The sole authorized trader who traded alone and blew $150 million
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The sole authorized trader who traded alone and blew $150 million
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The sole authorized trader who traded alone and blew $150 million
This episode explores the story of Liu Qibing, a Chinese government trader who accumulated a massive short position in copper. How did one man come to control such a large bet with no oversight?
Person: Liu Qibing
Date: November 14, 2005
Location: London Metal Exchange
Topic: Commodities trading
- Liu Qibing, an economist with a bachelor's degree, was placed in the State Regulation Centre for Supply Reserves (SRCSR) in the 1990s.
- In 1995, Liu was sent to London for training at the LME, learning about futures, forwards, and managing positions.
- By 2002, he was the chief trader for the SRCSR, generating $300 million for the Chinese government through arbitrage trades.
- In June 2004, Liu was designated the sole authorized trader in the SRCSR's futures and forwards group, despite the group being designed for multiple personnel.
- In early 2005, Liu began accumulating a short position in copper on the LME, betting on falling prices due to China's economic cooling measures.
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