REAL-LIFE PROBLEMS, INNOVATIVE SOLUTIONS
FX WEEK USA CONGRESS
SINGAPORE – The Monetary Authority of Singapore (MAS) will maintain its "policy of modest and gradual appreciation" for the Singapore dollar at its semi-annual monetary review tomorrow (April 12), analysts have predicted.
MELBOURNE – The former head of National Australia Bank’s foreign currency options desk is facing up to five years imprisonment for his part in the A$360 million rogue trading scandal that shook the bank last year.
Options give hedge fund managers a tool to manage spot currency trades outside of leaving simple orders in the market. Jeff Cooper (right), vice-president responsible for sales and structuring of FX options at Bank of Montreal in Toronto, explores this...
MELBOURNE – The four traders at the heart of the A$360 million currency options scandal that rocked National Australia Bank (NAB) last year are to enter a plea at Melbourne Magistrates Court on March 22.
SEOUL – The dollar's dive against Asian currencies to record lows is unlikely to be halted by large-scale intervention, according to analysts.
The Royal Bank of Scotland launched a web-based IAS 39 Toolkit last week to help clients with the requirements set out by the IAS 39 accounting standard, which comes into force at the start of 2005.
TOKYO – A debate is raging in Tokyo over the impact new retail FX trading laws will have on the developing market.
NEW YORK – A bill offering US companies the chance to repatriate overseas earnings at a hugely discounted tax rate is set to be signed into law in the next week – much sooner than previous estimates, said analysts.
NEW YORK – A new tax bill in the US that is likely to herald a massive repatriation of funds into the country could spell a 5%–10% hike for the dollar, according to one scenario model from Dutch bank ABN Amro.
MELBOURNE – National Australia Bank (NAB) has resumed limited trading in currency options, as an April 30 deadline to amend its shortcomings passed last week.
MELBOURNE -- National Australia Bank’s currency options desk will remain closed until it has satisfied requirements issued by its regulator in a damning report released last week.
MELBOURNE -- Pricewaterhouse- Coopers’ (PWC) report on the forex options trading scandal that has shaken National Australia Bank (NAB) in recent weeks is expected to expose a number of risk control problems at the bank, Graham Kraehe, NAB’s new chairman,...
NEW YORK -- The New York FX Committee is likely to revise its guidelines on FX trading and operational risk management this year, when it concludes a review into issues arising from the FBI’s arrests of 47 currency traders last November.
"We jointly decided that the best move would be to increase its FX expertise" -- Jim Brown , managing director of TH Lee Global Internet Managers, on the departure of Currenex chief executive Lori Mirek in January
The risk of trading with unnamed counterparties was highlighted in February, when central banks and top players in FX joined together to combat the problem.
A special investigation by FX Week in May revealed a lapse in operational risk management at banks that do not separate risk management budgets from business lines.