Whatever happened at Barings? part two: unauthorised trading and the failure of controls

Article Abstract:

There are a number of lessons to be learned from the collapse of Barings, UK merchant bank, brought about by the malpractice of Nicholas Leeson, the leading Singapore derivatives trader. Any warning signs in financial markets where there is much risk should be heeded, efficient monitoring and control systems need to be brought in, and derivatives trading should be reformed so that better trained staff trade and make quick decisions within risk management systems, with diligent supervision and strict controls.

Securities and Commodity Exchanges, Banking Institutions, Depository Credit Intermediation, Security and commodity exchanges, Securities Exchanges, DEPOSITORY INSTITUTIONS, Management, Banks (Finance), Exchanges, Derivatives (Financial instruments), Leeson, Nicholas W., Barings PLC, Trading rooms (Finance)

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Reuter's share repurchase: stepping off a pile of cash

Article Abstract:

The practice of corporations' buying back shares from shareholders is not as common in the UK as in the US, but share repurchase is a cost-effective and efficient way of reducing net cash balances. Reuters is an international financial information and news media group based in the UK that spent 350 million pounds sterling repurchasing its shares from shareholders in 1993. The share buyback was highly successful and Reuter's share price increased. An analysis of the share repurchase programme is presented.

On-Line Information Services, Database Vendors, Analysis, Database industry, Information services, Corporations, Reuters Ltd., Information services industry, Corporate finance, Stock redemption

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Demergers and the Hanson experience

Article Abstract:

The strategic management skills which Hanson used during its demerger into four companies in 1996 are analysed to see whether the shares in the four companies were over or under-valued when they were floated on the stock exchange. The process of demerging, the tactics employed, and the trading valuations are discussed. The findings suggest that the share prices were over-valued.

Management Skills, Conglomerate corporations, Mergers, acquisitions and divestments, Prices and rates, Stocks, Career development, Stock prices, Management techniques, Hanson Associates Inc.

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