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[금융위기론] Barings Bank의 파산 사례 분석(영문)에 대한 자료입니다.
목차
1. Barings Bank & Nick Leeson
2. Process of Collapse
3. Summary and lesson
본문내용
Trade Arbitrage
At the time of the massive trading loss, Leeson was supposed to be arbitraging, seeking to profit from differences in the prices of Nikkei 225 futures contracts
listed on the Osaka Securities Exchange in Japan and the Singapore International Monetary Exchange. Consequently, almost all risks are hedged and the arbitraging strategy is not very risky. Certainly it would not have bankrupted the bank.
Loss at Arbitrage
Because of operational mistake
Due to a series of internal and external events, his unhedged losses escalated rapidly.
Leeson altered the branch's error account, subsequently known by its account
number 88888 as the "five-eights account", to prevent the London office from
receiving the standard daily reports on trading, price, and status.
Leeson claims the losses started when one of his colleagues bought contracts when she should have sold them, costing Barings £20,000.
By December 1994, Leeson had cost Barings £200 million. He reported to British tax authorities a £102 million profit. I
To uncover the enormous loss, and pay for margin call,
he have to sell both position in options.(short straddle)
He hadn’t noticed that this would have brought enormous loss
On 23 February 1995, Leeson left Singapore to fly to Kuala Lumpur. Barings Bank auditors finally discovered the fraud around the same time that Barings' chairman, Peter Baring, received a confession note from Leeson. Leeson's activities had generated losses totalling £827 million (US$1.3 billion), Barings was declared insolvent on 26 February 1995 and appointed administrators began managing the finances of Barings Group and its subsidiaries.