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　　In the case of Barings Bank, Nick Leesson incurred huge tradinglosses because:
　　a. he had broad powers and weak managementoversight, which permitted
　　speculative trading and the resultinglosses to be hidden.
　　b. Barings Bank had insufficient liquidityto cover marked-to-market losses.
　　c. the size of Barings' positions was toolarge in relation to the liquidity of the contracts being used.
　　d. the market in Nikkei 225 futurescontracts shifted from contango to normal backwardation.
　　答案解析：選A
　　The basic problem at Barings was operationrisk control. Nick Leeson was in charge of trading and settlement. This dualresponsibility allowed him to hide losses by crossing trades at fabricatedprices. He then booked the profitable side of the trade in accounts that werereported and the unprofitable side in an unreported account. The lack of supervisionalso permitted him to shift from hedged trading strategies to speculative strategiesin an effort to hide previously incurred losses. Liquidity, position size, and contangoare all issues in the Metallgesellschaft case, not Barings. (See Book 1. Topic6)
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