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Lloyds to Boost Algos at FX Desk in London by 2019

  • Machine trading will be used for currency-desk operations
  • Demand comes from largest corporates, financial institutions
Opening Day Of The CeBIT 2017 Tech Fair
Photographer: Krisztian Bocsi/Bloomberg

Lloyds Banking Group Plc plans to modernize parts of its trading room in London by increasing the use of machine-trading to meet the demands of clients, according to people with the knowledge of the project.

The algorithms will mainly be used for the currency desks as clients are increasingly asking to operate through the technology in line with rivals, said the people who asked not to be identified because the matter is private. The demand is coming mainly from largest corporate and financial institutions clients, which uses the services through the bank in different currencies, the people said. A spokeswoman at the bank declined to comment.