Difference between revisions of "Einar Aas"

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Einar Aas was a power market trader, based in Grimstad, Norway. His failed trades on [[Nasdaq Nordic]] power exchange in September 2018 almost burned through the exchange's clearinghouse default fund and required clearing member firms to plug in $113 million to cover the losses.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-11-16/star-trader-aas-to-keep-house-cars-after-default-as-career-ends|name=Star Trader Who Blew the Nordic Fuse Gets to Keep House|org=Bloomberg|date=January 10, 2019}}</ref><ref>{{cite web|url=https://www.moneymakers.com/einar-aas/|name=Who Is Einar Aas? Norway’s Biggest Trader Falls From Grace|org=MoneyMakers|date=January 10, 2019}}</ref>
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Einar Aas was a power market trader based in Grimstad, Norway. His failed trades on [[Nasdaq Nordic]] power exchange in September 2018 almost burned through the exchange's clearinghouse default fund and required clearing member firms to plug in $113 million to cover the losses.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-11-16/star-trader-aas-to-keep-house-cars-after-default-as-career-ends|name=Star Trader Who Blew the Nordic Fuse Gets to Keep House|org=Bloomberg|date=January 10, 2019}}</ref><ref>{{cite web|url=https://www.moneymakers.com/einar-aas/|name=Who Is Einar Aas? Norway’s Biggest Trader Falls From Grace|org=MoneyMakers|date=January 10, 2019}}</ref>
  
 
== Background ==
 
== Background ==
  
He began his trading at Interkraft Trading and later started his own trading firm starting in 2005. He reportedly amassed more than $420 million in income from 2002 to 2018, and was Norways highest taxpayer in 2016.
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Aas began his career as a risk manager at Interkraft Trading and later started his own trading firm starting in 2005. For almost two decades, he was the most successful trader on Nasdaq Nordic, one of Europe’s largest power markets. He reportedly amassed more than $420 million in income from 2002 to 2018, and was Norway's highest taxpayer in 2016.
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He was known for being shy and reclusive and made his trades from his house in Grimstad, a small seaside town three hours south of Oslo.
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The trade that ended his run was a bet that the spread between the Nordic and German power would narrow. When the market opened that Monday, carbon emission allowances were surging and pushed up the German market. At the same time, wet weather forecasts caused the Nordic next-year contract to drop the most since January 2017.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-09-15/phantom-trader-who-blew-a-hole-in-world-s-oldest-power-market|name=Phantom Trader Who Blew Hole in World's Oldest Power Market|org=Bloomberg|date=January 11, 2019}}</ref>
  
 
After his disastrous trade, he was banned from Nasdaq Nordic.
 
After his disastrous trade, he was banned from Nasdaq Nordic.

Latest revision as of 12:33, 11 January 2019

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Einar Aas
Occupation Trader
Location Grimstad, Norway

Einar Aas was a power market trader based in Grimstad, Norway. His failed trades on Nasdaq Nordic power exchange in September 2018 almost burned through the exchange's clearinghouse default fund and required clearing member firms to plug in $113 million to cover the losses.[1][2]

Background

Aas began his career as a risk manager at Interkraft Trading and later started his own trading firm starting in 2005. For almost two decades, he was the most successful trader on Nasdaq Nordic, one of Europe’s largest power markets. He reportedly amassed more than $420 million in income from 2002 to 2018, and was Norway's highest taxpayer in 2016.

He was known for being shy and reclusive and made his trades from his house in Grimstad, a small seaside town three hours south of Oslo.

The trade that ended his run was a bet that the spread between the Nordic and German power would narrow. When the market opened that Monday, carbon emission allowances were surging and pushed up the German market. At the same time, wet weather forecasts caused the Nordic next-year contract to drop the most since January 2017.[3]

After his disastrous trade, he was banned from Nasdaq Nordic.

Education

Aas graduated from the Norwegian School of Economics.

References

  1. Star Trader Who Blew the Nordic Fuse Gets to Keep House. Bloomberg.
  2. Who Is Einar Aas? Norway’s Biggest Trader Falls From Grace. MoneyMakers.
  3. Phantom Trader Who Blew Hole in World's Oldest Power Market. Bloomberg.