Having dragged Colin Lambert and Galen Stops kicking and screaming off the beach, the podcast is back and they are into the swing of things early, discussing the changing attitudes of fund managers to FX. Looking at this week’s NAB survey of Superannuation Funds FX attitudes, Lambert highlights the paradox of funds investing more in […]
National Australia Bank (NAB) has launched its biennial 2019 Superannuation FX hedging survey, the ninth such survey that seeks to provide detailed analysis of how Australian super funds manage their currency exposures. Australia has the fourth biggest superannuation pool in the world, as at December 2018 assets stood at AUD 2.7 trillion, of which around AUD 1.8 trillion is institutional money, with the balance being in private self-managed funds. The bank says this is the only survey of its kind in Australia thanks to the level of detail it goes into around how asset owners are managing their currency risk.
Kate Birchall has been appointed head of Asia Pacific for LCH Ltd, effective 15 October 2018.
Based in Sydney, she will report to Martin Pluves, CEO, LCH Ltd, and will be responsible for LCH’s business in Asia Pacific, including the CCP’s existing OTC derivatives clearing operations in Sydney and Tokyo.
LCH says Asia Pacific is a region of strategic growth for the firm, which is directly licenced in Australia, Hong Kong, Japan, Singapore. Members and clients from 12 APAC countries currently use LCH’s clearing services. ?
In this week’s In the FICC of It podcast, after last week’s confident prediction of a German World Cup win Profit & Loss’ managing editor Colin Lambert puts a hex on another team by predicting them as winners and editor Galen Stops volunteers to play fact checker on statements made by panellists at a conference.
They also discuss this week’s news, including the Global Foreign Exchange Committee meeting, BNY Mellon launching an options business, the latest from the crypto world and the latest evidence (unproven) of regulatory arbitrage involving Australia and the US.
On a more sombre note they also pay tribute to FX industry veteran Paul Chappell, who passed away this week, with a couple of lighter hearted stories involving him.
The Australian Securities and Investments Commission (ASIC) has expressed disappointment at the failure of National Australia Bank to fully implement a reform programme linked to an Enforceable Undertaking (EU) levied by ASIC after deficiencies were found in the bank’s wholesale spot FX business.
NAB, along with the other major Australian banks, were fined by ASIC in December 2016 for a series of failures in their FX businesses, including attempts at front running orders, manipulating fixes and inappropriately sharing confidential information.
Two Australian banks, National Australia Bank and Commonwealth Bank of Australia, have each made a “benefit payment” of AUD 2.5 million after the local regulator, the Australian Securities and Investment Commission (ASIC) found they had inadequate controls to address risks relating to instances of inappropriate conduct in their offshore FX businesses.
ASIC says it identified attempts to manipulate FX fixes, front running and the inappropriate sharing of information by traders at CBA and NAB between 1 January 2008 and 30 June 2013.
Informed sources say that National Australia Bank has a new global head of foreign exchange trading following the departure of David Jones, who had held the role since mid-2013. The sources say that Sydney-based Mark Lawler has been named to run the FX trading business. Previously Lawler was head of FX trading for Asia Pacific […]