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The UK's oldest investment banking institute, Barings Bank, collapses after a rogue securities broker Nick Leeson loses $1.4 billion by speculating on the Singapore International Monetary Exchange using futures contracts.
Related Wikipedia articles
Barings Bank
Defunct English merchant bank
Barings Bank was a British merchant bank based in London. It was one of England's oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative. It was founded in 1762 by Francis Baring, a British-born member of the German–British Baring…Source: Wikipedia (CC BY-SA)
Nick Leeson
English former derivatives trader (born 1967)
Nicholas William Leeson is an English former derivatives trader whose fraudulent, unauthorised and speculative trades resulted in the 1995 collapse of Barings Bank, the United Kingdom's oldest existing merchant bank. He was convicted of financial crime in a Singapore court and…Source: Wikipedia (CC BY-SA)
Singapore Exchange
Investment holding company in Singapore
Singapore Exchange Limited is a Singapore-based exchange conglomerate, operating equity, fixed income, currency and commodity markets. It provides a range of listing, trading, clearing, settlement, depository and data services. SGX Group is also a member of the World Federation…Source: Wikipedia (CC BY-SA)
Futures contract
Financial contract
In finance, a futures contract is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The item transacted is usually a commodity or financial instrument. The…Source: Wikipedia (CC BY-SA)