London, 11 October 2010

Rogue trading has become a mature business characterised by low levels of innovation and familiar patterns. The last case to hit the headlines was a typically pedestrian affair. An oil trader in London, who was only authorized to place trades on behalf of clients, had a punt in the Brent oil market and promptly lost $10 million – more than his firm had made the year before.

The reigning king of rogue traders is, of course, Jerome Kerviel. Here’s how to spot him.

By Larry Hickey, FRM

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