FX Week

NAB options desk "open again"

Sources in Melbourne said NAB is back in the market – mostly unwinding positions, but also trading "fresh" options as well. However, the desk has not "fully re-opened", said a source at the bank in Melbourne.

Regulator the Australian Prudential Regulation Authority (Apra) barred NAB from trading FX options until it had rectified risk management lapses responsible for a A$360 million (US$280 million) hole in its currency options portfolio (FX Week, March 29).

A spokesperson for NAB in Melbour