Australia’s largest lender National Australia Bank said it plans to re-start currency options trading as soon as next month after a banking regulator allowed the bank to re-open the foreign-exchange options desk on May 9.
NAB was forced to close the business in January 2004, after the Australian Prudential Regulation Authority disclosed the currency losses.

The Melbourne-based National Australia Bank suffered huge losses of A$360 million ($276 million) last year and was forced to fire four traders and their boss as well as dismiss three executives.

The regulator did not allow the bank to re-open the business before it took 81 remedial steps and improved its risk management. NAB has already completed 72 of 81 actions, the bank’s Chief Executive John Stewart said Monday. "We have reached a milestone in the remedial actions program and will continue to work closely with APRA to complete the program. We have made good progress, but we envisage that it will take some time to close out the remaining actions," he said in a statement.