Ex-Deutsche Bank trader pleads guilty over EURIBOR manipulation

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Trader's Bank Building is a storey It was the tallest building in Toronto and the entire British Commonwealth until the Canadian Pacific Building was completed in It remains one of Canada's few surviving skyscrapers of the early wie traden banken Century.

Construction of the building was marked by several accidents and one fatality. An engineer was scalded by a faulty steam injector in November The building was innovative in its leasing arrangements. It was the first major Toronto building to introduce the New York system of leasing by the square foot. The building's height was wie traden banken controversial at the wie traden banken.

A number of the city's public intellectuals and many of its architects expressed dismay at the prospect of skyscrapers. It would overload the property values and shade the streets, trapping the disease-causing "miasmas" that still lurked in the public imagination.

The Globe newspaper complained: The chief retail thorofares will then look like a Colorado canyon. There were signs of urban canyon effect winds by the spring of The City Architect wie traden banken November promised it would not start a trend: There would be strict enforcement of the foot height limit, [9] which was still taller than the building itself.

As it turned out, city council was usually persuaded to waive the height limits downtown, and the Traders' Bank was very shortly overtaken by even taller buildings. From Wikipedia, the free encyclopedia. Timeline of the tallest buildings in Toronto. Timeline of the tallest buildings in Canada. Retrieved from " https: Coordinates on Wikidata All stub articles. Views Read Edit View history. In other projects Wikimedia Commons. This page was last edited on 20 Octoberat By using this site, you agree to the Terms of Use wie traden banken Privacy Policy.

Wikimedia Commons has media related to Trader's Bank Building. This article about a building or structure in Ontario is a stub. You can help Wikipedia by expanding it.

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Nicholas William "Nick" Leeson [2] born 25 February is a former derivatives broker whose fraudulent, unauthorised speculative trading , for which he was sentenced to prison, caused the spectacular collapse of Barings Bank , the United Kingdom 's oldest merchant bank.

Between and he had management roles at League of Ireland club Galway United. He is also active on the keynote and after-dinner speaking circuit, where he advises companies about risk and corporate responsibility.

Leeson was born in Watford , where he attended Parmiter's School. After finishing school in his first job was as a clerk with a private bank, Coutts. He then moved to Morgan Stanley in for two years, and then to Barings in Leeson was sent to Singapore after he was denied a broker's licence in the United Kingdom because of fraud on his application. From , Leeson made unauthorised speculative trades that at first made large profits for Barings: However, Leeson's luck soon went sour and he used one of Barings' error accounts accounts used to correct mistakes made in trading to hide his losses.

The account was numbered — 8 being a number considered to be very lucky in Chinese numerology as it rhymes with "Prosper". However, as this also reads as "Five 8s", where "Five" in Cantonese rhymes with "won't" or "without", the net phrase is "Won't Prosper". However, Leeson used this account to cover further bad trades. Management at Barings Bank also allowed Leeson to remain chief trader while also being responsible for settling his trades, jobs usually done by two different people.

This made it much simpler for him to hide his losses from his superiors. The beginning of the end occurred on 16 January , when Leeson placed a short straddle in the Singapore and Tokyo stock exchanges, essentially betting that the Japanese stock market would not move significantly overnight.

However, the Kobe earthquake hit early in the morning on 17 January, sending Asian markets, and Leeson's trading positions, into a tailspin. Leeson attempted to recoup his losses by making a series of increasingly risky new trades using a long-long future arbitrage , this time betting that the Nikkei Stock Average would make a rapid recovery.

However, the recovery failed to materialise. Leeson left a note reading "I'm Sorry" and fled Singapore on 23 February. After a failed bailout attempt, Barings, which had been the United Kingdom's oldest merchant bank, was declared insolvent on 26 February. After fleeing to Malaysia , Thailand , and finally Germany , Leeson was arrested in Frankfurt and extradited back to Singapore on 20 November , though his wife Lisa was allowed to return to England.

While he had authorisation for the 16 January short straddle, he was charged with fraud for deceiving his superiors about the riskiness of his activities and the scale of his losses.

Several observers have placed much of the blame on the bank's own deficient internal auditing and risk management practices. Indeed, the Singapore authorities' report on the collapse was scathingly critical of Barings management, claiming that senior officials knew or should have known about the "five eights" account.

Leeson pleaded guilty to two counts of "deceiving the bank's auditors and of cheating the Singapore exchange", [2] including forging documents. While in prison, in , Leeson published an autobiography, Rogue Trader , detailing his acts. A review in the financial columns of the New York Times stated, "This is a dreary book, written by a young man very taken with himself, but it ought to be read by banking managers and auditors everywhere.

The events also form the subject matter of a television documentary made by Adam Curtis , titled Inside Story Special: Leeson's first wife Lisa divorced him while he was in prison. He is a regular guest on the after-dinner and keynote speaking circuit [12] [13] and occasional guest lecturer at the nearby National University of Ireland.

He was appointed commercial manager of Galway United F. In June , Leeson released a new book, Back from the Brink: It picks up his story where Rogue Trader left off, including in-depth conversations with psychologist Ivan Tyrrell asserting that the prolonged periods of severe stress that affected Leeson's mental and physical health [ context?

From Wikipedia, the free encyclopedia. This article is about the derivatives broker. For the racing driver, see Nick Leason. This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. February Learn how and when to remove this template message. Retrieved 15 August Transactions, Policy, and Regulation. Archived from the original on 29 March Retrieved 23 February Archived from the original on 14 May Archived from the original on 27 September Retrieved 25 September Archived from the original on 25 February Retrieved from " https: Irish expatriates in England.

Views Read Edit View history. This page was last edited on 3 April , at By using this site, you agree to the Terms of Use and Privacy Policy.