'Rogue' Oil Trader Lost $320 Million On Wrong-Way Derivatives Bets, Mitsubishi Says | Crypto Craft

  • 'Rogue' Oil Trader Lost $320 Million On Wrong-Way Derivatives Bets, Mitsubishi Says

    From zerohedge.com

    A Singapore-based subsidiary of Japanese trading giant Mitsubishi recently booked a $320 million loss after several unauthorized derivatives trades went sour, the company revealed in a press release Friday morning. The bank blamed the losses on a 'rogue trader' who allegedly manipulated the subsidiary's risk-management system, allowing him to place massive derivatives bets on the price of oil and disguise them as hedges. Though the bank didn't release the trader's name, according to the press release, he was fired earlier this week. The bank has since reported his actions to the local police. The bank launched an ... (full story)

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TMR
Sep 20, 2019 7:19am
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Ouch!
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Eccles
Sep 20, 2019 9:57am — Edited
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A fine reminder that in trading Risk Management is everything. No matter your size, no matter your trading success history, if you don't practice proper Risk Management you'll eventually be caught out like every other idiot thinking they can outsmart the market.
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Trader#5B31
Sep 20, 2019 7:56am
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Hypocrits. Should the trade gone well, he would get a promotion and a prize for being inovative.
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JackJones
Sep 24, 2019 6:17am — Edited
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Quoting RazorFitch
If they lost $320 Million, check out thier B Book, they might have gained hard cold cash worth of $...
how would that work ?
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Senan7
Sep 20, 2019 9:16am
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Agree with all comments. lol
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Trader#1B4C
Sep 20, 2019 7:08am
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Amazing how you never ever hear of the "unauthorised trades" that make bunce, only when they lose does one get to hear about it in the news... Pathetic double standards...
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RazorFitch
Sep 22, 2019 2:34pm
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Rogue Trader Lool, same as rogue in BNP Paribas, or Credit Suisse, or Barclays, etc... They blame it on the Rogue Trader after manipulating the market price.... Do not believe in this false accusations and drama... This is a trick used by Market Makers to get out of their manipulation clean.... how can a rogue trader lose $320 Million without any authorization or monitoring... All market makers manipulate prices by trading against thier clients... If they lost $320 Million, check out thier B Book, they might have gained hard cold cash worth of $ 1 Billion.
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aman4forex
Sep 20, 2019 7:37am
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Oil Oil everywhere & became very slippery everywhere ! Be careful dude ..
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Trader#4404
Sep 20, 2019 7:15am
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lol its always in Singapore
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