National Australia Bank (NAB) is said to have demanded $397m from interdealer broker ICAP plc and another FX broker in connection with NAB's $265m FX rogue trading scandal of last year.
It appears that NAB feels that one of ICAP's Singapore-based traders assisted in some way its own four FX traders perpetrate the fraud. ICAP is having none of it, and the matter may well end up in court.
Goldman Sachs issued a research note last week which explained how the positions it has recommended over the past year or so in currencies has resulted in a loss of around 10%. Analyst Thomas Stolper wrote that 'there is no doubt that some of our main views this year have been wrong and as a result a number of trades did not perform'.
And Lazard is looking good. The firm reported profits up three-fold to $187.2m in the third-quarter. Head of Lazard, Bruce Wasserstein, said that 'the Lazard franchise is vibrant, our professionals are enthusiastic and the outlook for our business remains positive'.
Finally, New Star Asset Management floated earlier last week, and the firm's shares rose 23% on the first day of conditional trading, making boss John Duffield some £31.5m richer on paper. Duffield's 19.4% stake in the business is worth around £168m