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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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From: TFF11/21/2006 3:35:37 PM
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CHRONOLOGY-Major trading losses in energy, commodity markets

The following is a chronology of companies and institutions that have suffered heavy losses in derivatives markets over the past decade:

Jan 1988 - Major international oil trader Transworld cornered the Brent market but was later forced to sell cargoes back into the market as prices fall, losing an estimated $200 million.

Oct 1988 - West German trading group Klockner accumulates losses of 600-700 million German marks in paper positions on the Brent oil market.

Dec 1993 - Germany's Metallgesellschaft AG suffers huge losses on energy-products linked derivatives, forcing creditors to mount a $2.2 billion rescue.

Jan 1994 - Chile Copper Corp., the world's largest copper producer, known as Codelco, says it lost $175 million through derivatives trading.

June 1996 - Sumitomo Corp., which had lost $1.8 billion in unauthorised off-balance sheet copper trades, later revises the losses to $2.6 billion. It fires star copper trader Yasuo Hamanaka, who subsequently pleaded guilty to fraud and forgery.

Nov 2004 - Singapore-listed China Aviation Oil (Singapore) Corp. Ltd. says it lost $550 million on speculative oil derivatives trading during an oil price surge to over $55 a barrel in October.

March 2005 - Japanese trading house Sojitz Holdings Corp. says it lost 17.987 billion yen ($172.8 million) from commodities trading that may have violated internal rules, widening its preliminary estimate.

July 2005 - Hong Kong trading arm of Samsung Corp. declares losses of $93.8 million from metals futures transactions.

Jan 2006 - South Korean Samsung Corp. says it is scaling back trading operations in the oil market. Oil traders say the move is the result of trading losses on naphtha swaps.

Aug 2006 - U.S.-based hedge fund MotherRock LP tells investors it is shutting down after heavy losses on the U.S. natural gas market. Traders say the losses are between $85 million and $235 million.

Sept 2006 - U.S. hedge fund Amaranth Advisors suffered a $6 billion loss in wrong-way bets in the energy market, particularly U.S. natural gas prices, forcing it to lay off staff and cut positions.

Nov 2006 - Japan's second-biggest trading company Mitsui & Co. said its Singapore unit lost $81 million from naphtha trading as of Nov. 17 and that a trader had falsified data to cover the losses.
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