JPMorgan agreed to a record-setting $920M settlement with the Commodity Futures Trading Commission to resolve charges of market manipulation and “spoofing” in the precious metals and US Treasury markets yesterday. The settlement is the “largest amount of monetary relief ever imposed by the CFTC”
More context: The CFTC accused JPMorgan traders of placing hundreds of thousands of securities orders between 2008 and 2016 with the intent of canceling them prior to execution in an effort to manipulate prices. The illegal practice is known as “spoofing.”
