NAB to reopen its FX options desk
(18 April 2005 – Australia) National Australia Bank has been given the green light to resume trading in foreign exchange options.
The bank will reopen its FX options desk on 9 May.
Australian Prudential Regulation Authority (APRA) said the bank had completed the specific requirements needed to reopen its desk after it had been shut down in 2004 following the A$360 million unauthorised trading saga.
The bank said 72 of the 81 requirements stipulated by APRA had been submitted to the regulator and that 30 items had closed.
National Australia Bank chief executive John Stewart said the bank had reached a milestone in the remedial actions program and would continue to work closely with APRA to complete the program.
"We have made good progress but we envisage that it will take some time to close out the remaining actions," Stewart said.
NAB executive general manager, Institutional Markets & Services, John Hooper, said the bank was looking forward to restoring its presence in the FX options market and meeting the broader FX needs of its customers.
Australian Prudential Regulation Authority (APRA) said the bank had completed the specific requirements needed to reopen its desk after it had been shut down in 2004 following the A$360 million unauthorised trading saga.
The bank said 72 of the 81 requirements stipulated by APRA had been submitted to the regulator and that 30 items had closed.
National Australia Bank chief executive John Stewart said the bank had reached a milestone in the remedial actions program and would continue to work closely with APRA to complete the program.
"We have made good progress but we envisage that it will take some time to close out the remaining actions," Stewart said.
NAB executive general manager, Institutional Markets & Services, John Hooper, said the bank was looking forward to restoring its presence in the FX options market and meeting the broader FX needs of its customers.
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