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� Events leading to Barings Bank's collapse
Barings Bank's activities in Singapore between 1992 and 1995 enabled Nick Leeson to operate effectively without supervision from Barings Bank in London. Leeson acted both as head of settlement operations (charged with ensuring accurate accounting) and as floor manager for Barings' trading on Singapore International Monetary Exchange (SIMEX), though the positions would normally have been held by two employees. This placed Leeson in the position of reporting to an office inside Barings Bank which he himself held. Several observers (and Leeson himself) have placed much of the blame on the bank's own deficient internal auditing and risk management practices.
Because of the absence of oversight, Leeson was able to make seemingly small gambles in the futures market and cover for his shortfalls by reporting losses as gains to Barings in London. Specifically, Leeson altered the branch's error account, subsequently known by its account number......

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Approximate Word Count: 1699
Approximate Pages: 7 (250 words per double-spaced page)

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