global markets should be " quite stable enough to endure it without lasting damage " , he suggested . " i would say that these circumstances are peculiar to barings and should not matter to other banks trading in japan . " barings faced cuts of at around 600m in contracts on three stock exchanges in singapore , osaka and tokyo , he said , but ' further unquantifiable casualties ' were expected .
The banking firm Barings collapsed due to speculations made by Nick Leeson.