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On 27 February 1995, Barings, one of the UK''s oldest merchant banks, and a well-known name, was placed in administration following the disclosure that one of its Singapore traders had accumulated losses on trading futures and options contracts of over #800 million. The trader was Nick Leeson. Second of a two case series (295-033-1 and 295-034-1), Part Two examines Leeson''s unauthorised dealings, together with the techniques he used to disguise huge losses on his trading. It is demonstrated that, even within the unauthorised strategies employed by Leeson, he was inconsistent and illogical as well as lacking in good judgement and competence. Official government reports subsequently criticised Barings'' internal and external controls, and accused supervisory bodies of lax regulation. Part Two also suggests lessons to be drawn from the collapse.