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BP probes traders on rigging of £3 trillion-a-day market

Screen Shot 2014-12-04 at 20.54.03Extracts from an energyvoice.com article dated 31 Dec 2014

News service Bloomberg said it had seen copies of messages sent to the oil giant’s staff from firms whose senior forex traders belonged to a chatroom known as “The Cartel”.

Oil giant BP faces being drawn into the foreign exchange (forex) rigging scandal after it emerged that it has been investigating whether its traders were linked to the manipulation of the £3 trillion-a-day market.

The UK-based group said it had carried out a review of its activities after global regulatory probes which resulted in six banks last month being fined £2.6 billion for rigging the market.

Details emerged after reports that members of a BP trading unit were told of planned currency trades hours before they happened.

News service Bloomberg said it had seen copies of messages sent to the oil giant’s staff from firms whose senior forex traders belonged to a chatroom known as “The Cartel”.

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