Group of Thirty‚ 1993. Irving‚ Richard. “Beyond Barings‚” Risk‚ vol. 8 (April 1995)‚ p. 6. Kawaller‚ Ira. “Hedging with Futures Contracts: Going the Extra Mile‚” Journal of Cash Management‚ vol. 6 (July/August 1986)‚ pp. 34–36. Mark‚ Jeremy. “With Leeson in Singapore Prison‚ Focus Shifts to Barings Executives‚” The Wall Street Journal‚ December 4‚ 1995. McGee‚ Suzanne. “Nineteen U.S. Exchanges To Share Data on Dealings‚” The Wall Street Journal‚ September 6‚ 1995a. . “New U.S. Futures Chief Is Crafting
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’t distinguish himself in any way. Kerviel began at Societe General in the middle office after receiving his Master ’s degree. He initially began in the compliance department and was promoted to the Delta One products team in 2005 as a junior trader. This area of the bank dealt with program trading‚ exchange traded funds‚ swaps‚ index and quantitative trading. He did well at the bank but again didn ’t set himself apart and wasn ’t considered a star. In 2006‚ he received a salary of EUR 74
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macro and even global negative economic impacts. Barings Bank Bankruptcy Case Subject: Nick Leeson (head of front and back offices in Barings Bank Singapore branch) Fraud: Engaged in unauthorized trading in futures and options Assumptions for Fraud: Motivation: Huge amount of money was at Leeson disposal Knowledge: Leeson possessed very well knowledge on processes in front and back offices Opportunity: Leeson was manager controlling processes in both front and back offices; he was a key person in
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cleaning bowls for everything. One bowl is for washing up‚ one for washing their hands and face‚ and another for cleaning. They even keep separate bowls for the top half of the body and the lower half because the do not want to “contaminate” anything (Leeson). The Romani people actually take great pride in keeping their caravans clean and even have shiny displays of china and glass in their
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According to board structure‚ the difference of corporate governance among different countries is may be unitary or dual board on the country. In the UK and the USA‚ a unitary board of directors in the form of board structure‚ characterized by one single board comprising executive and non-executive directors. (Aguilera‚ 2003) It is responsible for all aspects of the activities of the corporation. A dual board of directors is including a supervisory board and executive board of management. Nevertheless
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LSE Michaelmas Term 2012 Intro Abuse Risk Activities Policy Introduction Intro Abuse Risk Activities Policy Speculation Force for good and force for bad • Speculators help farmers to plan production • And traders to threaten the financial system • There is no clear definition • But generally investment is long–term‚ speculation short–term (buy and hold vs. buy and sell) • It is often impossible to distinguish between “ legitimate” and “illegitimate” speculation
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References: 1. Braswell‚ M. (2014‚ September 29). Morgan Stanley wins back $3M bonus from insider trader. Retrieved from http://www.investmentnews.com/article/20140929/FREE/140929901/morgan-stanley-wins-back-3m-bonus-from-insider-trader 2. Commission‚ U.s. Securities And Exchange. SEC Complaint: Vladimir Eydelman and Steven Metro (n.d.): n. pag. UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY. Web 3. Mathews‚ Christopher
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This went completely against what Barings was expecting him to do. He opened a secret trading account to avoid being caught. 2. What went wrong that caused his strategy to fail? Leeson oversaw trading and back office functions meaning there ws no checks and balances. That’s a big mistake. Also Leeson experience in trading was limited‚ from the beginning he was loosing money and he continued to loose money throughout the years. According to the article‚ “By mid February 1995‚ he had accumulated
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and possibly most telling unethical actions was that of his handling of the traders of the Valhalla‚ NY trading scandal. The Valhalla trading scandal erupted because of the discovery that rogue traders were diverting funds into their personal accounts. When this was discovered by Enron’s internal audit committee and suggested to Ken Lay that they be fired‚ the idea was quickly dispatched. Ken Lay stated that “the traders made too much money to let them go”. This simple statement was evidence of
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Plekhanov Russian Academy of Economics International Economics DERIVATIVE MARKETS FUTURES‚ FORWARDS‚ OPTIONS‚ SWAPS‚ CAPS AND FLOOR MARKETS Prepared by: Zagorskaya Ksenia 1. OVERVIEW OF DERIVATIVE MARKET Derivatives are financial instruments whose value is derived from the value of something else. They generally take the form of contracts under which the parties agree to payments between them based upon the value of an underlying asset or other data at a particular point in time.
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