Barings Bank Collapse

The disintegration of Barings Bank in 1995 due to unauthorized and fraudulent trading by Nick Leeson, a derivatives broker employed in Barings' Singapore office. Leeson was permitted to conduct arbitrage by buying futures on Nikkei and at the same time selling them on Simmex. Instead, he made unhedged futures transactions on Nikkei and reported his losses as gains. His trading was exposed following large losses on Nikkei after an earthquake. His losses totaled more than $1 billion, twice Barings' available capital. Barings quickly became insolvent and was sold to ING for 1 pound.

单词	barings bank collapse
释义	Barings Bank Collapse Barings Bank Collapse The disintegration of Barings Bank in 1995 due to unauthorized and fraudulent trading by Nick Leeson, a derivatives broker employed in Barings' Singapore office. Leeson was permitted to conduct arbitrage by buying futures on Nikkei and at the same time selling them on Simmex. Instead, he made unhedged futures transactions on Nikkei and reported his losses as gains. His trading was exposed following large losses on Nikkei after an earthquake. His losses totaled more than $1 billion, twice Barings' available capital. Barings quickly became insolvent and was sold to ING for 1 pound.
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