#book forex

[souravsharma38393]

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[trading1]

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[story21938]

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[totop2man]

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[chronically-introverted]

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23:22

[fxarabian]

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[tenth-sentence]

And the infiltration of senior Westpac ranks by Citibank executives had continued: Michael Hawker, a former Australiasian treasurer for Citibank, then head of its derivatives operations in Europe, joined Westpac as general manager, foreign exchange, money markets and derivatives.

"Westpac: The Bank That Broke the Bank" - Edna Carew

[whats-in-a-sentence]

In May 1992 Frank Conroy wrote a 'comfort' letter on behalf of Rob Douglass:

To whom it may concern

As managing director of Westpac, I write to clarify certain matters which pertain to the reputation of Mr R.H.V Douglass and arise out of his position as managing director of Partnership Pacific Limited ('PPL'), a wholly owned subsidiary of the bank.

The bank employed Mr Douglass between May 1983 and December 1986 as general manager, merchant banking. One of his duties was to take up the position of managing director of PPL from late 1984. That role involved responsibility for the seven divisions of PPL. The divisions reported to Mr Douglass through the general manager of PPL. The board of directors of PPL met on a monthly basis. It consisted of senior Westpac personnel, the chairman being the then deputy managing director of Westpac.

Mr Douglass had the ultimate responsibility within PPL for a foreign currency product which involved the management of clients' foreign currency exposures and was in vogue throughout the banking community during the 1980s. As is now well known, banks and their clients had difficulties in coping with the market environment which developed after deregulation of exchange controls in 1983 and gave rise to extraordinary volatility of the Australian dollar. PPL experienced its own internal difficulties, both with staff and computer systems. In 1985, Mr Douglass engaged the bank's solicitors, Allen Allen & Hemsley, to advise on the procedures to be established and documentation.

In 1987, the bank asked Allen Allen & Hemsley to carry out a review of the foreign currency product marketed by PPL. The result of the initial review is reported in what later became known as the 'Westpac Letters'. It is wrong that Mr Douglass has suffered as a result of being named in these 'Westpac Letters'. I believe that Mr Douglass, in his administration of PPL, acted as a reasonable person of integrity could be expected to have acted in the current state of knowledge of the market. The opinions of Mr Douglass and his version of events were not available to the author of the 'Westpac Letters', but have been made available to me. They cause me to think that the wholly negative assessment of Mr Douglass's performance in relation to the foreign currency product presented in the 'Westpac Letters' is not warranted.

It is my earnest wish, both personally and on behalf of the bank, that Mr Douglass should continue his career free from any negative associations arising out of his time with the bank or PPL.

"Westpac: The Bank That Broke the Bank" - Edna Carew

[allaboutforexworld]

A Book and B Book Brokers in a Nutshell

In the world of forex trading, brokers play a crucial role in facilitating trades and providing access to the market. There are two main types of brokers: A Book and B Book brokers. Understanding the differences between these two types of brokers is essential for traders to make informed decisions. This article will explore these brokers, their mechanisms, advantages, and potential…

[qexpertcom]

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[souravsharma38393]

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[trading1]

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[1hmedbou2]

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[mobile-offers]

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