Australia’s largest bank, National Australia Bank (NAB), lost hundreds of millions of dollars in speculative currency trading. The scandal broke out in January 2004 when a fellow trader working in the Melbourne office of the bank exposed unauthorized foreign currency derivatives trading. Initial reports had indicated that the total loss could be as high as A$600 million but Australian Prudential Regulation Authority (APRA), country’s banking regulatory body, found that the currency trading scandal has cost the bank A$360 million. In its detailed…