Brokers pulled into NAB scandal
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So far, NAB has issued a letter demanding compensation, but said last week it intends to seek exemplary damages against Icap in any proceedings brought against that firm.
The bank is alleging that a broker at one of Icap's Singapore subsidiaries – a member of the TFS-Icap joint venture – supplied revaluation data that helped mask trading losses in NAB's forex options business.
Speculation had already mounted last year that Cantor Fitzgerald was the other broker involved after Australian press
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