SFA to play war games with US
Friday 01 November 1996
Nick Durlacher, chairman of the SFA, in a letter to the Treasury committee to which he gave evidence yesterday, said: "We will shortly be participating with the CFTC in war games to test our mutual preparedness for another regulatory emergency."
The "war games" will involve hypothetical tests, such as how quickly each regulator can get vital information about a company and how quickly they can work together to put together a rescue plan. "It's a simulation exercise rather like fire brigade practice," Richard Farrant, chief executive of the SFA, told the committee.
Mr Durlacher said in his letter: "Our day-to-day working relationship is often closer with US regulators than with a number of European and Far East regulators.
"It was a request for information from the SEC [a US regulator] about trading in Solv-Ex, a company quoted on Nasdaq, which alerted us to possible connections with Morgan Grenfell Asset Management."
The committee asked the SFA to search its records for the names of Baring executives who knew that Nick Leeson, the trader who brought down Barings, had been turned down for SFA membership because of outstanding loans. Leeson is now serving a jail sentence in Singapore.
The Barings crisis last year raised the issue of international co-operation between regulators as the problems which caused the collapse took place in Singapore, and not London.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Britain First 'acting like Ukip henchmen' by invading meeting of activists in revenge for pub protest against Nigel Farage
- 3 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 4 Tidal: Jay Z's Spotify rival streaming service criticised for making wealthy artists even richer
- 5 Brixton squat flats now costing up to £3k per month show how out of control rent is in London
Britain First 'acting like Ukip henchmen' by invading meeting of activists in revenge for pub protest against Nigel Farage
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Brixton squat flats now costing up to £3k per month show how out of control rent is in London
A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...