Op risk data: what a whopper – record $920m fine for JP metals ploy

Also: counting the cost of Covid cons; Citi audio dynamite. Data by ORX News

jpmorgan-orx-sep2020.jpg

JP Morgan paid a huge $920 million in September’s largest op risk loss – and the largest penalty order ever issued by the US derivatives watchdog. Three separate regulators found the firm’s traders had engaged in spoofing and market manipulation of precious metals futures and US Treasury markets from 2008 to 2016.

Traders would place large orders on both sides of these markets – one of which they had no intention of executing – to manipulate prices and benefit the firm over its competitors.

Th

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: