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	Barings Bank - Wikipedia, the free encyclopedia
		Barings Bank, previously known as Baring Brothers and Co., was the oldest merchant banking company in England, having been founded in 1762 by Sir Francis Baring.
		Barings collapsed on February 26, 1995, due to the activities of one trader, Nick Leeson, who lost $1.4 billion by speculating on the Singapore International Monetary Exchange, primarily using futures contracts.
		Barings was purchased by the Dutch bank/insurance company ING after its collapse for the nominal sum of £1 and assuming all of Barings liabilities and no longer has a separate corporate existence.
	en.wikipedia.org /wiki/Barings_Bank (361 words)

	Barings Bank (Site not responding. Last check: 2007-10-06)
		Barings Bank previously known as Baring Brothers and is the oldest merchant banking company in England having been founded 1762.
		Barings collapsed on February 26 1995 due to the activities of one Nick Leeson who lost $1.4 billion by gambling the SIMEX with primarily derivative securities.
		Barings was purchased by the Dutch bank/ insurance company ING after its collapse (for the nominal of £1) and no longer has a corporate existence.
	www.freeglossary.com /Barings_PLC (443 words)

	Behind the Barings collapsed - JAMAICAOBSERVER.COM
		Barings had something like £200 million of unsettled trades that they were at serious exposure on.
		Barings and Morgan Stanley arrived within a very short period of each other, and very quickly were trading 20,000 contracts a day.
		Barings was an extreme case, but it does highlight the desperate need to get the balance right.
	www.jamaicaobserver.com /news/html/20040502T050000-0500_59299_OBS_BEHIND_THE_BARINGS_COLLAPSED.asp (3137 words)

	The Collapse of Barings
		Alexander Baring, Francis's second son, outlined the philosophy that was to propel Baring's banking business through the nineteenth century: `Every regulation is a restriction, and as such contrary to that freedom which I have held to be the first principle of the well-being of commerce.' Margaret Thatcher would have loved him.
		Known as `Basher Baring' because he had demolished most of Stratton Park, one of the finest Neo-Classical buildings in the country, John was the first of the Ashburton branch of the family to rise to the top of the heap for some generations.
		Barings' management committee and departmental heads met for dinner twice a year to discuss prospects, and when one of them asked the chairman what the overhead for the group worldwide would be in the current year, Sir John deferred to Peter.
	partners.nytimes.com /books/first/f/fay-collapse.html (5341 words)

	Case Study - Barings
		Barings Bank had a long history of success and was much respected as the UK's oldest merchant bank.
		March 1995: The Dutch Bank ING agrees to purchase Barings for 1 pound and assume all of its liabilities (Bull, 1995).
		If Barings' auditors and top management had understood the trading business, they would have realised that it was not possible for Leeson to be making the profits that he was reporting without taking on undue risk, and they might have questioned where the money was coming from.
	www.erisk.com /Learning/CaseStudies/ref_case_barings.asp (1153 words)

	Barings Bank's Collapse (Site not responding. Last check: 2007-10-06)
		Barings collapsed as it could not meet the enormous trading obligations, which Leeson established in the name of the bank.
		Yet he was perceived in London as the wonder boy and turbo-arbitrageur who single-handedly contributed to half of Barings Singapore's 1993 profits and half of the entire firm's 1994 profits.
		Barings was thus not arbitraging between SIMEX and the Japanese exchanges but taking open (and very substantial) positions, which were buried in account '88888'.
	www.karvy.com /articles/baringsdebacle.htm (1409 words)

	Rochael M. Soper, Promoting Confidence And Stability In Financial Markets: Capitalizing On The Downfall of Barings, 7 ... (Site not responding. Last check: 2007-10-06)
		That one person acting alone could topple an institution such as Barings suggested that even the strictest controls, either by a company's management or by its external regulators, would be ineffective in preventing similar types of fraud, and raised the specter of similar collapses in the future.
		The Barings collapse pushed stocks down in over a dozen countries in Asia and Europe as investors tried to recover their assets without getting caught in the eddies of the collapse.
		Had Barings incorporated the risks taken in its Singapore subsidiary (presuming, of course, that managers were aware of the risks) into a bank-wide risk assessment plan, perhaps it would have succeeded in restricting some of its subsidiary's activities.
	www.law.duke.edu /journals/djcil/articles/djcil7p651.htm (6728 words)

	The 1995 Failure of Barings PLC
		In 1995, Barings PLC was a 233 year old institution (chartered in 1762), that was Britain's oldest merchant bank.
		Barings almost collapsed in 1890 when it sustained enormous losses in Argentina but Bank of England bailed it out.
		When the crisis broke, Barings exposure on the OSE was eight times as big as its nearest rival's; it's position on SIMEX was even bigger.
	spot.colorado.edu /%7Ekaplan/econ4111/section8-Barings.html (1338 words)

	Barings Bank - Encyclopedia.WorldSearch (Site not responding. Last check: 2007-10-06)
		Barings collapsed on February 26, 1995, due to the activities of one trader, Nick Leeson, who lost $1.4 billion by gambling on the SIMEX with primarily derivative securities.
		Barings was purchased by the Dutch bank/insurance company ING after its collapse (for the nominal sum of £1) and no longer has a separate corporate existence.
		Barings Lost: Nick Leeson and the Collapse of Barings Plc
	encyclopedia.worldsearch.com /barings_bank.htm (384 words)

	Guardian Unlimited \| The Guardian \| Deloitte & Touche negligent in Barings audit, rules judge
		The high court yesterday ruled that accountancy firm Deloitte and Touche was negligent in its auditing of Barings, the London merchant bank brought down by rogue trader Nick Leeson in 1995.
		The judge said damages could be settled between Deloitte and Touche and Barings' liquidator KPMG or a further court hearing could be held.
		Barings liquidator Richard Heis said the amount of damages remained a complex issue and would have to take account of profits and fees as well as losses and the degree to which the judge apportioned blame.
	www.guardian.co.uk /business/story/0,3604,975552,00.html (398 words)

	Rogue trader and the barings collapse
		After all, Leeson had said that buying options or futures was a “gamble,” and that by selling options, he would be “exposing Barings to a capital risk” in that the value of the options he held could either rise or fall i.e., he would effectively take on “an illicit proprietary position” (61).
		The reason could be that Leeson was already drawn deep into an escalating series of commitment due to the basic structure of rewards and sanctions he faced as an agent while falling into debt in his trading.
		When Barings’ external auditors questioned the entry, Leeson forged faxes from Spear, Leeds and Kellogg, Citibank and one of his superiors in London to show that the money had indeed been paid to Barings.
	www.duke.edu /~gwc/roguetrader.htm (1293 words)

	Nick Leeson and Barings Bank
		The collapse of Britain's Barings Bank in February 1995 is perhaps the quintessential tale of financial risk management gone wrong.
		Called Baring Securities (Singapore) Limited (BSS), it had originally focused on equities, but its volume of futures trading on the SIMEX (today's Singapore Exchange) was growing.
		Barings was just starting to form a risk management function.
	www.riskglossary.com /articles/barings_debacle.htm (1779 words)

	S. G. R. MacMillan: For the defence of serious criminal cases
		The Baring Group as a whole was undergoing an organisational restructuring with the creation of the Baring Investment Bank Group ("BIB"), which was to be an integrated structure to conduct both the banking and securities businesses of the Baring Group.
		On the other hand, the Baring Group management in London (8) maintained that BFS was a Singapore company accountable in the first instance to its local managers.
		The large exposures report submitted by the Baring Group to the Bank of England for the quarter ended 31 December 1994 although inaccurate, showed that the maximum exposure in respect of margins deposited by the Baring Group with SIMEX, OSE and TSE during that quarter, each exceeded the 25% large exposures limit.
	www.sgrm.com /art41.htm (5483 words)

	CFTC Commissioner Joe Dial: Speech before Commodities Law Institute
		While the regulatory and self-regulatory responses to the collapse of Barings Bank are still ongoing, and it is unclear what final form they will take, this paper will attempt to provide an overview of the current status of those reform efforts.
		In the Barings case, the most comprehensive study published to date is the July 1995 "Report of the Board of Banking Supervision: Inquiry into the Circumstances of the Collapse of Barings," ordered by the U.K. House of Commons.
		In some cases, these actions were a direct response to the Barings events; in others, the Barings collapse influenced regulatory or policy reviews that were already ongoing.
	www.cftc.gov /opa/speeches/opachic95s.htm (1819 words)

	I. How Leeson Broke Barings
		The activities of Nick Leeson on the Japanese and Singapore futures exchanges, which led to the downfall of his employer, Barings, are well-documented.
		Barings collapsed because it could not meet the enormous trading obligations, which Leeson established in the name of the bank.
		For example, Barings management thought the firm had a 'short' position of 30,112 contracts on SIMEX on 24 February; in fact it was long 21,928 contracts after ignoring the trades crossed with account '88888'.
	riskinstitute.ch /137560.htm (2316 words)

	ING Barings (Site not responding. Last check: 2007-10-06)
		ING Barings is to be absorbed into its Dutch parent group's wholesale business, following a decision to drop plans to build a global investment bank, and about 1,700 London-based employees will be affected by the move.
		ING Barings is planning to rebrand its Barings investment banking business under the ING name over the next two years, as part of a strategy to phase out the local identities of subsidiaries throughout the world.
		ING Barings is to refocus its investment banking business giving priority to western Europe over emerging markets, in a reorganisation that will also result in the closure of its London-based equity derivatives operation.
	www.ukbusinesspark.co.uk /ins13004.htm (130 words)

	Barings: A Random Walk to Self-Destruction
		Barings was already 122 years old and just six years away from its first brush with financial ruin when Charles Henry Dow developed 'averages' (e.g.
		The measures put in place by Barings senior management to fool its auditors and deceive banking and exchange regulators will be portrayed as evidence of Leeson'sown attempts to deceive its higher echelons.
		Barings, by failing to discount the ultimate squiggley line - the seismographic trace of the Kobe earthquake - found itself discounted by the market: £1 for lock, stock and a barrel of laughs!
	www.scandals.org /articles/pk950413.html (2102 words)

	ING Barings to restructure - Feb. 12, 1999
		An ING Barings spokeswoman said there would be no more job cuts above the 1,200 announced in October, although she said the company will continue to look closely at costs.
		ING Barings, a unit of Dutch financial services giant ING Group (ING), said it will continue to expand into Europe as well as other developed financial markets.
		In Europe, ING Barings operations will be more closely coordinated with those of fellow ING Group-members Banque Bruxelles Lambert and ING Bank.
	money.cnn.com /1999/02/12/europe/ing (342 words)

	Summary history, structure and principal activities of Barings
		Barings sought to control and manage its operations by means of a 'matrix management' system, a not unusual method of management control for financial businesses which have global operations.
		Barings' records show that in mid- 1993 BFS began to generate profits from trading for Barings' own account ('house' or 'proprietary' trading) by purporting to take advantage of price differences between SIMEX contracts and the equivalent contracts on the Japanese markets.
		Taken together, however, we consider that they provided Barings in Singapore and London (some of them during 1993 and 1994, and all of them by January/February 1995) with significant warning signals of the danger to which it was exposed.
	riskinstitute.ch /135220.htm (937 words)

	Barings Bank and Metallgesellschaft: Examples Where Trend Followers Won Big
		It tanked, and Barings, the Queen’s bank, one of the oldest, most established banks in England collapsed, losing $2.2 billion.
		Because their philosophy is fundamentally opportunistic, they saw, in Barings, an opportunity to win.
		Moreover, since timing is not significant, Trend Followers could relax after making their winnings off of the Barings fiasco knowing that exaggerated moves are often followed by trendless periods, the perfect opportunity to prepare for the next big ride.
	www.turtletrader.com /or.html (1484 words)

	Forbes.com: FEATURE-Rogue trader says lessons from Barings unheeded (Site not responding. Last check: 2007-10-06)
		Barings was subsequently sold to Dutch bank ING for one pound.
		Leeson said the Barings debacle would only have been avoided had he never moved to Singapore in the first place.
		Some of the best legal and analytical minds in the world have been looking at this for 10 years and they know nothing has gone out of the accounts.
	www.forbes.com /home_asia/newswire/2004/05/05/rtr1359745.html (1118 words)

	Futures Industry Association \| Barings Global Task Force (Site not responding. Last check: 2007-10-06)
		In February 1995 Barings PLC, an international financial institution with a 200-year history, collapsed as a result of substantial trading losses incurred by a Barings employee.
		The Barings failure did not result in losses to other market participants and, in many respects, the situation underscored the fundamental strength and soundness of the global futures and options regulatory, trading and clearing systems.
		Nevertheless, the events surrounding the Barings failure prompted market participants to consider certain national and cross-border issues related to the structure and operation of the international markets for exchange-traded and/or cleared futures and options.
	www.fiafii.org /baringsg-2385.asp (269 words)

	Barings Bank (Site not responding. Last check: 2007-10-06)
		October 9, 2005 -- In 1995, three years after he took down Barings Bank in one of the largest Wall Street blowups ever, Nick Leeson was thinking about a second...
		is accused of orchestrating the type of complex fraud which another Briton, Nick Leeson, was found guilty of in 1995, and which brought down Barings Bank.
		John McCarthy, director of foreign exchange at ING Barings Capital Market in New York...
	www.wikiverse.org /barings-bank (317 words)

	Finance/Barings plc (Site not responding. Last check: 2007-10-06)
		The sudden collapse of 233-year old Barings plc, the oldest bank in England, was due in part to the ability with which extremely arcane financial instruments such as derivatives could be exploited to mask activities which may, although inadvertently, nevertheless generate a systemic risk for the entire global financial system.
		The Baring bombshell is the latest derivatives explosion to rock the securities industry as financial regulators around the world pay increased attention to these risky investment in a $14 trillion market....
		Scared bank managers then reassured us that the Barings Bank disaster was the works of a crook and that their systems would see to that it would not happen again.
	mt.sopris.net /mpc/finance/barings.html (3231 words)

	TheStreet.com: ING Barings Downgrades Chip Stocks
		ING Barings downgraded several semiconductor companies this morning, saying it is still concerned about the possibility of a two-year slowdown in semiconductor capital spending.
		But ING Barings said Intel can't completely mitigate the risk in the sector, so "we are choosing to remain disciplined with regard to valuation." The note went on to say: "We are encouraged that there will be significant spending on new technologies such as 300-millimeter wafer processing.
		The chip sector has been beaten up the past few months as the pace of computer sales and the pace of economic growth in general have slowed.
	www.thestreet.com /pf/tech/semis/1261845.html (219 words)

	CNN.com - ING Barings gets slap in Japan - August 21, 2001
		ING Barings says the timing was purely coincidental.
		ING Barings subsequently ran newspaper advertisements apologizing for the errors.
		Daiwa is widely regarded as the most troubled of Japan's "city banks" so negative reports about it are particularly sensitive, with investors already questioning its chances of survival.
	archives.cnn.com /2001/BUSINESS/asia/08/21/japan.ingbarings (435 words)

	BMC Software
		The commitment made by ING Barings is a strong vote of confidence for BMC Software's expertise in systems, applications and database management.
		In phase two, the new systems will be extended to other ING Barings' operations in Taiwan and the Philippines.
		ING Barings is the organisation and trade name under which ING Bank NV conducts its activities in the field of international corporate and investment banking, including treasury services, M&A, corporate and sovereign lending, fixed income and equity origination, trading, sales and research.
	www.bmc.com /corporate/nr1999/barings.html (557 words)

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