Leeson created an account numbered 88888 error for all premiums and losses resulting from transactions. Leeson said that initially opened this account to hide a single loss of £ 20,000 resulting from the accounting error that would recover from trading.However, he continued to record further losses in this account and also continued to increase the number of transactions and the risk assumed. Leeson increased volume of open positions although its losses have increased due to market volatility. When Kobe earthquake in Japan caused a steep fall of the Nikkei 225 index with 1000 points, unauthorized open positions they have suffered major losses Leeson. Being an inexperienced trader, Leeson bought more desperate Nikkei futures contracts in hopes to regain the money they had lost.