In 1992, he was selected to run the back office for the new Baring Futures Singapore (BFS), a subsidiary that would trade futures and options. His exact responsibilities were somewhat unclear, although they did include responsibility for both the back office accounting and control functions as well as for executing clients’ orders. This was when Leeson’s unauthosized trading activities began. On his initiative, Leeson sat for and passed the futures-trading exam to become registered as an associated person with the Singapore International Monetary Exchange (SIMEX). He did not need the license to fulfill his responsibilities, but he did need it to execute trades. To meet his Baring’s responsibilities, he only needed to take orders from clients, and pass them to a trader for execution.