Read the text and determine if the sentence is true:

Global markets should be "quite strong enough to absorb it without lasting damage", he said . "I would stress that these circumstances are unique to Barings and should not apply to other banks operating in London." Barings faced losses of at least 600m in contracts on three stock exchanges in Singapore , Osaka and Tokyo , he said , but 'further unquantifiable losses' were expected .

Sentence: The banking firm Barings collapsed due to speculations made by Nick Leeson.
no