NAB to keep revised system

However, an NAB spokesperson acknowledges that the bank has already made changes to the system to address the platform's shortcomings, and says further alterations are on the way.

NAB officials announced in mid-January that they had commissioned an independent report into the matter by PricewaterhouseCoopers (PwC). The report revealed that the options trading platform used by NAB was dubbed Horizon and was developed by an "external software company. The software company was small but had developed a foreign exchange options system at another major Australian bank," according to the PwC report. A spokesperson at Triaxia, a Sydney-based vendor, confirmed Horizon was developed by the company, but declined to provide more information.

"Issues about valuation, being able to enter and remove orders from the system, and internal deals have been addressed with some changes in the [trading] system, and some [changes in] manual processes," said the NAB spokesperson. Specifically, he said the Horizon software has already been altered so internal orders are now matched on the system. The representative declined to give further examples of changes that have been made so far.

PwC also reported that NAB officials say the bank vigorously tested Horizon at the time of implementation.

However, NAB officials were unable to locate details of the testing performed for the implementation of Horizon, according to the report. "We are therefore unable to conclude on the completeness, accuracy or appropriateness of testing the new system," said the PwC authors.

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 or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Next-generation technologies and the future of trading

At a webinar in association with capital markets technology provider Numerix, panellists discuss the potential for increased adoption of the public cloud to boost investment performance, its impact on risk management and overcoming barriers to…

You need to sign in to use this feature. If you don’t have a 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