An internal investigation has begun at BP into whether the oil company’s in-house currency traders have been involved in a foreign exchange-rigging scandal.
BP revealed last night that it was examining whether its staff had received tips from bankers ahead of large trades that caused fluctuations in exchange rates.
Banks including Royal Bank of Scotland, HSBC, Citibank, JP Morgan and UBS have already been fined for their conduct in manipulating the £3.6 trillion-a-day currency market.
In a statement, BP confirmed that it was looking into its own conduct: “Following regulatory market [not into BP] investigations regarding the forex markets, we conducted a review into our activities in this area. BP’s forex desk has relationships [as a customer] with 26 relationship banks, including JP Morgan, Citibank