Lloyds Bank starts internal forex trading review

Wed Nov 6, 2013 6:28am EST
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LONDON (Reuters) - The UK's Lloyds Banking Group (LLOY.L: Quote) said it has opened an internal probe into its own currency trading after regulators started investigating possible manipulation in the market.

"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.

It said it would report anything it finds to the relevant authorities and assist them as requested.

Several banks, including Barclays (BARC.L: Quote) and UBS UBSN.VX, have said they were cooperating with regulators investigating possible manipulation.

At this stage, Lloyds is not part of the investigation, a person familiar with the matter said.

(Reporting by Steve Slater; Editing by Alexander Smith)

A pedestrian is seen passing the head office of the Lloyds Banking Group in central London in this August 5, 2009 file photograph. REUTERS/Stefan Wermuth/Files