Rogue Traders

Organised bank crimes

Events at Royal Bank of Scotland Group are at the heart of the biggest scandal in banking history. Photo: Bloomberg

Every morning, from his desk by the bathroom at the far end of Royal Bank of Scotland Group's trading floor overlooking London's Liverpool Street station, Paul White punched a series of numbers into his computer.

Saturday, 15 December, 2012, 3:12am

Rogue trader Jerome Kerviel loses appeal over jail and €4.9b fine

Rogue trader Jerome Kerviel arrives at court yesterday to hear the result of his appeal. Photo: AFP

An appeal by the man behind France's biggest rogue-trading scandal against a three-year jail term and a €4.9 billion (HK$49 billion) fine was rejected by a court in Paris yesterday.

25 Oct 2012 - 4:44am

A bad week for ...

Tao Yujie

22 Jul 2012 - 12:00am

Shrinking pay leads traders into temptation

Work pressures, and shrinking commissions and bonuses are pushing traders to engage in rogue trading, global auditing firm Pricewaterhouse Coopers has found.

Duncan Fitzgerald, PwC partner in charge of risk and controls solutions, said trading floors were feeling the heat as weak market sentiment eroded traders' pay cheques.

2 Mar 2012 - 12:00am

Rogue trader the last problem a bank needs

At a time when global markets are in turmoil and financial institutions battling to stay afloat, the last thing a bank needs is the discovery of a rogue trader in its ranks. The circumstances in which a Bank of East Asia trader came to under-report losses in equity derivatives by HK$93 million is not yet clear. But the revelation should set alarm bells ringing.

20 Sep 2008 - 12:00am

Rogue trader shows lessons not learned

Financial skulduggery is as old as finance itself. What is shocking, however, about Jerome Kerviel, a futures trader at leading French bank Societe Generale, is the scale of his reported deception. The fraud he allegedly perpetrated through unauthorised trades in European futures markets has cost his employer Euro4.9 billion (HK$56 billion), the largest in banking history.

26 Jan 2008 - 12:00am

New Leeson life

For a man who has just turned an encounter with financial scandal, jail, divorce and colon cancer into a 317-page self-help book, Nick Leeson sounds surprisingly flat.

It is not ridiculously early in the morning, but the man best known for a spell of rogue trading that single-handedly brought down Barings bank 10 years ago is not at his perkiest when he picks up the phone.

25 Jun 2005 - 12:00am

Call time on scapegoats

JAPAN'S corporate culture leaves much to be desired. One particularly ingrained and outdated unwritten rule is requiring the resignation of the top dog to take responsibility for the scandalous actions of his underlings.

16 Mar 1997 - 12:00am

Accusation of cover-up at Barings

Senior executives at the Singapore office of Barings, the merchant bank that collapsed last year with losses of GBP830 million (about HK$9.86 billion), were yesterday alleged to have conspired in a huge 'cover-up' that prevented the fraud being detected earlier.

26 Jun 1996 - 12:00am

Leading banker sounds warning over greed factor

In the wake of two major 'rogue' trading scandals that rocked global stock markets this year, Cedel Group chairman Robert Douglass has sounded a warning against the 'greed factor'.

'The sheer profitability of the industry during this extended bull market has, in some instances, led to a brash new level of over confidence,' he said.

21 Jun 1996 - 12:00am

Regulators fail allotted task

JUST as Japan Inc was recovering its composure from the aftershocks of the Daiwa affair, another and potentially more damaging trading scandal has emerged to rock confidence in the country's regulatory process.

16 Jun 1996 - 12:00am

Bax escapes Barings prosecution

The former head of Barings in Asia, James Bax, will not be prosecuted by the Singapore authorities in connection with the collapse of the bank in February 1994.

Despite strong criticisms made of Mr Bax in a damning report into the bank's failure, the authorities have decided that he, and a further three figures involved in the case, have no charges to answer.

14 Jun 1996 - 12:00am

Norris ban, fine set to open floodgates

The three year ban and GBP10,000 fine on Peter Norris is seen as a welcome start to the punishment process needed to make atonement for the vast litany of failures that caused the collapse of Barings.

8 May 1996 - 12:00am

Damning report snares two more

NICK Leeson, stranded in a Frankfurt jail awaiting possible extradition, will have ample time to digest the Singapore Ministry of Finance's lengthy findings into the collapse of Barings. However, it will not be a relaxing read.

22 Oct 1995 - 12:00am

Barings management blamed for collapse

SINGAPORE issued a stinging report yesterday on the collapse of Britain's oldest merchant bank, Baring Brothers, claiming its senior management was largely to blame.

Inspectors appointed by Singapore's Ministry of Finance found severe shortcomings in the organisational and reporting structure within the group.

18 Oct 1995 - 12:00am

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