RBA is the chief where banks are involved ASIC ... and APRA ... well with their record, it is with relief that the RBA is in charge. Maybe Cheech is thinking about HIH when he mentions 4 billion. To rack up a 4 billion loss in the fx market is hard to do. If the were short for the last 6 months and a ten cent move well the would need to have sold just over 30 billion AUD to create such a loss. Lets just say it didn't happen ... it would be like an atom bomb going off in the currency market.
One thing that hasn't being mentioned is the size of the open position required to create a 180 million loss for NAB .... I think they said it all happened in the last 6 months so it implies the naughty option boys were around 1 billion short in the AUD .... either that or they were massivly short volatility when it went up ..... for my money not to give any credence to cheech but one would have to suspect maybe the problem had been going on a little longer than 6 months ... 12 months ago the AUD was at 56 cents ... having had some experience with trades that ran away ... all I will say is that I am glad it wasn't me.
Have fun
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