Unauthorized FX Options Trades At ABN-AMRO Produce Significant Loss for New York Unit

BANKS

ABN-Amro, the largest Dutch bank, uncovered a $30 million loss in its foreign exchange options book in New York last week and has suspended James Martigione, head of its New York options desk and at least one of his assistants, according to sources at the bank. The loss stems from one or more unauthorized options transactions.

"There has been a problem detected in the New York treasury operation," says Julie Wright, director of corporate communications for ABN-Amro in North America. "We think we

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 customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe

You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets 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 indvidual account here: