ABSTRACT
Recall, Hatch (1999) suggests that players use structure in order to escape from structure by taking their cue from the tune that is already being played. Leeson starts small, taking his cue from traders’ existing creative use of suspense accounts. Having recognized the possibilities inherent in account 888888 being disconnected from reporting systems, Leeson uses the account to hide more substantial errors. Mis-pricing business was an extension of the practice of ‘legging it’. Colleagues cooperate with small rule infringements such as holding contracts overnight and trading practices that are inconsistent with SIMEX’s rules. The small propriety trading that takes place on a small scale in order to avoid taking losses provides the cue for subsequent options trading.
