CFTC Fines JPMorgan with $65 Million For Manipulating USD Index
The Commodity Futures Trading Commission (CFTC) has recently announced that JPMorgan traders have been trying to manipulate the US Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX) for five years, between the years 2017 and 2012. The attempts were allegedly made by posting fabricated rates and by “muscling” the index.
The Director of Enforcement for CFTC, James McDonald made a statement in regard to JPMorgan’s action in a clear yet general manner:
“This matter is one in a series of CFTC actions that clearly demonstrates the Commission’s unrelenting commitment to root out manipulation from our markets and to protect those who rely on the integrity of critical financial benchmarks.”
JPMorgan’s Possible Involvement In Crypto
The CEO of JPMorgan, Jamie Dimon has always had fluctuating stances when it comes to cryptocurrencies. For instance, Dimon suggested that the digital asset was “fraud”, which is certain to result in the “worse than the tulip bubble”.
However, not long after, JPMorgan was criticized and sued for fraudulent activity, as the bank charged excessive fees for consumers making crypto purchases with credit cards, an act that was done without their knowledge. This event supposedly led the firm to ban cryptocurrencies altogether.
According to report issued by Bloomberg, JPMorgan is supposedly in the works of launching a crypto-based custodian service, which, according to experts, is the reason for banks’ delayed entrance to the crypto world, as the notion of regulation is still underway.
Clearly, all markets can easily be manipulated, and it definitely is demotivating for investors – with more and more having to wonder what is truly represented on such platforms.