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(Yawn) Morgan to pay $65 million for dollar benchmark manipulation

Section: Daily Dispatches

By Gabriel T. Rubin
The Wall Street Journal
Monday, June 18, 2018

WASHINGTON -- JPMorgan Chase & Co. agreed to pay a $65 million fine to settle claims that it tried to manipulate a global interest rate benchmark, the latest fine levied by U.S. regulators to punish crisis-era manipulation schemes by large banks.

The Commodity Futures Trading Commission said JPMorgan employees between 2007 and 2012 made false reports and attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, a benchmark that is referenced in many derivatives products.

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The regulator found that during that five-year period, JPMorgan employees would attempt to manipulate the reference rate by “bidding, offering, and executing transactions in targeted interest rate products” around the time of day when the reference rate was fixed.

The settlement with the CFTC makes JPMorgan just the latest major bank to settle charges of alleged interest-rate manipulation in recent years, as the CFTC noted in its announcement of the settlement. ...

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