Macquarie Group Ltd. says it’s facing losses of tens of millions of dollars after currency derivatives trades with Italian builder Cimolai SpA went aw
Macquarie Group Ltd. says it’s facing losses of tens of millions of dollars after currency derivatives trades with Italian builder Cimolai SpA went awry.
The firms began entering into foreign-exchange trades with each other in 2017 but the relationship foundered in September when Cimolai failed to make payments tied to the transactions, according to a Dec. 14 claim lodged by the Australian lender in London. The Sydney-based bank canceled the deals and claims it’s owed a ‘termination payment’ of $49 million.
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