20/7/ · National Australia Bank Ltd has sacked four foreign exchange traders at the centre of a trading scandal that cost Australia's biggest bank. The lack of controls on NAB's foreign 15/1/ · NAB chairman Charles Allen admitted the scandal could cost the bank several million dollars more than the maximum $ million announced to the Australian Stock 4/8/ · Ficarra, Gray and Duffy, with a fourth man, year-old David Bullen, are accused of fraudulent trading that lost NAB $ million. Mr Dillon, one of several executives sacked The former head of National Australia Bank's foreign currency options desk has been jailed over his involvement in the bank's $ million trading scandal. Luke Edward Duffy, 35, who We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later. Dismiss ... read more
The bank has determined that it has no insurance cover for the losses, which were blown out by the 14 per cent rise in the Australian dollar against the US dollar since October.
APRA officials are expected to travel to Melbourne in the next few days to begin their investigation. The Australian Securities and Investments Commission is believed to have supported an independent inquiry.
Standard Poor's said yesterday it would monitor NAB's investigation of its risk-management practices. While SP said the size of the loss was manageable, it was concerned about the breakdown of formal risk-management controls.
NAB maintained yesterday that no senior management would be dismissed over the trading losses incurred by its four-strong foreign exchange options trading desk. The traders at the centre of the scandal have been co-operating with an internal inquiry launched by the bank. The leader of the team, Luke Duffy, did not return calls yesterday. Mr Cicutto remained bunkered down in his Melbourne office yesterday but is expected to front investors within the next week to give the first detailed explanation of the mishap.
That's always the problem with the banks. The numbers that go down way into the organisation are very significant," he said.
Skip to navigation Skip to content Skip to footer Help using this website - Accessibility statement. Close menu Search Search. More Today's Paper Markets Data Events Lists. Politics Print article. Stewart Oldfield. The findings are contained in a report by consultancy group Promontory dated April 18, and were an agreed step from an enforceable undertaking EU or negotiated outcome reached between the Australian Securities and Investments Commission ASIC and NAB in December Published by the Hayne royal commission last week, the report finds the bank's promises to fix problems within its foreign exchange department were not followed through with one-third of the criteria "partially complete", one-third "mostly incomplete" and one-third "unable to be assessed".
JULIAN SMITH. The EU was entered into after ASIC detected the crooked actions of foreign exchange traders at NAB and Commonwealth Bank , which saw cowboy traders sharing information about clients and front running their positions, entering fake bids into trading terminals and triggering client stop-losses. The episode led to numerous sackings, jail time for the traders and saw NAB slugged with a basis point CET1 capital charge following an APRA investigation.
More than a decade later the criticisms of then APRA chairman, John Laker, over the scandal seem particularly relevant, including the observation that "NAB's internal control systems failed at every level" and that NAB's internal governance system "simply did not function".
The re-emergence of problems with the foreign exchange desk dovetails with many findings contained in a self-assessment published by the bank last week where it accepted historical issues at the bank had a tendency to return "because of non-sustainable or incomplete solutions". The April report from IBM-owned Promontory — which has become an increasingly popular independent consultant among the banking sector — is dry but unflinching in its assessment of NAB's progress of fixing blind spots in its systems.
The report says there has been no comprehensive risk assessment, little progress made in the detailed design of action plans and limited engagement from key stakeholders. The report says NAB's independent risk and assurance functions have had limited involvement and the human resources department also had worryingly limited engagement.
It made 78 recommendations as to how NAB should improve the program. The Australian Financial Review understands Promontory has submitted a second assessment of NAB's progress against the enforceable undertaking. NAB was required to submit a response to the assessment to ASIC by no later than November 23, however neither of these documents have been made available.
The report was subject of discussion during the final bracket of hearings at the Hayne royal commission where ASIC chairman James Shipton was forced to explain commissioner Cathie Armour's decision to extend the deadlines in the undertaking in order to get the program into shape.
An email from an ASIC employee to Ms Armour on April 20 showed the regulator had been made aware of the lack of progress made by the bank. It considered what changes needed to be made to the undertaking to ensure a "credible, reviewable initial draft of the FX program". In considering these options Promontory told ASIC it had no confidence the bank would be able to complete the work required of it on time so ASIC recommended extending the deadline by three to four months to which Commissioner Armour said: "Fine with me".
Questioned about the failure of this particular enforceable undertaking, Mr Shipton told the royal commission he agreed there was room for improvement. He also said the regulator had taken action against companies for breaching an undertaking just twice in the past 10 years.
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The former head of National Australia Bank's foreign currency options desk has been jailed over his involvement in the bank's $ million trading scandal. Luke Edward Duffy, 35, who We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later. Dismiss 11/1/ · It had been closed since January as the bank dealt with the fallout from the $ million trading scandal. It is understood NAB had been planning to shift the forex NATIONAL AUSTRALIA BANK SHARES FALL AMID CURRENCY TRADING blogger.com the wake of the financial crisis and particularly the failure to nab Bernie Madoff As yet another 20/7/ · National Australia Bank Ltd has sacked four foreign exchange traders at the centre of a trading scandal that cost Australia's biggest bank. The lack of controls on NAB's foreign 15/1/ · NAB chairman Charles Allen admitted the scandal could cost the bank several million dollars more than the maximum $ million announced to the Australian Stock ... read more
James Frost writes about banking, funds management and superannuation. License this article. Normal text size Larger text size Very large text size. An email from an ASIC employee to Ms Armour on April 20 showed the regulator had been made aware of the lack of progress made by the bank. The move to NAB's main dealing floor at its George Street office in Sydney is regarded as a further measure to improve supervision of the desk, which undertakes some of the bank's most speculative trading in its capital markets arm. He also said the regulator had taken action against companies for breaching an undertaking just twice in the past 10 years.
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