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BigLossesbyFinancialInstitutions
AlliedIrishBank($700million)
Amaranth($6billion)
Barings($1billion)
Daiwa($1billion)
EnronCounterparties(Severalover$1billion)
KidderPeabody($350million)
LTCM($4billion)
MidlandBank($500million)
SociétéGénérale($7billion)
SubprimeMortgages(upto$40billion)
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BigLossesbyNon-FinancialCorporations
AlliedLyons($150million)
GibsonsGreetings($20million)
HammersmithandFulham($600million)
Metallgesellschaft($)
OrangeCounty($2billion)
ProcterandGamble($90million)
Shell($1billion)
Sumitomo($2billion)
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LessonsforAllUsersofDerivatives
Riskmustbequantifiedandrisklimitsdefined
Exceedingrisklimitsnotacceptableevenwhenprofitsresult
Donotassumethatatraderwithagoodtrackrecordwillalwaysberight
Bediversified
Scenarioanalysisandstresstestingisimportant
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LessonsforFinancialInstitutions
Donotgivetoomuchindependencetostartraders
Separatethefrontmiddleandbackoffice
Modelscanbewrong
Beconservativeinrecognizinginceptionprofits
Donotsellclientsinappropriateproducts
Liquidityriskisimportant
Therearedangerswhenmanyarefollowingthesamestrategy
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LessonsforFinancialInstitutionscontinued
Bewareofpotentialliquidityproblemswhenlong-termfundingrequirementsarefinancedwithshort-termliabilities
Markettransparencyisimportant
Mangeincentives
Neverignoreriskmanagement,evenwhentimesaregood
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LessonsforNon-FinancialCorporations
Itisimportanttofullyunderstandtheproductsyoutrade
Bewareofhedgersbecomingspeculators
ItcanbedangeroustomaketheTreasurer’sdepartmentaprofitcenter
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