Barings Freezes Foreign Exchange Trading With Modest Counterparty Losses Forecast
NON-BANKS
Britain's oldest investment bank, Barings Plc, froze all foreign exchange trading following its collapse last week, which reportedly stemmed from a more than $1 billion loss on unauthorised equity futures and options transactions by dealer Nick Leeson in Singapore.
So far, say bank executives, losses by counterparties are expected to be modest. Officials at Royal Bank of Scotland, Baring's clearer, tipped by some sources to be a likely candidate for exposure to the bank, denies that there is a
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