Another $100m fine for JP Morgan over London Whale market manipulation
The US Commodity Futures Trading Commission (CFTC) has fined JP Morgan $100 million for manipulating the credit default swap (CDS) market in early 2012, the latest in a series of penalties connected with the so-called "London Whale" trades by the bank's London-based chief investment office (CIO). The bank admitted wrongdoing, saying that its traders acted "recklessly".
According to the CFTC, JP Morgan's traders dumped billions of dollars' worth of CDS on the CDX North America IG 9 10-year index
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