Nick Leeson was appointed general manager, head trader and unofficial head of the back office at Singapore-based Barings Securities (BSS) in 1992. He oversaw the firm's futures markets operations while retaining responsibility for two main trading functions: trading futures and options for clients or other firms within Barings, and arbitraging price differences between Nikkei futures traded on the SIMEX and Japan's Osaka exchange.

While Barings management was unaware, Leeson was hiding his losses in the infamous 88888 account. During a three-month period, Leeson bought more than 20,000 futures contracts valued at about $180,000 each, trying to move the market.

Ultimately, Leeson's losses continued to mount, and he fled in February 1995, leaving behind losses totaling about $1.4 billion -- two times the bank's capital base. That same month, Barings was declared bankrupt.