LONDON, Oct. 7 (Xinhua) -- The Bank of England (BOE) Friday asked the Bank for International Settlements (BIS) to investigate the flash crash in sterling that took place during trading on Friday.

Sterling fell to 1.15 U.S. dollars to the pound from 1.26 U.S. dollars, a 10-percent fall, early Friday during Asian trading, the largest move in the currency since June 24, the day after the Brexit vote.

1.18 U.S. dollars to the pound is the lowest level for sterling since March 1985.

The crash lasted for about four minutes, with sterling recovering to 1.23 U.S. dollars.

At the close of London trading on Friday, sterling was down 1.4 percent at 1.24 U.S. dollars to the pound.

However, a cheaper dollar-pound exchange rate did have benefits for equities with the FTSE 100, the London Stock Exchange listing of the major UK companies, finishing the day 44 points higher at 7,044 points. Revenue for most of the FTSE 100 firms is in dollars rather than sterling.

The BOE said in a statement: "The governor of the Bank of England asked BIS's markets committee this morning to look into the events surrounding the flash crash in sterling during Asian trade. 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."

Local media reported that experts believed automated trading programs may have been responsible for the sudden and sharp fall, among other causes.

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