I might be a little bit too slow on this, I just received an email from MF Global talking about the loss caused by one of their trader in U.S. Here is the news from my ‘googling’.
MF Global Hires Risk Consultant after Rogue Trader Loses $145.5 million
Brokerage MF Global has hired external risk consultants to review its order entry systems, after a rogue trader lost $141.5 million when he was able to exceed his limit order and place unauthorized trades.
The incident comes just weeks after Soc Gen revealed that a rogue trader lost more than $7 billion by placing unauthorized bets on European stock indexes.
Both these incidents have raised new questions about risk controls at financial institutions.
MF Global said its rogue employee, Memphis-based Evan Dooley, was trading in wheat futures in his personal account. He “substantially exceeded his authorized trading limit,” the brokerage said.
OK, here is the poll/bet. How many more busted rogue trader do you think we will see in 2008? 😀