Rogue Trader (1999)
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The courses taught on SimTrade teach traders to cover their positions by using different types of orders to protect them from any unexpected market movements. If a stop loss/stop limit strategy would have been entered in by Nick, the losses could have been cut down. A proper investment plan with adequate use of margins and a stop-loss strategy should be put in place by every trader before entering trades. Also, a good trader should never let emotions, such as fear or greed, dictate her judgment.
A black comedy would have been one possibility. The inverted world of the derivatives market, the parasitic character of the profit making involved, and combination of arrogance and ignorance of the traders lends itself to this.
Wolf of Wall Street move aside, there's a new player in town. Rogue Trader is the true story of Nick Leeson (Ewan McGregor) who worked as a futures trader for Barings banks in Singapore. However, he does some shenanigans and oopsy doopsy, no more money!
Ewan McGregor plays Nick Leeson, a real life trader who singlehandedly bankrupted one of the oldest banks in Britain. McGregor does a good impression of a Scottish guy putting on a London accent, but overall his performance is strong enough to be passable. The scrip, characters and direction however aren't.
I always sleep on reviews before I log them here, and in a moment of total coincidence I woke up to the news that a different rogue trader in the same Singapore circuit cost a bank $320 million dollars. The conveniently flimsy oversight which makes room for this plotline has apparently not changed since 1999.
You may not know who he is but he was big news in 1995. He worked for the venerable Barings Bank, which had been in business since 1762. Leeson was their trader at the SIMEX exchange. And he managed to lose over a billion dollars for Barings, bankrupting it in the process.
I have written about Nick Leeson for this website before. Nick was a trader who at the age of 28 brought down a major bank called Barings Bank. This was one of the largest bank in the world after a 800 million loss. Nick was one of the highest ranked trader in the institution because of his perceived correct calls. However, he was not as exceptional as he made people believe. Following the huge losses and subsequent lies, Nick was sent to prison for a number of years. Traders should watch this movie to gain a good understanding of the derivatives and futures market.
This movie was banned in a number of countries because of the prolonged sexual scenes. The movie was a true story of once famous stockbroker known as Jordan Belforte. Leonardo De Caprio who was the lead actor. The movie went ahead to win a number of awards. Leonardo acts as the stockbroker who only cares about money. As a result, he ends up doing fraudulent deals which leads him to prison. This movie will help you as a trader remain grounded no matter the level of success you achieve.
Everybody knows that trading carries the risk of losing serious money, but rogue traders are defined by their wildly excessive, reckless, or unauthorized trading habits. As Jerome Kerviel's trial kicks off this week over trades that cost French bank Societe Generale 4.9 billion euros ($6 billion) back in 2008, history indicates that his kind of rogue activity is more common than you might think. Rogue traders fascinate the public because they tend not to act out of greed. They don't care about money. They care about winning. Rogue traders routinely breach their trading limits, and frequently concoct elaborate cover-ups to hide their losses. Their activity is in the grey area between civil and criminal illegality for the reason that the trader is a legitimate employee of a company or institution, yet enters into transactions on behalf of their employer without permission. So who are the world's most infamous rogue traders Click ahead to find out!By Barbara StcherbatcheffPosted 8 June 2010
Losses accumulated: $1.3 billion Perhaps the most famous rogue trader of all time. In 1995, Leeson led England's 233-year old Barings bank into bankruptcy with failed bets on Nikkei futures. The $1.3 billion of liabilities he had run up was more than the entire capital and reserves of the bank. Eventually arrested in Frankfurt, Germany, Nick spent a few fraught months trying to escape extradition to Singapore. He failed and in December 1995 a court in Singapore sentenced him to six-and- a-half years in prison. In 1999, his story was then turned into a film, Rogue Trader, starring Ewan McGregor.
Losses accumulated: $1.8 billion - $5 billion Hamanaka led Sumitomo's metal trading division, which controlled about 5 percent of the world's copper supply. Also known as \"Mr. Copper\", he used this influence to manipulate the market via the London Metal Exchange (LME), which sets the price of copper around the world. He kept the price of copper artificially high for nearly an entire decade leading up to 1995 and earned huge profits. When Hamanaka was removed from his role by suspicious regulators, the price of copper plunged and Sumitomo announced that it had lost more than $1.8 billion and that the losses could go as high as $5 billion. Sumitomo claimed that Hamanaka was a rogue trader and that his actions were completely unknown to management. The even damaged Sumitomo's reputation as many people believed that the company could not have been ignorant of Hamanaka's actions, especially because it profited for years from it.
Losses accumulated: Unknown Liu is reported to have sold copper that he did not own on behalf of the Chinese State. In 2005, Qibing took a huge bet (around 200,000 tons) that copper prices were going to fall. However, copper prices rose substantially over the life of the trade, which led to massive losses. According to sources within the London Metal Exchange, Liu, a metals trader with 10 years market experience, vanished shortly after this trade went wrong. The paper trail pointed towards the Chinese State Reserve Bureau. But the Chinese government denied that a Liu Qibing had even existed to place a short. The extent of the losses are questionable, and his wherabouts are still unknown.
Losses accumulated: $691 million Former currency trader at Allfirst bank, part of Allied Irish, Rusnak's failed bets on the yen snowballed into $691 million worth of losses. Rusnak was so bullish on the yen that he neglected to hedge his forward contracts. When his unhedged positions faced losses, Rusnak panicked and entered false options into the system that made it look like his positions were hedged. When the bank demanded that Rusnak release some of the capital to ease its balance sheet, his scam was discovered. He was sentenced to seven-and-a-half years in prison for bank fraud.
Losses accumulated: $6.6 billion A former trader for the now-bankrupt Amaranth hedge fund, whose bets on natural gas futures lead the firm to take a $6.6 billion loss. In 2006, Hunter had bet that the difference between the price of natural gas for 2007 March and April contracts would widen. Instead, the spread narrowed, creating losses for Amaranth. Hunter is currently waiting for the Federal Energy Regulatory Commission (FERC) to give their final decision in connection with the alleged manipulation of natural gas prices, and is also awaiting trial with the Commodity Futures Trading Commission. Both are civil lawsuits. Hunter still trades actively in the markets. Pictured: 1 American Lane, Greenwich, CT. where Amaranth Advisors LLC offices were.
Losses accumulated: $1.1 billion The Daiwa Bank trader is responsible for $1.1 billion in losses resulting from about 30,000 unauthorized trades over an extrordinarily long period of 11 years. In September 1995, fearing the damage his losses may cause the bank if inadvertently discovered, Iguchi wrote a 30-page confession letter to the president of Daiwa Bank in Japan detailing what happened. In 1997, he was sentenced to four years in prison, was released in 1999 and began a new life as a writer. In May 2002, he published My Billion Dollar Education, an English version of his best-selling book The Confession.Pictured: Akira Fujita (R), President of Japan's Daiwa Bank, announces a loss of 1.1 billion dollars from 11 years of fraudulent trading by a rogue bond trader at its New York branch, during a press conference in Osaka, Japan, 26 September 1995.
Year: 1983 Director: John Landis U.S. Gross: $90.4 million Description: For a $1 bet, owners of a brokerage house swap the lives of a street hustler and a successful commodities trader. Top employee Louis Winthrope III (Dan Aykroyd) is jailed for petty theft after he is framed by owners Mortimer and Randolph Duke. The brothers then arrange for Billy Ray Valentine (Eddie Murphy), pictured, to work at the brokerage. Valentine's street smarts help him keenly predict commodity movements. After the lowlife rises in society, Randolph wins the wager. But the victims get the last laugh. Real-life parallel: Born and raised in 1960s Brooklyn, Eddie Murphy has had a hugely successful career. His acting work alone has helped place him second all-time to Tom Hanks among U.S. box office draws at $3.7 billion.
The Chartered Institute of Building had backed the introduction of a radicalnew ID scheme in its proposals to manage out the rogue trader. This innovativesolution would hit at the core of the rogue traders' ability to freely trade.
The proposals put forward by the government's Cowboy Builders Working Grouphave been summed up by Michael Brown, executive director CIOB as \"a largecompany solution to the problems of the informal sector of the industry.\" TheCIOB recommends that before we can begin to manage an industry we must be ableto identify its participants. An ID scheme is the foundation of the CIOB'sproposals to manage out the rogue trader. It would be akin to vehicleregistration which although saying nothing about the quality of the vehicle orthe driver, provides traceability a