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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 corner the entire world's copper market through LME Copper futures contracts on the 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 top 10 trading losses in financial history. Hamanaka's decade of unauthorized trading Hamanaka and his superior, Saburo Shimizu, began speculating without authorization using copper forward contracts on the LME in 1985 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kupfer Nugget
Kupfer is a German surname (meaning copper); notable people with this surname include: * David Kupfer (born 1941), American psychiatrist *Harry Kupfer (1935–2019), German opera director * Herbert Kupfer (1927–2013), German civil engineer *Jochen Kupfer (born 1969), German operatic baritone *Bettina Kupfer Bettina Kupfer (born 19 July 1963) is a German actress and author who has been active since the 1980s. She and her husband, , write screenplays and children's literature. Career Kupfer was born in Stuttgart. After acquiring her ''Abitur'' at the ... (born 1963), German actress and writer ''See also'': {{surname German-language surnames Occupational surnames ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago Mercantile Exchange
The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an agricultural commodities exchange. Originally, the exchange was a non-profit organization. The Merc demutualized in November 2000, went public in December 2002, and merged with the Chicago Board of Trade in July 2007 to become a designated contract market of the CME Group Inc., which operates both markets. The chairman and chief executive officer of CME Group is Terrence A. Duffy, Bryan Durkin is president. On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX. CME, CBOT, NYMEX, and COMEX are now markets owned by CME Group. After the merger, the value of the CME quadrupled in a two-year span, with a market cap of over $25 billion. Today, CME is the largest options and futures con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rogue Traders
Rogue Traders is an Australian electronic rock band formed in Melbourne, Victoria (Australia), Victoria in 2002 by mainstay James Ash on keyboards. In 1989, Ash met fellow original member Steve Davis in London while both were working as DJs. Before forming Rogue Traders, the pair had worked together on many projects, including the dance music act Union State, which relocated to Melbourne in 1992. The group's name comes from the 1999 drama film, ''Rogue Trader (film), Rogue Trader''. They were joined in 2004 by soap opera actress, Natalie Bassingthwaighte, on lead vocals, Cameron McGlinchey on drums and Tim Henwood on guitar. Davis continued as a behind-the-scenes member, contributing to the songwriting process but not making any public appearances with the group. Rogue Traders have achieved chart success in Australia, with seven top 20 hits on the ARIA Charts, ARIA Singles Chart, "Need You Tonight#Rogue Traders remix, One of My Kind", "Voodoo Child (Rogue Traders song), Vo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Scandals
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability ass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Scandals
A corporate collapse typically involves the insolvency or bankruptcy of a major business enterprise. A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation. Many recent corporate collapses and scandals have involved false or inappropriate accounting of some sort (see list at accounting scandals). List of major corporate collapses The following list of corporations involved major collapses, through the risk of job losses or size of the business, and meant entering into insolvency or bankruptcy, or being nationalised or requiring a non-market loan by a government. List of scandals without insolvency * Australia & New Zealand Banking Group scandal involving misleading file notes in the Financial Ombudsman Service (Australia) presented to the Supreme Court of Victoria. * Australia & New Zealand Banking Group allegations of racial bigotry toward billionaire businessman Pankaj Oswal and his wife. Court was presented ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkish-orange color. Copper is used as a conductor of heat and electricity, as a building material, and as a constituent of various metal alloys, such as sterling silver used in jewelry, cupronickel used to make marine hardware and coins, and constantan used in strain gauges and thermocouples for temperature measurement. Copper is one of the few metals that can occur in nature in a directly usable metallic form ( native metals). This led to very early human use in several regions, from circa 8000 BC. Thousands of years later, it was the first metal to be smelted from sulfide ores, circa 5000 BC; the first metal to be cast into a shape in a mold, c. 4000 BC; and the first metal to be purposely alloyed with another metal, tin, to create ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Herbert Black
Herbert Black is a Canadian businessman, art collector, and philanthropist. He is currently President & CEO of American Iron & Metal Company Inc. American Iron & Metal Company, Inc. (AIM) American Iron & Metal is based in Montreal, Quebec, and currently has over 2,500 employees and 80 locations around the globe, with revenues exceeding $2 billion. Established in 1936 by Black's father, Peter, AIM buys, services, processes, and supplies all types of ferrous and nonferrous scrap metal. Black took over AIM with his brother Ronald in 1970. A global leader in metal recycling, manufacturing, and environmental services, AIM has grown both organically as well as via acquisition. The company has branched out into five separate lines of business: AIM Recycling, AIM Solder, Delsan AIM (demolition services), AIM Kenny U-Pull (secondary auto parts) and AIM Éco-Centre (dry waste treatment). Biography Herbert Black joined his father's scrap metal recycling business, American Iron and Metal Com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Reserves Bureau Copper Scandal
The State Reserves Bureau copper scandal refers to a loss of approximately US$150 million as a result of trading LME Copper futures contracts at the London Metal Exchange (LME) by rogue trader Liu Qibing, who was the chief trader for the Import and Export Department of the State Regulation Centre for Supply Reserves (SRCSR), the trading agency for the State Reserve Bureau (SRB) of China in 2005. Unauthorized trading After obtaining a bachelor in economics, Liu Qibing started working for the SRCSR, and was sent to the LME for training in 1995. Liu became the director of Import and Export Department at SRCSR, in 1999, and was authorized to place orders on LME and the Shanghai Futures Exchange (SHFE). In 2002, Liu was promoted again to be the chief trader of SRCSR. Between 2002 and 2004, Liu had traded long positions on copper to bet that China's construction boom at the time would lead to price increases. Starting around 2003, Liu started to arbitrage copper prices between the SHFE a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options. The Commodity Exchange Act (CEA), ''et seq.'', prohibits fraudulent conduct in the trading of futures, swaps, and other derivatives. The stated mission of the CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation. After the financial crisis of 2007–08 and since 2010 with the Dodd–Frank Wall Street Reform and Consumer Protection Act, the CFTC has been transitioning to bring more transparency and sound regulation to the multitrillion dollar swaps market. History Futures contracts for agricultural commodities have been traded in the U.S. for more than 150 years and have been under federal regulation since the 1920s. The Grain Futures Act of 1922 set the basic authority and was changed by the Commo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Backwardation
Normal backwardation, also sometimes called backwardation, is the market condition where the price of a commodity's forward or futures contract is trading below the ''expected'' spot price at contract maturity. The resulting futures or forward curve would ''typically'' be downward sloping (i.e. "inverted"), since contracts for further dates would typically trade at even lower prices. In practice, the expected future spot price is unknown, and the term "backwardation" may refer to "positive basis", which occurs when the current spot price exceeds the price of the future. The opposite market condition to normal backwardation is known as contango. Contango refers to "negative basis" where the future price is trading above the expected spot price. Note: In industry parlance backwardation may refer to the situation that futures prices are below the ''current'' spot price. Backwardation occurs when the difference between the forward price and the spot price is less than the cost of ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities And Investments Board
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry. Due to perceived regulatory failure of the banks during the financial crisis of 2007–2008, the UK government decided to restructure financial regulation and abolish the FSA. On 19 December 2012, the ''Financial Services Act 2012'' received royal assent, abolishing the FSA with effect from 1 April 2013. Its responsibilities were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England. Until its abolition, Lord Turner of Ecchinswell was the FS ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yasuo Hamanaka
(born 1950) was the chief copper trader at Sumitomo Corporation, one of the largest trading companies in Japan. He was known as "Mr. Copper" because of his aggressive trading style, and as "Mr. Five Percent" because that is how much of the world's yearly supply he controlled. On June 13, 1996, Sumitomo Corporation reported a loss of US$1.8 billion in unauthorized copper trading by Hamanaka on the London Metal Exchange. His culpability as to whether this responsibility was authorized is in doubt. In September 1996, Sumitomo disclosed that the company's financial losses were much higher, at $2.6 billion (285 billion yen). Hamanaka was sentenced to eight years in prison in 1998 and was released in July 2005, one year early. See also * Kweku Adoboli lost $2 billion for UBS * Jérôme Kerviel * Nick Leeson caused a loss of £827 million for Barings Bank, leading to its collapse * List of trading losses * Sumitomo copper affair References External links "How Copper Came ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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