global products should be " sufficiently powerful enough to appreciate it for any risk " , he said . " i would stress that these circumstances are native to securities and should not apply to other bank working in england . " barings incurred expenses of at least 600m in contracts on three stock exchanges in malaysia , osaka and manila , he said , but ' further unquantifiable losses ' were expected .
The banking firm Barings collapsed due to speculations made by Nick Leeson.