global exchanges should be " quite strong enough to absorb it without suffering risk " , he stated . " i only stress that these circumstances are unique to securities and should not apply to other banks operating in london . " ing faced losses of at least 600m in contracts on three stock exchanges in singapore , johannesburg and london , he wrote , but ' further unquantifiable losses ' were predicted .
The banking firm Barings collapsed due to speculations made by Nick Leeson.