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Government broadens investigations of spoofing-like practices by JPM
By Dave Michaels
The Wall Street Journal
Tuesday, March 17, 2020
WASHINGTON -- Authorities are investigating whether traders at JPMorgan Chase & Co. manipulated the market for Treasury securities and futures contracts, according to regulatory disclosures and people familiar with the matter.
The investigation shows that federal prosecutors and regulators continue to expand a campaign against an illicit practice known as spoofing, which has mainly focused on wily trading in derivatives. A move to scrutinize whether similar practices have affected the $17 trillion market for Treasury securities would open a new and potentially more complicated front in the war on spoofing.
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The bank disclosed in a Feb. 25 regulatory filing that it is dealing with "related requests concerning similar trading-practices issues in markets for other financial instruments, such as U.S. Treasurys."
According to people familiar with the matter, the investigation also is probing the bank's trading in futures. It couldn't be learned which time period authorities are focusing their investigation on. ...
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