JPMorgan set to pay nearly $1 billion in spoofing penalty – source

© Reuters. FILE PHOTO: People walk inside JP Morgan headquarters in New York

(Reuters) – JPMorgan Chase & Co (N:) is set to pay nearly $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, a person familiar with the situation said on Wednesday.

The bank’s previous public filings had showed that authorities, including the Department of Justice’s Criminal Division, were conducting investigations “relating to trading practices in the metals markets and related conduct.”

The settlement, first reported by Bloomberg News, could come as soon as this week and is not expected to result in any restrictions on the bank’s business, the person said.

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

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