JPMorgan Chase & Co is set to pay $1 billion to resolve market manipulation investigations by US authorities into its trading of metals futures and Treasury securities, Bloomberg News reported 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.
A JPMorgan spokesman declined to comment, but pointed to previous public filings in which the bank had disclosed that authorities, including the Department of Justice's Criminal Division, were conducting investigations "relating to trading practices in the metals markets and related conduct."
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