LONDON-- BP PLC investigated its own foreign-currency trading
operations after regulatory agencies opened probes into banks and
other traders, a BP spokesman said Tuesday. He declined to give
details of the probe.
"We do not discuss internal reviews," BP's Toby Odone wrote in
an email.
For more than a year, agencies in the U.S. and Europe have been
investigating banks' currency-trading activities, including the
possible manipulation of benchmarks. In November, authorities in
the U.S., U.K and Switzerland issued fines of more than $4 billion
against banks for improperly supervising currency traders.
BP, one of the world's biggest oil companies, also has a foreign
exchange desk that is used to manage its currency risk.
Banks and regulators are continuing to confront potential
foreign-exchange problems. The Wall Street Journal reported last
week that New York's Department of Financial Services is
investigating algorithms that Barclays PLC and Deutsche Bank AG
used in trading systems, according to a person familiar with the
matter. The person said the probes are at an early stage, and
regulators haven't alleged wrongdoing.
The BP spokesman said the oil company's foreign-exchange traders
have relationships with 26 banks.
Katie Martin contributed to this article.
Write to Justin Scheck at justin.scheck@wsj.com
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