab"Determined Loser. (Kashima Oil)". The Economist. April 16, 1994.
^"Tiger fund tamed by yen". CNN Money. 1998-10-08.
^Adoboli, Kweku (2011-09-15). "Kweku Adoboli arrested". Business Insider. Retrieved 2008-03-25.
^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
^How Gref and Tokarev downshifted Russia Moscow Post, February 12, 2016.
^Consolidated financial statements of Transneft JSC prepared in accordance with IFRS for the year ended 31 December 2014
^Consolidated interim condensed financial statements of Transneft JSC prepared in accordance with IFRS for the nine months ended 30 September 2015
^Чистая прибыль "Транснефти" упала в 2,7 раза из-за финансовых расходов | Ведомости
^Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole
^Carl Icahn Exits Bankrupt Hertz at Loss of Almost $1.6 Billion Bloomberg
^(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.
^ abThe 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.
^ abGroendahl, Boris (July 13, 2007). "Trial begins Monday for suspects in Austrian bank scandal". New York Times. Retrieved 3 May 2010.
^An Unusual Path to Big-Time Trading, New York Times, September 27, 1995. Retrieved 2008-01-24
^Martin Schwartz, Paul Flint, Dave Morine, Pit Bull: Lessons from Wall Street's Champion Day Trader, pg. 171, HarperBusiness, 1999 ISBN 0-88730-956-9
^Caisse d'Epargne chairman resigns after trading loss, Reuters, October 19, 2008
^"France nabs trader over Caisse d'Epargne losses". www.politicalscandalnews.com / AFP Global Edition. 30 October 2008. Archived from the original on 2017-12-06. Retrieved May 4, 2010.
^"Perdigão Acquires Sadia". ThePoultrySite.com. 20 May 2009. Retrieved 27 April 2010.
^Bernabei, Silvia Aloisi, Stefano (2013-02-06). "Monte Paschi puts derivatives loss at 730 million euros". Reuters. Retrieved 2020-10-01.{{cite news}}: CS1 maint: multiple names: authors list (link)
^"MPS: Alexandria Santorini e Nota Italia. Ecco la storia dei tre derivati prima del CDA di oggi". Money.it (in Italian). 2013-02-06. Retrieved 2021-05-13.
^Saudi National Bank loses over $1 billion on Credit Suisse investment, March 20, 2023. Natasha Turak. CNBC.
^Morgan Grenfell case study at ERisk.com Archived 2006-03-18 at archive.today
^"Sad episodes of Global securitisation: The Hall of Shame". Archived from the original on 2008-05-09. Retrieved 2008-03-09.
^Pressure mounts on WestLB to merge after reporting big trading losses, International Herald Tribune, August 30, 2007
^WestLB ousts top traders after losses, Times Online, April 5, 2007
^Allied Irish Banks case study at ERisk.com Archived 2006-11-15 at the Wayback Machine
^Markham, Jerry W. (2002). A Financial History of the United States, Volume 1. Armonk, NY: me Sharpe. p. 20.
^Heckinger, Richard; David Marshall; Robert Steigerwald (November 1, 2009). "Financial Market Utilities and the Challenge of Just-In-Time Liquidity" (PDF). Chicago Fed Letter (268a). Chicago: Federal Reserve Bank of Chicago.
^Teachers’ Pension Lost $774M in Allianz Volatility Funds: Lawsuit Institutional Investor. July 21, 2020.
^"Chinese Oil Trader's $688 Million Loss Drags Down Sinopec Profit". Bloomberg.com. 27 January 2019.
^Hornby, Lucy (25 January 2019). "Sinopec reveals $690m quarterly loss from crude hedging". Financial Times.
^ abBatnick, Michael (2018) Big Mistakes: The Best Investors and Their Worst Investments
^BMO trading loss hits $680M
^Bank of Montreal Raises Trading Loss to C$680 Million
^"U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 20811". November 18, 2008. Retrieved 28 April 2009.
^Former bank natgas trader gets $500,000 fine-CFTC Reuters, 6-November-2009
^"Jail term for China Aviation boss", BBC News, 21 March 2006
^"Cosco shares fall after $577 million derivative loss", MarketWatch, December 16, 2008
^The Fall of the UBS: The Reasons Behind the Decline of the Union Bank of Switzerland by Dirk Schutz, ISBN 0-944188-20-6
^Teachers pension fund loses $525M on Panda Power deal. Dayton Daily News. March 27, 2021.
^"EDF Power Traders Lost 'Shocking' €480 Million as Energy Prices Surged". Bloomberg.com. 2023-05-18. Retrieved 2023-05-19.
^Anatomy of a Staggering Loss, New York Times, 1987-05-11, Retrieved 2008-01-24
^Treasurer of West Virginia Retires Over Fund's Losses, New York Times, July 10, 1989. Retrieved 2008-03-22
^In the Matter of Orlando Joseph Jett, U.S. Securities and Exchange Commission, March 5, 2004
^The Bankruptcy Development That Has Wall St. Worried, New York Times, 2007-02-23. Retrieved 2008-01-24
^"Oil trader at Mitsubishi's Singapore unit fired for losing $441m denies making hidden bets | the Straits Times". www.straitstimes.com. 25 September 2019. Retrieved 2019-09-25.
^Former NAB trader pleads guilty, The Age, 2005-06-14. Retrieved 2013-03-16
^"The World Today - NAB rogue traders jailed". Australian Broadcasting Corporation. 5 July 2023.
^ abcdefNikkei Inc. (1997) 銅マフィアの影 ドキュメント・住商事件 (A Trap of the Cooper-Fingers: Sumitomo Corp. Scandal); 世界の主な金融・商品取引の失敗例(金額順) ISBN 4532146348
^Rogue Trading at Lloyds Bank International, 1974: Operational Risk in Volatile Markets By Catherine Schenk 2017
^"Dexia sink $374.49 (€300)m in bond fraud: a mere drop in the ocean". Archived from the original on 2012-07-08. Retrieved 2008-03-09.
^"Natixis's Pursuit of Exotic Trades Falters with $296 Million Hit". Bloomberg.com. 18 December 2018.
^https://www.institutionalinvestor.com/article/b1kybv2q967pz2/A-Hedge-Fund-CEO-Bragged-About-Not-Taking-Management-Fees-He-Was-Right-Sort-of |date=27 March 2020}
^https://www.forbes.com/sites/steveschaefer/2015/01/16/swiss-bank-stunner-claims-victims-currency-broker-fxcm-bludgeoned/#621c5b9b6de0 |date=15 January 2015|accessdate=04 August 2019}}
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