Traders in glass boxes shouldn't throw stones.
Bloomberg News reports that Lloyds Banking is taking new rules to isolate its trading operations literally. Some traders will soon be physically separated from their colleagues and placed in a glass box to comply, according to people with knowledge of the matter.
About 120 staff at the Lloyds Bank Corporate Markets division, which includes foreign exchange and rates, will be put in the partitioned rooms to be finished over the next three to four weeks, said the people who asked not to be identified because the matter is confidential.
A spokesman for the bank declined to comment.
The ring-fencing rules, formulated after the financial crisis, require U.K. lenders to shield core services, such as checking and savings accounts, from riskier banking activities by 2019. Lloyds, which took about 20 billion pounds ($28 billion) of U.K. taxpayers’ money to prevent its collapse almost a decade ago, has some 1,500 people working at 10 Gresham Street in the City of London where the split will be made, one person said.
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