Must do better – Apac slow to curb control risk

Asia Risk 25: Even as the level of regulatory scrutiny peaks, meaningful change eludes the region’s banks

This is part of a series of articles marking Asia Risk’s 25^th anniversary

It’s early 1994. Derivatives trader Nick Leeson sits at his desk in the plush Singapore offices of Barings Bank. He is not feeling collected, calm or cool. He is feeling sweaty and panicky. He is harbouring an epoch-making secret that will send shockwaves through the financial world and beyond.

Looking back at this time, in conversation with Asia Risk, Leeson shares his incredulity at the lack of intervention in the