Nicholas Leeson was a rogue trader who reduced the value of the venerable Baring Brothers & Co (BB&Co) Bank from roughly $500 million dollars to $1.60. Leeson traded futures contracts in the Nikkei 225 and on Japanese Government Bonds without authorization while management at Baring. The Singapore International Monetary Exchange, the Osaka Stock Exchange, and other governing bodies in Britain and Singapore disregarded or failed to recognize the potential for financial disaster. The failure of Barings Bank provides a lesson in the risks and responsibilities involved in organizing and monitoring derivatives trading.