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Barings was declared insolvent on 26 February 1995, and administrators began managing the finances of Barings Group and its subsidiaries. [37] The same day, the Board of Banking Supervision of the Bank of England launched an investigation led by Britain's Chancellor of the Exchequer; its report was released on 18 July 1995. [ 37 ]
Nicholas William Leeson [2] (born 25 February 1967) is an English former derivatives trader whose fraudulent, unauthorised and speculative trades resulted in the 1995 collapse of Barings Bank, the United Kingdom's second oldest merchant bank. He was convicted of financial crime in a Singapore court and served over four years in Changi Prison.
However, the Bank harboured a terrible secret. In the late 19th century Barings almost went bankrupt after investing heavily in South American bonds, including backing the construction of a sewer system in Buenos Aires. The bank was saved by The Bank of England, but Edward Baring, the head of the bank, was financially ruined and never recovered.
Rogue Trader tells the true story of Nick Leeson, a young employee of Barings Bank who after a successful spell working for the firm's office in Indonesia is sent to Singapore as General Manager of the Trading Floor on the SIMEX exchange. The movie follows Leeson's rise as he soon becomes one of Barings' key traders.
One famous rogue trader is Nick Leeson, whose losses on unauthorized investments in index futures contracts were sufficient to bankrupt his employer Barings Bank in 1995. . Through a combination of poor judgment on his part, increasingly large initial profits, lack of oversight by management, a naïve regulatory environment, and an unforeseen outside event, the Kobe earthquake, Leeson incurred ...
Barings LLC, known as Barings, is a global investment management firm owned by Massachusetts Mutual Life Insurance Company . It operates as a subsidiary of MassMutual Financial Group, a diversified financial services organization. [7] As of December 31, 2023 Barings held US$381+ billion in assets under management. [8]
1995 was a common year starting on Sunday of the Gregorian calendar, the 1995th year of the Common Era (CE) and Anno Domini (AD) designations, the 995th year of the 2nd millennium, the 95th year of the 20th century, and the 6th year of the 1990s decade.
Rogue Trader: How I Brought Down Barings Bank and Shook the Financial World is a book by Nick Leeson, who served four years in prison for fraud after bankrupting the London-based Barings Bank in 1995 by hiding $1.4 billion in debt he accumulated as a derivatives trader in Singapore.