JP Morgan agrees to pay a 780 million fine for manipulating the markets for years

JP Morgan, the largest bank in the United States, has agreed to pay more than 920 million dollars (780 million euros) to end the investigations that fell on the company for manipulating the prices of metals and metal futures for eight years. those of US Treasury bonds, as indicated by the regulator this Tuesday in a statement.

JP Morgan was accused of so-called

a practice in which stock traders place purchase orders that are not executed to move market prices to the benefit of their other positions.

The New York-based finance company will pay the highest penalty imposed by the US Commodity Futures Trading Commission (CFTC).

A sanction of 436.4 million dollars (372.4 million euros), a restitution of 311.7 million dollars (266 million euros) and a refund of 172 million dollars (146.8 million euros).

"JP Morgan has violated the integrity of our markets with this strategy," stressed the director of regulatory compliance of the Securities and Exchange Commission (SEC, for its acronym in English), Stephanie Avakian.

For his part, the president of the CFCT, Heath Tarbert, added that

is illegal "plain and simple."

"This record action demonstrates the CFTC's commitment to being tough on those who willfully break the rules, no matter who they are," said Tarbert.

According to

, 15

of the US bank caused losses of more than 300 million dollars to other participants in the precious metals and Treasury markets.

"For nearly a decade, a significant number of JP Morgan merchants and vendors openly ignored US laws that protect against illegal market activity," said William F. Sweeney Jr., deputy director of the JP Morgan office. FBI in New York, according to the agency.

JP Morgan has admitted his guilt to the accusations made by the SEC.

While the CFTC's allegations focus on manipulating the prices of gold, silver, platinum, and palladium futures, the SEC has focused on manipulating sovereign bond prices by approving bogus purchase orders. or sale to create the artificial feeling that there was interest in the market.

According to the investigation of the Department of Justice, which has also participated in the accusation, the financial institution carried out "tens of thousands" of manipulations of the metal futures market, while the bond market suffered "thousands" of manipulations.