Risk.net

NAB gears up for forex options restart

National Australia Bank (NAB) has made two senior derivatives trading appointments in preparation for the future reopening of its forex options desk. The desk closed early last year following a trading scandal.

    • Joseph Radford
  • LinkedIn  
  • Save this article
  • Print this page  
Clifford Bayne was named Sydney-based head of foreign exchange options for Australia in late February, and Andrew Clark has already started in London as head of foreign exchange options for Europe. Both report to Jeff Lee, global head of foreign exchange, in Sydney.

Bayne comes to the Australian bank from his post as a senior forex options trader at ABN Amro in Singapore. Clark joins from JP Morgan Chase where he was vice-president of the bank’s forex and commodity options group in London.

But an NAB spokeswoman in Melbourne told RiskNews that although the bank is gearing up to relaunch its options desk, it is impossible to say exactly when the business will recommence. She explained that NAB has worked through around 90% of the improvements demanded by the Australian Prudential Regulation Authority (Apra) following the trading debacle. But the regulator still needs to give a final go-ahead.

Apra originally closed the desk in March, 2004 after savaging NAB in a report on the A$360 million ($280 million) rogue trading incident.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Copyright Infopro Digital Limited. All rights reserved.

As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.

If you would like to purchase additional rights please email info@risk.net

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.

If you would like to purchase additional rights please email info@risk.net

More on People

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here