Australian regulator finds NAB and CBA culpable of inappropriate conduct in spot FX

Both banks will develop a programme to detect and prevent such conduct by its employees

NAB and CBA employees shared client order information with external market participants

Two large Australian banks, the National Australia Bank (NAB) and the Commonwealth of Australia Bank (CBA), have been found culpable of inappropriate conduct in their spot FX business by the Australian Securities and Investments Commission (ASIC).

The conclusion follows from an investigation undertaken by ASIC in which the Australian regulator found that "both banks failed to ensure that their systems and controls were adequate to address risks relating to instances of inappropriate conduct

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