All eyes on BP as reports emerge showing involvement in FX rate manipulation


Evidence of connivabp-logonce was made available through copies of messages sent to BP traders over the course of a year were provided to Bloomberg News by a person with access to the online conversations. The person, who edited the names of banks sending the messages and dates of conversations, said they came from firms whose senior foreign-exchange traders belonged to a chat room called “The Cartel” that was set up by Usher and included dealers at JPMorgan, Citigroup Inc., Barclays Plc and UBS Group AG.

according to a person who has examined conversations that included both men.

The organization had this to say about the relationship between Usher and White:

BP’s Code of Conduct includes mandatory requirements for employees to disclose potential conflicts of interests internally,” the company said in response to a question about the commercial relationship between Usher and White through the fishing lake. “Following such disclosure, steps are taken to manage and monitor these appropriately. It is our policy not to comment on individuals.”

BP had this to say after it instigated an internal review when the global currency probe by regulators began,

“BP’s FX desk has relationships as a customer with 26 relationship banks, including JPMorgan, Citibank and Barclays,” the London-based company said. “BP has a robust framework of compliance requirements and internal controls which are constantly reviewed, and maintains an open dialogue with the appropriate regulators.”

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