JP Morgan set to pay record $1bn spoofing fine

JP Morgan Chase is poised to pay a record almost $1bn to settle investigations into alleged market manipulation through ’spoofing', according to reports. The banking giant has been under investigation in the US over whether its precious metals and treasuries traders used the tactic to rig markets, sources told Bloomberg. 'Spoofing' involves traders flooding the market with orders and then cancelling them just before execution, to trick rivals as to which way the market is heading. The prac