U.K. regulators review JPMorgan metals trading amid U.S. probe, sources tell Reuters

Section:

By Lawrence Delevingne and Peter Hobson
Reuters
Friday, October 11, 2019

Britain's financial services regulator is examining allegations of precious metals market manipulation by JPMorgan Chase & Co. traders following criminal charges by U.S. authorities, according to two people familiar with the matter.

The UK Financial Conduct Authority (FCA) is one of the various authorities that JPMorgan has previously said were investigating its metals trading, according to one of the people, who declined to be named due to the sensitivity of the matter. The watchdog has requested documents and other information from JPMorgan, the source said.

... Dispatch continues below ...



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The exact scope of the FCA scrutiny and whether it will result in any charges were unclear.

The U.S. Department of Justice has charged five current and former JPMorgan metals traders, who worked in New York, London, and Singapore, with price manipulation between 2007 and 2016. Two of them have been charged in parallel by the Commodity Futures Trading Commission. The joint investigation is ongoing, a DOJ official has said.

One of the traders was charged in 2018 and four this year. Two have pleaded guilty to manipulating prices. The lawyers for the three most recently charged, in September, said their clients would contest the allegations against them. ...

... For the remainder of the report:

https://www.reuters.com/article/us-britain-metals-jpmorgan/british-regul...

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