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
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.
The
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