October 7, 2016 / 4:30 PM / 4 years ago

Bank of England asks BIS to look into sterling flash crash

LONDON, Oct 7 (Reuters) - The Bank of England said on Friday it had asked the Bank of International Settlements to look into a sharp fall in the value of sterling in Asian trading hours on Friday.

“The Governor of the Bank of England asked the BIS Markets Committee this morning to look into the events surrounding the flash crash in sterling during Asian trade,” the BoE said in a statement.

“With input from the Bank, the Committee will review the lessons from this, and other recent episodes of flash events in FX markets at its next meeting,” it added.

Sterling lost as much as 10 percent of its value in a few minutes of trading early on Friday, adding to concerns about the currency’s vulnerability to worries about the country’s planned exit from the European Union. (Writing by William Schomberg; editing by Stephen Addison)

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