NAB clear to trade currency options

National Australia Bank will be clear to resume trading foreign exchange options from early May. NAB said it received clearance from the Australian Prudential Regulation Authority, more than a year after APRA closed NAB’s currency options desk in the wake of the loss of $360 million from unauthorised trading. The bank will continue to use the Horizon currency option trading system, with modification, that four sacked options traders exploited to manipulate data and limits, and thus hide losses for many months.

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