Another bank opens investigation over currency trading operations

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Lloyds Banking Group has opened an internal probe into its currency-trading operations as regulators around the world scrutinize the possible manipulation of foreign-exchange rates.

'We are aware that a number of regulatory and enforcement authorities are investigating foreign-exchange trading', Lloyds said in a statement in response to questions from Bloomberg News.

'It is prudent to review our own foreign-exchange trading over recent years and we have commenced such a review. We will, of course, report anything we find to the relevant authorities and assist them as requested'.

Lloyds started the inquiry after the Financial Conduct Authority asked the lender to review its trading operations and report any irregularities, said two people with knowledge of the matter who asked not to be identified because they weren’t authorized to speak publicly. The London-based bank isn’t being formally probed by any regulators and no traders have been put on leave, suspended or terminated, said the people.

No one has been accused of wrongdoing. Lloyds ranked 38th by global market share in currency trading, according to a May survey by Euromoney Institutional Investor.

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