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Company News

JPMorgan set to pay $1 billion in spoofing penalty - Bloomberg News

Sept 23 (Reuters) - JPMorgan Chase & Co is set to pay $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, Bloomberg News reported here on Wednesday, citing people familiar with the matter.

Spoofing is a practice in which traders place orders they intend to cancel to move prices to benefit their market positions.

JPMorgan did not immediately respond to a Reuters request for comment.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Aditya Soni

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