La société ICAP a informé Compagnie Financière Tradition du courrier que la National Autralian Bank lui avait adressé (voir ci-dessous le communiqué de presse de ICAP du 09.11.2005).
La filiale ICAP de Singapour, mentionnée dans cette correspondance, est membre de la joint venture TFS-ICAP, spécialisée dans l'activité sur options de change. TFS est filiale de Compagnie Financière Tradition.
A ce titre, Compagnie Financière Tradition soutient les commentaires formulés par la société ICAP dans son communiqué de presse. Pour toutes questions s'y rapportant, merci de bien vouloir contacter Mike Sheard de ICAP (Tel. : +44 20 7050 7103).
Présent dans 18 pays, Compagnie Financière Tradition est l'un des trois leaders mondiaux de l'intermédiation de produits financiers (marchés monétaires, marchés obligataires, produits dérivés de taux, de change et de crédit, actions, dérivés actions, marchés à terme de taux et sur indices) et non financiers (métaux précieux, énergie et environnement).
L'action Compagnie Financière Tradition est cotée à la bourse suisse (CFT). Pour plus d'informations sur notre Groupe, www.traditiongroup.com.
Lausanne, le 9 novembre 2005
Press Release ICAP
ICAP receives complaint from NAB regarding FX Options business in Singapore
London, November 9 2005. ICAP plc (IAP.L) has received correspondence from National Australia Bank (NAB) alleging that revaluation data, supplied by an individual within one of ICAP's Singapore subsidiaries (a member of the TFS-ICAP joint venture), helped mask trading losses in NAB's foreign exchange (FX) options business.
On 27 January 2004 NAB announced that it incurred FX trading losses of A$360 million (£158 million). Detailed reports following full investigations into these losses were published by PriceWaterhouseCoopers & the Australian Prudential Regulation Authority (APRA) in March 2004* and indicated that NAB incurred these FX trading losses between April 2003 and January 2004. The PWC report includes descriptions of how certain NAB dealers concealed losses by processing false spot FX and false FX option transactions, booking one-sided internal FX option transactions and using incorrect dealing rates for genuine transactions. The reports analyse the cause of these trading losses, including the methods of concealment employed by the NAB dealers, repeated failures of NAB risk management, absence of NAB financial controls, gaps in NAB back office procedures, inadequate NAB corporate governance and NAB corporate cultural weaknesses. NAB accepted the findings of the PWC report on 28 April 2004.
Neither the ICAP Group nor TFS-ICAP accept any responsibility for these NAB FX trading losses and intend to vigorously contest any claim which may be made against them in this matter.
ICAP has been informed that a similar allegation has been asserted by NAB against another inter-dealer broker, which is not a party to the joint venture, in respect of these NAB FX trading losses.
Enquiries
Mike Sheard (44) 20 7050 7103
Information for editors:
TFS-ICAP was originally formed in July 2000 as a joint venture by merging the OTC FX Options divisions of the TFS Group and the ICAP Group. TFS-ICAP has offices in New York, London, Frankfurt, Copenhagen, Sydney, Tokyo and Singapore.
About ICAP:
ICAP is the world's largest interdealer broker and following the acquisition of the BrokerTec fixed income securities businesses is the world's leading electronic broker of fixed income securities with a daily average transaction volume in excess of $1 trillion, 50% of which is electronic. The Group is active in the wholesale markets for OTC derivatives, fixed income securities, money market products, foreign exchange, energy, credit and equity derivatives. Please go to www.icap.com for more information.
* Copies of the PriceWaterhouseCoopers and Australian Prudential Regulation Authority reports can be found at http://www.nabgroup.com/0,,44213,00.html and http://www.nabgroup.com/0,,45453,00.html respectively.
