Lloyds' Global Head Of Spot Forex, Darren Coote Resigns

Darren Coote, the Global Head of Spot Foreign Exchange at Lloyds Banking Group Plc. has resigned from his position for personal reasons, leaving a notable void in the company’s Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term department, according to a Bloomberg report.

The forex industry has been roiled by a series of sweeping probes as regulators attempt to unravel widespread allegations of collusion, culminating in an exodus of leading personnel via suspensions or leave. However, according to people close to the company, Forex Magnates has confirmed that Coote’s departure from Lloyds is indeed unrelated to the ongoing probe, and Coote’s resignation was due strictly to personal reasons.

According to a company spokesperson in an email to Forex Magnates reporters, “it is Group policy that we do not comment on individual employees.” Coote has been with Lloyds since December 2011 when he joined the firm from UBS AG – like Lloyds, Coote was employed as the Global head of spot exchange at UBS.

Lloyds Remains In Spotlight Amidst FX Allegations

Lloyds Banking Group has certainly not lacked coverage lately, namely its recent suspensions, including Senior Currency trader Martin Chantree, along with the Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of a rigorous probe. Lloyds is just one of many banks that has been browbeaten by an assortment of global regulators all vying for the truth in a $5.3 trillion-a-day industry.

Lloyds (LLOY:LON) has also had a forgettable 2014 campaign for shareholders thus far, as the share price presently is hovering at $71.34 (£42.62), its lowest price since last July after peaking earlier this January at $86.87 (£51.90). According to Forex Magnates research, the share price is hovering at a critical support price at $71.00 (£42.41).