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9/29, 6:33 PM (Source: TeleTrader)
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JPMorgan fined $920M over US market violations

United States Commodity Futures Trading Commission (CFTC) issued a fine totaling $920.2 million to JPMorgan Chase & Co. over market-related violations, including "the highest restitution ($311,737,008), disgorgement ($172,034,790), and civil monetary penalty ($436,431,811)" ever imposed by the agency.

JPMorgan Chase has been penalized over "manipulative and deceptive conduct and spoofing that spanned at least eight years and involved hundreds of thousands of spoof orders in precious metals and US Treasury futures contracts," the CFTC revealed on Tuesday.

The company damaged other market participants by placing orders only to call them off before their execution. JPMorgan Chase's traders thus "intentionally sent false signals of supply or demand" and manipulated market prices, leading to the emergence of artificial prices, the commission specified.

Breaking the News / MS