Toshihide Iguchi

Former Executive VP and "Rogue" U.S. Government Bond Trader
Toshihide Iguchi
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Toshihide Iguchi is a former Executive Vice President and U.S. government bond trader at Daiwa Bank’s New York branch. In 1995, Mr. Iguchi reported his unauthorized trading loss of $1.1 billion trading US Treasury bonds to the CEO of Daiwa Bank, Japan. Subsequently, Daiwa turned him over the authorities and he was sentenced to a 4-year imprisonment term.

Mr. Iguchi is considered the pioneer of rogue trading as his unauthorized trading started in 1983 and lasted until he voluntarily disclosed it in 1995. It was also the longest rogue trading activity on record, during which time he managed to escape 179 audits and examinations.

Another twist to his story was that due to the delay in reporting his impropriety to the authorities, coupled with the poor regulatory compliance history, Daiwa Bank was ordered to close its US operation and to pay a record criminal fine of $340 million.

 In 2006, he returned to his home country of Japan where he is currently engaged in the language software business. In 2014, he published "My Billion Dollar Education: Inside the Mind of a Rogue Trader".

He continues to write and speak at financial risk conferences to share his story in hopes of dispelling misconceptions about rogue trading and to help prevent future occurrences.

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Rouge Trading.  As a former rogue trader who has the longest and the most extensive unauthorized trading experience, Mr. Iguchi offers a fresh perspective on the anatomy of destructive rogue trading, which is not only alive and well but escalating to such scale as to destabilize the entire financial system.

Operational Risk Management.  With more than 700 trillion dollars in notional amount of OTC derivatives floating around the world today, Mr. Iguchi warns that tighter controls and regulations alone cannot prevent future rogue trading incidents.

Trading Psychology.  By demystifying the common misconceptions with regard to the causes of rogue trading, Mr. Iguchi offers viable solutions to put an end to these unfortunate incidents.

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