6th Nov 2013 11:18
LONDON (Alliance News) - Lloyds Banking Group PLC Wednesday said it is conducting an internal review into its foreign-exchange trading activities in recent years.
"We are aware that a number of regulatory and enforcement authorities are investigating foreign exchange trading and as a result, we believe it is prudent to review our own foreign exchange trading over recent years and have commenced such a review. We will, of course, report anything we find to the relevant authorities and assist them as requested," a Lloyds Banking Group spokesperson said.
Lloyds has not been contacted by regulators over its foreign exchange trading, nor has it suspended any traders, according to a person familiar with the situation.
Regulators across the world, including the UK's Financial Conduct Authority, are coordinating a review into possible manipulation of the multi-trillion-dollar-a-day foreign exchange market.
Earlier this week, HSBC Holdings PLC joined Royal Bank of Scotland PLC and Barclays PLC in confirming that it had been contacted by regulators as part of the investigation. The probe reportedly involves allegations of collusion and execution of orders ahead of clients.
Lloyds shares were Wednesday quoted at 75.72 pence, up 0.7%.
By Samuel Agini; [email protected]; @samuelagini
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