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selected wikimedia_onthisday en
1995 1995-02-26

Barings Bank, the oldest merchant bank in London, was declared insolvent after its head derivatives trader in Singapore, Nick Leeson, lost £827 million while making unauthorised trades on futures contracts.

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 family of merchants and bankers.

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text
Barings Bank, the oldest merchant bank in London, was declared insolvent after its head derivatives trader in Singapore, Nick Leeson, lost £827 million while making unauthorised trades on futures contracts.
type
selected
year
1995
pageid
155586
extract
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 family of merchants and bankers.
language
en
page_title
Barings_Bank
normalizedtitle
Barings Bank
Ver JSON completo
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        "extract": "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\u0027s oldest existing merchant bank. He was convicted of financial crime in a Singapore court and served more than four years in Changi Prison.",
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        "description": "Professional trader who makes unapproved financial transactions",
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        "extract": "In financial trading, a rogue trader is an employee authorized to make trades on behalf of their employer who makes unauthorized trades. It can also involve mismarking of securities. The perpetrator is a legitimate employee of a company, but enters into transactions on behalf of their employer, or mismarks securities held by their employer, without their employer\u0027s permission.",
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        "description": "Standardised contract to buy or sell an asset at a future date",
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        "extract": "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 predetermined price of the contract is known as the forward price or delivery price. The specified time in the future when delivery and payment occur is known as the delivery date. Because it derives its value from the value of the underlying asset, a futures contract is a derivative. Futures contracts are widely used for hedging price risk and for speculative trading in commodities, currencies, and financial instruments.",
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    "text": "Barings Bank, the oldest merchant bank in London, was declared insolvent after its head derivatives trader in Singapore, Nick Leeson, lost \u00a3827\u00a0million while making unauthorised trades on futures contracts.",
    "year": 1995
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  "text": "Barings Bank, the oldest merchant bank in London, was declared insolvent after its head derivatives trader in Singapore, Nick Leeson, lost \u00a3827\u00a0million while making unauthorised trades on futures contracts.",
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