Any jail time?
JPMorgan Fined $65 Million for Trying to Rig Benchmark Rate
JPMorgan Chase & Co. agreed to pay $65 million to settle a U.S. regulator’s allegations that its traders attempted to manipulate a benchmark for interest-rate derivatives, making it the latest bank fined in a years-long investigation. A JPMorgan swaps trader tried to “muscle” what’s known as ISDAfix, which helps determine the value of trillions of dollars of derivatives, the Commodity Futures Trading Commission said in a Monday statement. Among traders, it was common knowledge that they could move prices with some openly joking about it, according to the regulator. “This matter is one in a series of CFTC actions that ... (full story)