Rogue traders should do time – Leeson

11 Apr 2008 email

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by Paul Francis-Grey

Original rogue trader, Nick Leeson, told a gathered audience at FOW’s 18th annual Derivatives World London that all traders abusing the market should spend time in jail for their offences.

When asked by an audience member whether he felt any moral remorse for his misdemeanours incurred during his time at Barings Bank, Lesson said that every trader that committed such rogue trading should serve the same penalty as himself.

Having been earlier referred to as a “cheat” by Futures and Options Associations chief executive, Anthony Belchambers, Leeson admitted that the moniker was apt and that he had heard much worse.

Leeson also spoke of how, despite his £827m losses incurred in 1995, the market today had failed to learn from his squandering.

He said he was “shocked” that Jerome Kerviel managed to ring up losses to the tune of £3.7bn away with Société Générale.

He added that developing regions such as Dubai could be susceptible to similar cheats given its immature regulatory system.

“The introduction of these contracts to trading represents a new stage in developing the Russian market in fixed income instruments as in essence futures on federal bonds are derivatives on long-term interest rates.”

Evgeny Serdyukov, director of F&O at RTS

Rogue traders should do time – Leeson

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