The UK's oldest investment banking institute, <a href="https://en.wikipedia.org/wiki/Barings_Bank" id="mw8A" rel="mw:WikiLink" title="Barings Bank">Barings Bank</a>, collapses after a rogue securities broker <a href="https://en.wikipedia.org/wiki/Nick_Leeson" id="mw8Q" rel="mw:WikiLink" title="Nick Leeson">Nick Leeson</a> loses $1.4 billion by speculating on the <a class="mw-redirect" href="https://en.wikipedia.org/wiki/Singapore_International_Monetary_Exchange" id="mw8g" rel="mw:WikiLink" title="Singapore International Monetary Exchange">Singapore International Monetary Exchange</a> using <a href="https://en.wikipedia.org/wiki/Futures_contract" id="mw8w" rel="mw:WikiLink" title="Futures contract">futures contracts</a>.