JPMorgan set to pay $1 billion in spoofing penalty - Bloomberg News
Adds JPMorgan comment
Sept 23 (Reuters) - JPMorgan Chase & Co JPM.N is set to pay $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Spoofing is a practice in which traders place orders they intend to cancel to move prices to benefit their market positions.
A JPMorgan spokesman declined to comment, but pointed to previous public filings in which the bank had disclosed that authorities, including the Department of Justice’s Criminal Division, were conducting investigations "relating to trading practices in the metals markets and related conduct."
(Reporting by Abhishek Manikandan in Bengaluru; Editing by Aditya Soni)
((Abhishek.Manikandan@thomsonreuters.com; within the U.S. +1 646 223 8780, outside the U.S. +91 80 6182 2702;))
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