Lloyds Banking Group launches internal probe into currency trading

6th Nov 2013 14:15

Lloyds Banking Group has launched an internal investigation into its own foreign exchange trading after regulators began looking into allegations of manipulation in the market. The bank said it would report anything it discovers to the authorities and cooperate accordingly. "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," the bank said in a statement on Wednesday.The announcement comes a day after news that Royal Bank of Scotland and HSBC are among six global banks set to be fined by European Union (EU) antitrust regulators for allegedly rigging benchmark Eurozone interest rates. JPMorgan, Deutsche Bank, Credit Agricole and Societe Generale are also facing penalties, a source told Reuters. Barclays had told the European Commission about suspected wrongdoing but will not be fined, the source said. Other banks suspected of LIBOR rigging could be fined next month when the Euribor penalties are announced, the source added. Shares in Lloyds fell 0.49% to 74.80p at 14:35. RD