BP Examined Its Own Foreign-Exchange Trading

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 [e-mail]

Access Investor Kit for BP plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=GB0007980591

Access Investor Kit for Barclays Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=GB0031348658

Access Investor Kit for BP plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US0556221044

Access Investor Kit for Barclays Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US06738E2046

Access Investor Kit for Dominion Resources, Inc.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US25746U1097

Subscribe to WSJ: http://online.wsj.com?mod=djnwires