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Nab forex scandal


nab forex scandal

a more appropriate balance between management and policing functions. "We have already reviewed value at risk limits and reduced our risk exposure Mr Stewart said. NAB has since said that the losses from a series of disastrous deals could be as high as A600 million, leading to speculation that it actually does not know the extent of the loss. Story Tools, yOUR E-mail alerts, follow the news that matters to you. The bank said today "primary responsibility" for the unauthorised trading rested with four members of the foreign currency options desk. It added that warning signals, both from inside the bank and from regulators and other market players, were not properly acted upon. These include analysis of daily trading profits and accounts, reporting of all large and unusual transactions, investigation of all off-market rates on high risk transactions and a stronger back office that properly checks all transactions. The trading losses are being investigated by the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Australian Federal Police.

Shares in NAB fell 23 cents.61 by 1146 aedt. NAB today released the findings of a report by PriceWaterhouseCoopers into the trading scandal which found the four traders exploited loopholes and weaknesses in systems and processes to hide trading losses and protect bonuses. Mr Kraehe said the board accepted it was ultimately responsible for the culture and reputation of the bank and any losses suffered by shareholders. Bullen had cited TSF-Icap as another broker the desk had used. These rates were emailed back to the National un-amended. "From now on, there will be a zero tolerance policy towards unauthorised limit breaches at the National.".

Forex, trading Desk, skandal, wild. So far, NAB has issued a letter demanding compensation, but said last week it intends to seek exemplary damages against Icap in any proceedings brought against that firm. The bank is alleging that a broker at one of Icap's Singapore subsidiaries a member of the TFS-Icap joint venture formed with. NAB has since said that the losses from a series of disastrous deals could be as high as A600 million, leading to speculation that it actually does not know the extent of the loss. NAB drags brokers into forex options trading scandal EU infighting blocks Basel recognition of banking scandal 15 Aug You nab currently on corporate access.


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