|
Rogue Trader
In financial trading, a rogue trader is an employee authorized to make trades on behalf of their employer (subject to certain conditions) who makes unauthorized trades. It can also involve mismarking of securities. The perpetrator is a legitimate employee of a company, but enters into transactions on behalf of their employer, or mismarks securities held by their employer, without their employer's permission. One famous rogue trader is Nick Leeson, whose losses on unauthorized investments in index futures contracts were sufficient to bankrupt his employer Barings Bank in 1995. Through a combination of poor judgment on his part, increasingly large initial profits, lack of oversight by management, a naïve regulatory environment, and an unforeseen outside event, the Kobe earthquake, Leeson incurred a US$1.3 billion loss that bankrupted the centuries-old financial institution. In some cases traders have initially made large profits for their employers, and - their goal - large bon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
 |
Employee
Employment is a relationship between two party (law), parties Regulation, regulating the provision of paid Labour (human activity), labour services. Usually based on a employment contract, contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wage, wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuity, gratuities, bonus payments or employee stock option, stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, and disability insurance. Employment is typically governed by Labour law, employment laws, o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
2008 Société Générale Trading Loss
In January 2008, the bank Société Générale lost approximately €4.9 billion closing out positions over three days of trading beginning January 21, 2008, a period in which the market was experiencing a large drop in equity indices. The bank states these positions were fraudulent transactions created by Jérôme Kerviel, a trader with the company. The police stated they lacked evidence to charge him with fraud and charged him with breach of trust and illegally accessing computers. Kerviel states his actions were known to his superiors and that the losses were caused by panic selling by the bank. Société Générale's own wrongs were later established by a French jurisdiction, which led the Cour de cassation to cancel the €4.9 billion sanction on Kerviel. Employment history of Jérôme Kerviel Kerviel joined the middle offices in the bank Société Générale in the summer of 2000, working in its compliance department. In 2005 he was promoted to the bank's Delta One produc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
 |
Foreign Exchange Market
The foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. By trading volume, it is by far the largest market in the world, followed by the credit market. The main participants are the larger international banks. Financial centres function as anchors of trading between a range of multiple types of buyers and sellers around the clock, with the exception of weekends. As currencies are always traded in pairs, the market does not set a currency's absolute value, but rather determines its relative value by setting the market price of one currency if paid for with another. Example: 1 USD is worth 1.1 Euros or 1.2 Swiss Francs etc. The market works through financial institutions and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
Allied Irish Banks
Allied Irish Banks, p.l.c. is one of the so-called Big Four (banking)#Ireland, Big Four commercial banks in the Republic of Ireland. AIB offers a full range of personal, business and corporate banking services. The bank also offers a range of general insurance products such as home, travel and car. It offers life insurance, life assurance and pensions through its tied agency with Irish Life Assurance plc. In December 2010 the Irish government took a majority stake in the bank, which eventually grew to 99.8%. AIB's shares are currently traded on the Irish Stock Exchange and the London Stock Exchange, but its shares were delisted from these exchanges between 2011 and 2017, following its effective nationalisation. The remainder of its publicly traded shares were listed on the Enterprise Securities Market of the Irish Stock Exchange until 23 June 2017. AIB also owns Allied Irish Bank (GB) in Great Britain and AIB (NI) in Northern Ireland. In November 2010, it sold its 22.5% stake i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
|
John Rusnak
John Rusnak is a former currency trader at Allfirst bank, then part of AIB Group, in Baltimore, Maryland, United States. He is known for committing one of the largest ever cases of bank fraud, where he lost his company US$691 million after a series of bad bets. Allfirst scandal On January 17, 2003 Rusnak was sentenced to years in prison for hiding US$691 million in losses at the bank in 2002, after bad bets snowballed in one of the largest ever cases of bank fraud. He was transferred from prison to a halfway house in June 2008, to home confinement in September 2008, and ultimately released from home confinement on January 5, 2009, serving less than 6 years. Since his return to society, Rusnak has become an advocate for second chances for men coming home from incarceration and for those in drug and alcohol rehabilitation. Rusnak currently serves as the Executive Director of unCUFFED ministries working with juveniles who are incarcerated in adult detention facilities. Rusnak co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
 |
United States Treasury Security
United States Treasury securities, also called Treasuries or Treasurys, are government bond, government debt instruments issued by the United States Department of the Treasury to finance government spending as a supplement to taxation. Since 2012, the U.S. government debt has been managed by the Bureau of the Fiscal Service, succeeding the Bureau of the Public Debt. There are four types of marketable Treasury securities: #Treasury bill, Treasury bills, #Treasury note, Treasury notes, #Treasury bond, Treasury bonds, and #TIPS, Treasury Inflation Protected Securities (TIPS). The government sells these securities in auctions conducted by the Federal Reserve Bank of New York, after which they can be traded in secondary markets. Non-marketable securities include savings bonds, issued to individuals; the State and Local Government Series (SLGS), purchaseable only with the proceeds of state and municipal bond sales; and the Government Account Series, purchased by units of the feder ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
 |
Daiwa Bank
() is the holding company of , the fifth-largest banking group in Japan as of 2012. It is headquartered in the Kiba area of Koto, Tokyo. The main operating entities of the group are Resona Bank, a nationwide corporate and retail bank headquartered in Osaka, and Saitama Resona Bank, a smaller bank headquartered in Saitama City which primarily serves Saitama Prefecture, and are thus considered to be " city banks" of Japan. Most of these banks' operations are descended from Daiwa Bank and Asahi Bank, which merged in 2003. History Daiwa Bank Resona was formed as the Osaka Nomura Bank in 1918. This entity served as the financing arm of the Nomura ''zaibatsu'' founded by Tokushichi Nomura. Its securities brokerage operation separated in 1925 to form Nomura Securities, now Japan's largest securities company. The bank was renamed Nomura Bank in 1927 and became the main bank for the Osaka Prefecture government in 1929, immediately following the 1929 stock market crash. The Nomur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
Toshihide Iguchi
Toshihide is a masculine Japanese given name. Written forms Toshihide can be written using different combinations of kanji characters. Here are some examples: *敏英, "agile, hero" *敏秀, "agile, excellence" *敏栄, "agile, prosperous" *俊英, "talented, hero" *俊秀, "talented, excellence" *俊栄, "talented, prosperous" *寿英, "long life, hero" *寿秀, "long life, excellence" *寿栄, "long life, prosperous" *寿日出, "long life, sunrise" *利英, "benefit, hero" *利秀, "benefit, excellence" *年英, "year, hero" *年日出, "year, sunrise" *年栄, "year, prosperous" The name can also be written in hiragana としひで or katakana is a Japanese syllabary, one component of the Japanese writing system along with hiragana, kanji and in some cases the Latin script (known as rōmaji). The word ''katakana'' means "fragmentary kana", as the katakana characters are derived fr ... トシヒデ. Notable people with the name *, Japanese rogue trader *, Japanes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
 |
Nikkei 225
The Nikkei 225, or , more commonly called the ''Nikkei'' or the ''Nikkei index'' (), is a stock market index for the Tokyo Stock Exchange (TSE). It is a price-weighted index, operating in the Japanese yen, Japanese Yen (JP¥), and its components are reviewed twice a year. The Nikkei 225 measures the performance of 225 highly capitalised and liquid publicly owned companies in Japan from a wide array of industry sectors. Since 2017, the index is calculated every five seconds. It was originally launched by the Tokyo Stock Exchange in 1950, and was taken over by the ''The Nikkei, Nihon Keizai Shimbun'' (''The Nikkei'') newspaper in 1950 in Japan, 1970, when the Tokyo Exchange switched to the TOPIX, Tokyo Stock Price Index (TOPIX), which is weighed by market capitalisation rather than stock prices. History The Nikkei 225 began to be calculated on 7 September 1950, retroactively calculated back to 16 May 1949, when the average price of its component stocks was 176.21 yen. Since July ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
 |
2011 UBS Rogue Trader Scandal
The 2011 UBS rogue trader scandal caused a loss of over US$2 billion at Swiss bank UBS, as a result of unauthorized trading performed by Kweku Adoboli, a director of the bank's Global Synthetic Equities Trading team in London in early September 2011. On 24 September 2011, Oswald Grübel, the CEO of UBS, resigned "to assume responsibility for the recent unauthorized trading incident", according to a memo to UBS staff. On 5 October Francois Gouws and Yassine Bouhara, the co-heads of Global Equities at UBS, also resigned."UBS Equities Chiefs Resign in Wake of Scandal " 5 October 2011 It later emerged that UBS had failed to act on a warning issued by its computer system about Adoboli's trading. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
Kweku Adoboli
Kweku Adoboli (born 21 May 1980) is a Ghanaian investment manager and former stock trader. He was convicted of illegally trading away US$2 billion (£1.3 billion GBP) as a trader for Swiss investment bank UBS. While at the bank he primarily worked on UBS' Global Synthetic Equities Trading team in London, where he engaged in what would later be known as the 2011 UBS rogue trader scandal. After serving a prison sentence, he lost several appeals against the UK Home Office decision to deport him to Ghana. Early life and education Kweku Adoboli was born on 21 May 1980 in Tema, Ghana, to John Adoboli, a senior United Nations official. He spent his early years in Israel, Syria and Iraq, before moving to the United Kingdom in 1991. He attended Ackworth School in Pontefract, West Yorkshire, where he was head boy. In 2000, after finishing school, he started reading Chemical Engineering at the University of Nottingham, but switched to e-commerce and digital business studies. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
 |
Sumitomo Copper Affair
The Sumitomo copper affair refers to a metal trading scandal in 1996 involving Yasuo Hamanaka, the chief copper trader of the Japanese trading house Sumitomo Corporation (Sumitomo). The scandal involves unauthorized trading over a 10-year period by Hamanaka, which led Sumitomo to announce US$1.8 billion in related losses in 1996 when Hamanaka's trading was discovered, and more related losses subsequently. The scandal also involved Hamanaka's attempts to Cornering the market, corner the entire world's copper market through LME Copper futures contracts on the London Metal Exchange, London Metal Exchange (LME). The affair was a major scandal which is at times compared in magnitude to the Silver Thursday scandal, involving the Hunt family's attempt to corner the world's silver markets. It currently ranks in the List of trading losses, top 10 trading losses in financial history. Hamanaka's decade of unauthorized trading Hamanaka and his superior, Saburo Shimizu, began speculating witho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |