NAB gears up for forex options restart

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.

  • LinkedIn  
  • Save this article
  • Print this page  

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 [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

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: