Regulatory scrutiny of precious metals trading at JPMorgan Chase & Co., one of t...
NEW YORK/LONDON/SINGAPORE - Regulatory scrutiny of precious metals trading at JPMorgan Chase & Co., one of the world’s largest gold brokerages, has expanded to Singapore and ensnared two more bank employees, according to people familiar with the situation.
JPMorgan’s global precious metals trading staff has shrunk to around half a dozen people, industry sources say. The exact nature of MAS’s interest is unclear. It has not publicly accused the bank of wrongdoing. A spokeswoman said that, as a matter of policy, the Singapore authority “does not comment on our dealings with specific financial institutions.”
Spoofing involves placing bids to buy or offers to sell contracts with the intent to cancel them before execution, allowing traders to influence prices.
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