Financial News

  • 12 March 2014, 6:53

Lloyds Suspends Trader Over Currency Claims

Lloyds Banking Group has confirmed that it has launched an investigation into allegations that one of its foreign exchange traders leaked price sensitive information.

The financial news service Bloomberg has claimed that the individual, who Sky sources understand has now been suspended pending the outcome of that inquiry, tipped off another trader last January about an upcoming order to swap £300m†for US dollars.

Bloomberg also alleges that the other trader worked for oil company BP.

BP has told Sky News that it has already carried out a detailed investigation into the allegation, which found no evidence of inappropriate activity.

In a statement to Sky News the company added: "It strongly refutes any suggestion that any BP FX traders engaged in inappropriate trading activity in this market."

Martin Wheatley, the chief executive of the Financial Conduct Authority, has said he expects the City regulator to publish the findings of its report into the alleged manipulation of foreign currency markets in 2015.

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