global markets should be " quite strong enough to absorb it not lasting damage " , he said . " i would state that these consequences are new to barings and should not apply to other bankers acting in london . " barings faced losses of at least 600m in contracts on three stock markets in india , osaka and tokyo , he claimed , but ' further unquantifiable losses ' were predicted .
The banking firm Barings collapsed due to speculations made by Nick Leeson.