JPMorgan Chase has admitted manipulating precious metals futures and US government bond markets over eight years in a $920m settlement with US authorities over the practice known as spoofing.
The settlement with the Department of Justice, Securities and Exchange Commission and Commodity Futures Trading Commission covered misconduct by former traders from 2009 in the gold, silver and other metals futures market, and Treasury cash and futures markets.
The record fine is a notable step-up in punishment from regulators, who have been pushing to curb spoofing since the rise of rapid-fire, computer-driven trading on global markets over the last fifteen years.
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