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CFTC may want Morgan to admit market manipulation
Futures Regulator Pursues J.P. Morgan Over 'Whale' Trades
By Scott Patterson, Robin Sidel, and Jamila Trindle
The Wall Street Journal
Tuesday, September 17, 2013
WASHINGTON -- The Commodity Futures Trading Commission, pursuing a probe into last year's "London whale" trades even as other agencies near a settlement with J.P. Morgan Chase, is focusing on a giant trading position that enforcement officials believe distorted prices and misled investors, according to people familiar with the matter. ...
The CFTC is likely to use new powers granted by the Dodd-Frank law that allow it to charge firms for recklessly manipulating markets, say people familiar with the agency's thinking. Previously, the agency had to prove that traders intended to manipulate prices in order to win a case.
One of the sticking points in the CFTC discussions is over whether the bank or its traders manipulated the trades, according to a person familiar with the talks. J.P. Morgan is balking at any CFTC settlement that would require it to admit to manipulation, this person said.
... For the full story:
http://online.wsj.com/article/SB1000142412788732466560457908122098423764...
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