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Barings collapsed on February 26, 1995, due to the activities of one trader, Nick Leeson, who lost $1.4 billion by gambling on the SIMEX with primarily derivative securities. This was the second time Barings had faced bankruptcy, the first being in 1890 when a significant amount of investment was lost in South America following the Argentinan revolution . However, at that time, they had been bailed out by the Bank of England and other London banks.
Barings was purchased by the Dutch bank/ insurance company ING after its collapse (for the nominal sum of £1) and no longer has a separate corporate existence. Its name lives on in Baring Asset Management.
Nick Leeson's autobiography of the event leading up to the collapse were dramatized in the movie Rogue Trader.