noun General Slang

London Whale

· noun · finance

JPMorgan trader Bruno Iksil, whose oversized CDS book blew up for over $6bn.

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Definitions

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Nickname given to Bruno Iksil, a French trader in JPMorgan's London Chief Investment Office whose enormous positions in credit default swap indices became so big they moved the market. When the trade unwound in 2012 the bank took losses estimated at $6.2bn, triggering Senate hearings and regulatory fines.

“Risk managers learned the hard way after the London Whale, no single book should be able to move the index.”
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London Whale In A Sentence

Risk managers learned the hard way after the London Whale, no single book should be able to move the index.

Origin & Usage

Coined by hedge fund counterparties and reported by Bloomberg and the Wall Street Journal in April 2012, referring to the whale-sized positions held by Iksil at JPMorgan's London office.

Variants the London Whale
Tags #finance#wall-street#trading#scandal

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