HE FILED THE REPORT EVERY QUARTER. THE POSITION WAS 5% OF WORLD SUPPLY. THE LME CALLED IT NORMAL.

In June 1996, Sumitomo Corporation announced losses of $2.6 billion due to a senior trader’s unauthorized copper positions, which equated to five percent of the world's supply. The London Metal Exchange maintained that it followed standard review procedures, yet significant gaps in governance allowed these trades to continue unchecked.