Riscurile instrumentelor financiare derivate – cazul Nicholas Leeson
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2024-02-15 15:25
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DOBRE, Elena. Riscurile instrumentelor financiare derivate – cazul Nicholas Leeson. In: Economica, 2007, nr. 4(60), pp. 60-63. ISSN 1810-9136.
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Economica
Numărul 4(60) / 2007 / ISSN 1810-9136

Riscurile instrumentelor financiare derivate – cazul Nicholas Leeson

Pag. 60-63

Dobre Elena
 
 
Disponibil în IBN: 27 noiembrie 2013


Rezumat

Barings PLC was a venerable 233-year-old British investment bank. It had helped Britain reopen trade with the United States after the Revolutionary War. In 1803, it helped the United States double in size by financing the purchase of the Louisiana Territory from France. Despite a long and distinguishes history, early in 1995 it took a single 28-year-old trader just a month of undetected trading to create a $ 1 billion loss, which caused the company’s demise. Nicholas Leeson had been an arbitraje trader at Barings Securities. He was trading futures contracts in Singapore and Japan. He simultaneously, bought in one market and sold the same contract in the other to exploit price differences. Profits were small but so were the risks. One day in late January 1995, Leeson decided that options said “plain vanilla“arbitraje was too tame. So he changed tactics. He stopped matching buy and sell orders. He became a buyer who thought he knew which way Japanese stock prices and interest rates were headed. Without authorization, he bet big. By the time Leeson’s betting was finally discovered, he had bought stock futures contracts representing $7 billion worth of Japanese share, and interest rate futures contracts representing $ 22 billion Japanese government bonds. Unfortunately, Leeson didn’t know as much as he thought he did. He racked up about a $1 billion loss. The regulators found there had been a “failure of control”. Keywords: futures contracts, options contracts, arbitraje, loss, failure of control.